2024: A Record Year for Online Crime Losses—What Tax Authorities and Law Enforcement Need to Know
The FBI’s Internet Crime Complaint Center (IC3) just released its 2024 annual report—and the numbers are staggering. Cyber-enabled fraud and scams surged across the board, setting a new high watermark for reported financial losses in the U.S. The trends are troubling, especially for older Americans and in fast-evolving areas like cryptocurrency.
Here are the key takeaways from the 2024 report:
A Record-Breaking Year: $16.6 Billion Lost
In 2024, victims reported $16.6 billion in losses to IC3—a 33% increase from 2023. That marks the highest reported dollar loss in the 25-year history of the program. With just over 256,000 of the more than 850,000 complaints filed involving monetary losses, meaning approximately 70% of the reports represented attempted fraud or other cyber-related threats. Cyber-enabled fraud includes complaints where criminals use the Internet or other technology to commit fraudulent activities, often involving the theft of money, data, or identity, or the creation of counterfeit goods or services. Cyber-enabled fraud is responsible for almost 83% of all losses reported to IC3 in 2024.
Crypto Scams Are Escalating
The report reveals a 66% increase in crypto-related fraud losses, with cryptocurrency scams now among the most lucrative for bad actors. Complaints using “cryptocurrency” in the descriptor totaled $9.3B in losses across all IC3 complaints. A significant portion of these losses were linked to cryptocurrency investment scams, totaling $5.8 Billion in losses, a 47% increase from 2023. As adoption grows, so does abuse.
This should put crypto firmly on the radar for every financial enforcement agency—not just as a tax concern but as a vehicle for large-scale fraud.
Launched in January 2024, Operation Level identified victims of cryptocurrency investment fraud and notified them of the scam. The operation was initiated with the support of agents from FBI and the U.S. Secret Service. Cryptocurrency investment fraud, also known as "pig butchering," is a confidence-based scam. Subjects target victims online and develop a relationship before introducing a fraudulent investment opportunity in cryptocurrency. Victims are coached to invest more and more money into what appears to be an extremely profitable platform, only to be unable to withdraw their funds.
Fraud Dominates the Landscape
Fraud—not ransomware or identity theft—accounted for the bulk of losses in 2024. Scams ranged from investment fraud and romance scams to business email compromise and tech support scams. Across all age groups, fraud was the leading cause of monetary loss, with tactics evolving to evade detection and exploit new technologies.
Elder Fraud is Soaring
One of the most alarming trends: Americans over the age of 60 experienced:
- A 46% increase in reported complaints
- An average loss of $83,000 per victim, up from $33,000 in 2023
- Total losses for this group reached $4.8 billion, making it the most heavily impacted demographic
This trend underscores the urgent need for better protection, education, and targeted enforcement strategies to protect seniors from increasingly sophisticated scams.
Why This Matters
These trends aren’t just statistics—they reflect a fast-changing criminal landscape that’s outpacing traditional enforcement tools. For tax authorities, regulators, and financial crime units, the 2024 IC3 data should be a call to action to:
- Invest in modern analytics and OSINT tools
- Improve inter-agency data sharing
- Build public awareness around emerging scam tactics
- Track digital assets more aggressively to deter crypto-fueled fraud
The Bottom Line
2024 showed us that cybercrime isn't just rising—it’s escalating in complexity, scale, and cost. As fraudsters grow more sophisticated, the public sector must respond with equally sophisticated tools and intelligence strategies. Platforms like IVIX, which surface hard-to-detect financial activity at scale, will be key allies in that mission.
For the full IC3 report, visit: ic3.gov
