Crime related to cryptocurrencies hit an all-time peak in 2024
In the digital age, cybercrime has become a global concern, with various countries reporting an increase in online fraud and other malicious activities. Here's a roundup of recent reports from different agencies across the world.
The FBI, in its 2024 report, revealed a record high in online crime involving cryptocurrencies, with 149,000 reports and a total loss of $9.5 billion. Notably, the FBI has been successful in its efforts against LockBit, one of the world's most active ransomware groups. Since 2022, the FBI has released thousands of decryption keys, preventing an estimated $800 million in ransom payments.
Across the Atlantic, Europol's 2023 IOCTA report names online fraud as a strong threat in the EU, generating billions in illegal profits annually. Investment fraud, in particular, emerges as the most profitable online scam. The trend of online fraud involving cryptocurrencies, as seen in the FBI report, is likely to be happening in Europe as well.
In Austria, the Austrian Federal Criminal Office's "Cybercrime Report 2023" revealed that internet fraud is the largest area of cybercrime in the country, with over 65,000 reported cases per year and a continually decreasing clearance rate. The report also indicates that more than half of internet offenses in Austria fall under fraud.
The German Federal Criminal Police Office (BKA) reported a 28% increase in cybercrime cases in 2023, with hacking and ransomware being more prevalent than fraud. However, the BKA's report also reveals a continuous decline in fraud cases in Germany.
Comparatively, a comparison with Australia suggests that the reported losses due to cybercrime may be only a fraction of the total. Australia had around 600,000 detected cases of fraud in 2023, resulting in damages of over 2.7 billion dollars.
Ransomware remains a significant threat to critical infrastructure, and traditional cybercrime categories such as ransomware, malware, and credit card fraud have seen a decrease in revenue. Yet, the frequency of complaints has increased from 2,000 per month to over 2,000 per day, as reported by the FBI's Internet Crime Complaint Center (IC3), which has received a total of 9 million complaints to date.
Looking ahead, early indications suggest that investment scams will continue to thrive in 2025. The total reported losses in 2023 were $16.6 billion, primarily due to fraud. As more people turn to digital platforms for investment, it's crucial to remain vigilant against online scams.
In conclusion, while progress is being made in combating cybercrime, it remains a persistent threat. As digital transactions continue to increase, so too does the potential for fraud and cybercrime. Stay informed, stay secure, and be cautious online.
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