FBI: Internet Crimes Double From Last Year–$2.7B in 2018
By: Jim Stickley and Tina Davis
August 16, 2019
The cost of life on the Internet is rising sharply. A recent FBI Internet Crime Report finds cybercrime cost doubled from 2017 with financial losses over $2.7 billion in 2018. According to the report, it’s a laundry list of top issues causing the spike including “non-payment/non-delivery scams, extortion, and personal data breaches.” More specifically, the bulk of cybercrimes reported to the FBI involve investment scams, business email compromise (BEC), and romance or confidence fraud.
With more than 900 cybercrime reports daily, the FBI’s Internet Crime Complaint Center (IC3) finds “a victim can be anyone who uses a connected device.” Overall, the total complaints received by the IC3 in 2018 totaled 351,936. The FBI notes a continuing increase in cybercrime reporting with a 17% spike in 2017 at a price tag of $1.4 billion. The following year saw the huge jump in the cost and frequency of these crimes, with a 93% escalation in reports and of course the nearly doubled $2.7 billion cost in 2018. Although it’s established that millennials have the most relaxed attitude toward cybersafety, the report finds those most likely to be scammed are in the 50+ population.
Putting individuals and cybercrimes aside, the business sector is a big part of the $2.7 billion price tag. The IC3 finds BEC scams cost companies $1.2 billion in 2018. In other words, email phishing attacks on business are working–and expensive. With 60% of small-to-medium-sized businesses shutting their doors after their first cyberattack, keeping a business cyber-savvy is more crucial than ever. Educating employees on how to spot phishing emails and other cyberthreats can literally mean the difference between continuing success and an “Out of Business” sign. Bolstering system and data security along with ongoing employee education is a dynamic that can no longer be overlooked.
There are many ways to educate employees and all others that connect to the network. These may include third party organizations that provide the service or hiring someone in house to perform the training. Do the homework and find a solution that works for you. Just remember that a “one and done” attitude may not be the most thorough solution. Cybersecurity threats change and evolve all the time, so continual training of recent and ongoing threats is the best choice.
Considering the facts, it’s a wonder there is some good news from the FBI. It takes cybersecurity threats towards Americans as a call to action, with several new units of specialized cyber-investigation opened this year alone. Their newly formed Recovery Asset Team (RAT) had success retrieving some of the funds lost to cyberattacks last year, recovering over $192 million, or 75% of stolen money. It’s great to know the FBI is watching out for us, but they need the public’s help to get the statistics moving in the opposite direction. Some of the additional options provided by the FBI and security professionals include keeping all hardware and software updated at all times and protect all devices and computers with antivirus programs and strong passwords.