Summary
- • In 2021, the FBI's Internet Crime Complaint Center received 847,376 complaints related to online scams.
- • The total losses reported to the FBI for online scams in 2021 exceeded $6.9 billion.
- • Phishing scams accounted for 323,972 complaints in 2021, making it the most common type of online scam.
- • Business Email Compromise (BEC) scams caused the highest financial losses, totaling nearly $2.4 billion in 2021.
- • Adults aged 60 and older were the most targeted age group for online scams in 2021.
- • Romance scams resulted in $956 million in losses in 2021, affecting 24,299 victims.
- • Investment scams, including cryptocurrency fraud, caused $1.6 billion in losses in 2021.
- • The average loss per victim of online scams in 2021 was approximately $8,200.
- • In 2020, 28% of all fraud reports to the FTC were related to imposter scams.
- • Credit card fraud was the most common type of identity theft reported to the FTC in 2020.
- • In 2020, consumers reported losing more than $3.3 billion to fraud, an increase of nearly $1.5 billion over 2019.
- • The median loss for romance scams in 2020 was $2,500.
- • In 2020, 34% of fraud reports indicated that social media was the contact method used by scammers.
- • The FTC received 2.2 million fraud reports from consumers in 2020.
- • Online shopping scams were the most reported type of fraud in Australia in 2020.
Online scammers are bringing in the big bucks, and unfortunately, its not in a legit way! In 2021 alone, the FBI received a whopping 847,376 complaints about online scams, with losses exceeding $6.9 billion. From phishing to romance scams, these digital con artists are raking in millions, with adults aged 60 and older being prime targets. Buckle up as we delve into the staggering statistics of the digital deception world, where even your grandma might be a scammers next victim.
Financial Impact
- The total losses reported to the FBI for online scams in 2021 exceeded $6.9 billion.
- Business Email Compromise (BEC) scams caused the highest financial losses, totaling nearly $2.4 billion in 2021.
- Investment scams, including cryptocurrency fraud, caused $1.6 billion in losses in 2021.
- The average loss per victim of online scams in 2021 was approximately $8,200.
- In 2020, consumers reported losing more than $3.3 billion to fraud, an increase of nearly $1.5 billion over 2019.
- The median loss for romance scams in 2020 was $2,500.
- Australians lost over $176 million to scams in 2020.
- Investment scams caused the highest financial losses in Australia in 2020, totaling $328 million.
- The average cost of a cyber attack on UK businesses in 2020 was £8,460.
- Canadians lost $106.6 million to fraud in 2020.
- The average cost of a data breach globally in 2020 was $3.86 million.
- The healthcare industry had the highest average cost per data breach in 2020 at $7.13 million.
- The average ransom paid by organizations in 2020 was $312,493.
- The average cost of a ransomware attack on businesses in 2020 was $283,000.
- The average cost of a malware attack on a company in 2020 was $2.6 million.
- The global average cost per lost or stolen record in 2020 was $146.
- The average cost of a data breach for organizations with fully deployed security automation was $2.45 million in 2020.
- The average cost of a data breach in the U.S. was $8.64 million in 2020, the highest worldwide.
- The average ransomware payment in 2020 increased by 171% compared to 2019.
Interpretation
In a world where online scams seem to be as common as overpriced lattes, the staggering statistics of financial losses paint a picture that is both alarming and sadly predictable. From Business Email Compromise scams siphoning off billions to investment schemes luring in unsuspecting victims, it seems that the only certainty in the digital age is the potential for financial peril. With averages and medians showcasing the hefty toll per individual preyed upon, one can't help but wonder if falling for a scam has become an inadvertent rite of passage in today's society. As the numbers climb higher and the tactics evolve, one thing remains crystal clear – in the online domain, caution should always be the trendiest accessory.
Prevalence and Reporting
- In 2021, the FBI's Internet Crime Complaint Center received 847,376 complaints related to online scams.
- The FTC received 2.2 million fraud reports from consumers in 2020.
- The UK's National Cyber Security Centre (NCSC) removed more than 700,500 scams in 2020.
- In the UK, 46% of businesses reported cyber security breaches or attacks in 2020.
- 27% of UK businesses experienced a cyber attack at least once a week in 2020.
- In Canada, 42,000 people reported being victims of fraud in 2020.
- In 2020, 80% of organizations experienced at least one successful cyber attack.
- The number of records exposed in data breaches increased by 141% in 2020 compared to 2019.
- In 2020, 81% of organizations reported that COVID-19 increased the difficulty of responding to a potential data breach.
Interpretation
With online scammers working harder than a caffeinated squirrel on a wheel, it's no surprise that the FBI, the FTC, and various cyber security agencies have been busier than a one-armed juggler trying to keep up. From the UK to Canada, fraudsters have been slithering through cyberspace like greased eels, leaving a trail of chaos and bamboozled victims in their wake. It seems that in 2020, data breaches were as common as rainy days in London, with organizations facing cyber attacks faster than you can say "password123." Who knew that protecting your online presence would become a full-time job, complete with all the thrills and spills of a high-stakes spy thriller? So, buckle up, folks, because in this digital age, the only certainty is that there's no shortage of scammers eager to make a quick buck at your expense.
Scam Tactics
- In 2020, 34% of fraud reports indicated that social media was the contact method used by scammers.
- In 2020, 38% of Australians who lost money to scams paid via bank transfer.
- In 2020, 86% of data breaches were financially motivated.
- The global average time to identify a data breach in 2020 was 207 days.
- In 2020, 67% of data breaches were caused by credential theft, errors, and social attacks.
- In 2020, 34% of data breaches involved internal actors.
- In 2020, 85% of data breaches involved a human element.
- The average time to contain a data breach in 2020 was 73 days.
- In 2020, 86% of breaches were financially motivated.
- In 2020, 70% of successful breaches originated on endpoint devices.
- In 2020, 22% of data breaches involved cloud assets.
- The average time to identify and contain a data breach caused by malicious attack was 315 days in 2020.
- In 2020, 94% of malware was delivered via email.
- In 2020, 30% of data breaches involved internal actors.
Interpretation
In a world where scammers are as creative as they are relentless, the statistics from 2020 paint a rather bleak picture of the digital landscape. From social media being the playground of choice for con artists to the surprising number of Australians paying up via bank transfers, it seems that no method is off-limits when it comes to separating you from your hard-earned cash. With data breaches skyrocketing due to financial motivations and human vulnerabilities, it's clear that our online defenses need a serious upgrade. Maybe it's time to start treating our digital lives with the same caution we reserve for our offline interactions. Remember, in the digital realm, trust should be earned, not freely given.
Types of Scams
- Phishing scams accounted for 323,972 complaints in 2021, making it the most common type of online scam.
- Romance scams resulted in $956 million in losses in 2021, affecting 24,299 victims.
- In 2020, 28% of all fraud reports to the FTC were related to imposter scams.
- Credit card fraud was the most common type of identity theft reported to the FTC in 2020.
- Online shopping scams were the most reported type of fraud in Australia in 2020.
- In 2020, 83% of cyber attacks on UK businesses were phishing attempts.
- In Canada, extortion was the top fraud type by dollar loss in 2020, totaling $24.2 million.
- Identity fraud was the most reported type of fraud in Canada in 2020, with 16,970 reports.
- Globally, 46% of consumers have been a victim of credit card fraud in the past 5 years.
- In 2020, 65% of organizations worldwide experienced a successful phishing attack.
- Credential stuffing attacks accounted for 80% of all attacks on financial services organizations in 2020.
- In 2020, 45% of breaches featured hacking as the primary attack vector.
- The number of phishing sites detected in 2020 grew by 12% compared to 2019.
- In 2020, 63% of organizations said the volume of phishing attacks increased since the start of the COVID-19 pandemic.
- In 2020, 52% of data breaches featured hacking as the primary attack vector.
- The number of DDoS attacks increased by 542% in Q1 2020 compared to Q4 2019.
Interpretation
In a world where cybercriminals are more crafty than a fox in a henhouse, the statistics paint a chilling picture of the online scam landscape. From heart-wrenching romance scams draining wallets of over $950 million to phishing attacks spreading like digital wildfire, it's clear that scammers spare no one in their quest for ill-gotten gains. Whether it's spoofed identities, fraudulent credit card transactions, or devious phishing emails, the digital realm is a battlefield where vigilance is the shield and skepticism the sword. As the numbers climb higher and the attacks grow more sophisticated, one thing is certain - in the game of cat and mouse between cybercriminals and netizens, staying one step ahead is not just a matter of prudence, but a necessity for survival in the virtual wild west.
Victim Demographics
- Adults aged 60 and older were the most targeted age group for online scams in 2021.
- In Australia, people aged 65 and over reported the highest losses to scams in 2020.
- In Canada, people aged 60-69 lost the most money to fraud in 2020.
- In 2020, 28% of data breaches involved small businesses.
- The education sector saw a 30% increase in cyber attacks in 2020 compared to 2019.
- In 2020, 43% of cyber attacks targeted small businesses.
- In 2020, 58% of data breach victims were small businesses.
Interpretation
It seems like cybercriminals have found a soft spot for the wise and experienced among us, as statistics show that older adults are prime targets for online scams. While the older generation may have more life wisdom, it appears they are still susceptible to the allure of cyber threats. On the other hand, small businesses seem to be the underdogs in the cyber world, constantly under siege with data breaches and cyber attacks. It's a reminder that in the digital age, age and size hold little weight when it comes to protecting oneself from online threats. Stay vigilant, folks, because in this virtual battlefield, everyone is fair game.
