Cybercrime victims cost billions last year

Last year, businesses and individuals who fell victim to cybercrime suffered $3,5 billion in losses, according to the latest report from the FBI's Internet Crime Complaint Center (IC3).

The 2019 Internet Crime Report was compiled using data from 467,361 complaints IC3 received last year. However, since its inception in May 2000, the Center has received over 4,8 complaints and an average of 340 complaints per year and 000 inquiries per day over the past five years.

Between 2015 and 2019, cybercrime victims recorded losses of $10,2 billion, and in блоге, the FBI allowed further light to be shed on which types were attacked most frequently and were the most costly to citizens and businesses, stating:

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“The most frequently reported complaints are phishing and similar gimmicks, non-payment/non-delivery fraud and extortion. The most financially costly complaints involve corporate email compromise, romance or deception of trust, and spoofing, or mimicking the accounts of one person or provider known to the victim, in order to collect personal or financial information.”

Cybercrime is evolving

According to IC3 chief Donna Gregory, attackers have adopted new techniques and tactics to further evade detection while carrying out their scams in 2019.

“Criminals become so complex. It's getting harder and harder for victims to spot red flags and tell the real from the fake. In the same way, your bank and online accounts have started to require two-factor authentication - apply this to your life. Verify inquiries in person or by phone, double check web and email addresses and do not click on links provided in messages,” Gregory said.

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Business Email Compromise (Beck) was 2019 cybercrime with the highest overall victim loss at $1,8 billion based on 23,775 registered complaints.

IC3 has also seen an increase in Beck's payroll misuse complaints, where attackers email an enterprise's HR and payroll department asking them to update direct deposit information while posing as an employee. If successful, these payroll requests result in being sent to the attackers as opposed to the recipient.

We expect the tactics used by cybercriminals to continue to evolve in 2020 and reports how this one from the FBI has helped shed light on how financially disruptive cybercrime really can be.

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