Security News > 2024 > March > Crypto scams more costly to the US than ransomware, feds say

The FBI warned of increases in crypto scams in March last year, saying most begin with some sort of social engineering, like a romance or confidence scam, which then evolve into crypto investment fraud.

The total losses from investment fraud also beat those incurred by ransomware across the country, according to the latest report [PDF] from the FBI's Internet Crime Complaint Center.

The average ransom demand in the US is also said to be around $1.5 million, and with the IC3's reported 2,825 ransomware-related complaints throughout the year, something isn't adding up.

A caveat was made in the report regarding the low reporting rates by ransomware victims across the country, and that the data only includes incidents reported to IC3 and not FBI field offices, so it appears the authorities are indeed aware of how low the reported figures seem.

"Regardless of whether you or your organization decided to pay the ransom, the FBI urges you to report ransomware incidents to the IC3. Doing so provides investigators with the critical information they need to track ransomware attackers, hold them accountable under U.S. law, and prevent future attacks."

In 2023 overall, cybercrime cost US citizens $12.5 billion, the report said, with the FBI receiving 2,412 complaints every day.

News URL

https://go.theregister.com/feed/www.theregister.com/2024/03/19/crypto_scams_cost/