FBI: Damage from cybercrimes in 2018 consisted $2.7 billion

In 2018, damage from cybercrimes consisted $2.7 billion as this figure is noted in annual report of Internet Crime Complaint Center (IC3) that is a part of Federal Bureau of Investigations.

Since its establishment in May 2000, IC3 got 4 415 870 messages about cybercrimes. From calculations it is obvious that c enter processes about 300 000 complains a years and about 900 – daily. In five-years period from 2014 till 2018 cybercrimes caused на $7,45 billion damage.

“The 2018 report shows how prevalent these crimes are,” said Donna Gregory, chief of the IC3. “It also shows that the financial toll is substantial and a victim can be anyone who uses a connected device. Awareness is one powerful tool in efforts to combat and prevent these crimes. Reporting is another. The more information that comes into the IC3, the better law enforcement is able to respond.”

According to report, the highest financial losses experienced victims of email fraud (Business Email Compromise, BEC), dating websites and schemes when goods and services were not paid or delivered. In comparison, in the last year the highest proportion of complains to IC3 was linked to fraud, extortion and leakage of personal data.

The greatest part of the damage was related to fraud with emails – $1.2 billions. Its corpus delicti was in the following. With the use of social engineering or malware program intruder was breaking into corporate mail to process unsanctioned money transactions.

IC3 complains statistic 2014-2018

Business Email Compromise is immensely popular among cybercriminals. Firstly, with the help of this technique they can get victim’s money very quickly and secondly it does not demand any special technical skills as it bases on human factor. Intruders should only persuade victim to transit money to recipients that he knows well, prior to this substituting its bank accout details with their own.

According to the report, also raised number of complains on fraud with technical service. In 2014 IC3 recorded 14408 such appeals. Victims of technical support fraud lost $39 million that is 161% more in comparison to 2017.

Source: www.fbi.gov