Scam Statistics 2024: The Numbers Are Shocking
How much are people really losing to scams? We compiled the latest data from government agencies worldwide. The numbers should concern everyone - individuals and businesses alike.
Key Takeaways
- $16.6 billion lost to cybercrime globally in 2024 (FBI IC3) - up 33% from 2023
- $2.03 billion lost by Australians to scams (ACCC Scamwatch)
- 193,407 phishing complaints in the US - the #1 reported cybercrime
- Business Email Compromise cost $55.5 billion globally over the past decade
- 83% of BEC losses are unrecoverable - prevention is critical
Global Snapshot: 2024
United States: FBI Internet Crime Report 2024
The FBI's Internet Crime Complaint Center (IC3) released their 2024 annual report, and the numbers are staggering. Americans reported $16.6 billion in cybercrime losses - a 33% increase from the previous year.
Key US Findings:
- 859,532 complaints received in 2024
- 193,407 phishing complaints - the most common crime type
- $70 million lost to phishing alone
- People over 60 lost the most: $4.8 billion
Australia: ACCC Scamwatch Report 2024
Australians lost $2.03 billion to scams in 2024, according to the National Anti-Scam Centre. While this represents a 25.9% decrease from the previous year, the number is still alarmingly high.
Key Australian Findings:
- $2.03 billion total reported losses
- 601,000+ reports to Scamwatch
- Investment scams remain the highest loss category
- Small businesses lost $13.1 million
Business Email Compromise: The Silent Killer
Business Email Compromise (BEC) - where scammers impersonate executives or vendors to trick employees into sending money - has become one of the most costly scam types, particularly for small and medium businesses.
BEC: The Numbers
Small businesses are particularly vulnerable because they often lack dedicated IT security staff and formal verification processes for financial transactions.
Why Small Businesses Are Prime Targets
You might think scammers go after big corporations with deep pockets. The reality? Small and medium businesses are often easier targets - and the impact can be devastating.
Why SMBs are vulnerable:
- No dedicated security team - Often one person handles IT, finance, and everything else
- Less formal processes - No dual-approval for payments, no verification protocols
- Trust-based relationships - "The boss emailed me" carries weight
- Limited training - Staff may not recognize sophisticated phishing
- Lower security investment - Basic email setups without SPF/DKIM/DMARC
Most Common Scam Types in 2024
Investment Scams
Fake crypto, forex, and "guaranteed return" schemes
Romance Scams
Fake online relationships leading to money requests
Phishing & Email Scams
Fake emails from banks, government, and services
Business Email Compromise
Impersonating executives or vendors to redirect payments
SMS Scams (Smishing)
Fake delivery notifications, toll charges, and account alerts
What You Can Do
The statistics are sobering, but you're not powerless. Here's how to protect yourself:
Protection Checklist
- Verify before acting - Call the sender using a known number, not one from the suspicious message
- Check domains before clicking - Use tools like TrustNope to verify sender domains
- Enable two-factor authentication - On all financial and email accounts
- Implement dual-approval for payments - Especially for amounts over a threshold
- Train your team - Regular awareness sessions on current scam tactics
Sources & Further Reading
- FBI Internet Crime Complaint Center (IC3) - Annual Internet Crime Report
- ACCC Scamwatch - Australian scam statistics and alerts
- National Anti-Scam Centre - Australian government scam prevention
- FBI Press Releases - Latest cybercrime announcements
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