• Menu
  • Skip to main content
  • Skip to primary sidebar

The Cyber Security News

Latest Cyber Security News

Header Right

  • Latest News
  • Vulnerabilities
  • Cloud Services
Cyber Security News

Investment Fraud Surges as Cybercrime Losses Hit $7bn in 2021

You are here: Home / General Cyber Security News / Investment Fraud Surges as Cybercrime Losses Hit $7bn in 2021
March 24, 2022

Cybercrime situations documented to the FBI very last yr racked up virtually $7bn in losses in 2021, with company email compromise (BEC) nevertheless by far the most important revenue-maker for criminals.

The FBI’s newest Internet Crime Report for past yr was compiled from conditions reported to its Internet Criminal offense Grievance Heart (IC3) over the period of time.

It located BEC value victims virtually $2.4bn, up from final year’s $1.9bn but a scaled-down share of the overall $6.9bn in losses in 2021.

✔ Approved From Our Partners
AOMEI Backupper Lifetime

Protect and backup your data using AOMEI Backupper. AOMEI Backupper takes secure and encrypted backups from your Windows, hard drives or partitions. With AOMEI Backupper you will never be worried about loosing your data anymore.

Get AOMEI Backupper with 72% discount from an authorized distrinutor of AOMEI: SerialCart® (Limited Offer).

➤ Activate Your Coupon Code


While BEC now represents all around a 3rd of overall losses, down from virtually 50 percent, investment fraud has surged into next place with target losses of nearly $1.5bn previous 12 months, close to a fifth of the full.  This is up considerably from the $336m dropped to these ripoffs in 2020, which represented just 8% of complete cybercrime losses that 12 months.

It also observed financial investment fraud leapfrog romance cons, which created all over $956m for criminals in 2021.

However, there is a substantial crossover between the two cybercrime kinds, according to the FBI.

“Many victims of romance ripoffs also report being pressured into financial investment prospects, specifically making use of cryptocurrency,” the report explained.

“In 2021, the IC3 gained far more than 4325 grievances, with losses about $429m, from confidence fraud/romance fraud victims who also documented the use of investments and cryptocurrencies, or ‘pig butchering’ – so named due to the fact victims’ financial commitment accounts are fattened up just before draining, considerably a like a pig ahead of slaughter.”

In terms of quantity, phishing and its variants remained the most common cybercrime kind in 2021, accounting for over 323,000 victims as opposed to the 241,000 in 2020. In overall, there have been a small above 847,000 problems manufactured to the IC3, which is most likely to signify just the idea of the iceberg of cybercrime.

Worryingly, the FBI acquired 649 issues from critical infrastructure (CNI) suppliers previous yr that they’d been compromised by ransomware. Healthcare (148) and financial services (89) were being the most very likely to have been strike.

The figures are doubly relating to as the FBI only started recording these types of reviews from halfway by the 12 months, in June.


Some elements of this posting are sourced from:
www.infosecurity-magazine.com

Previous Post: «Cyber Security News Ransomware Payments Hit Record Highs in 2021
Next Post: ISACA: Two-Thirds of Cybersecurity Teams Are Understaffed Cyber Security News»

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Report This Article

Recent Posts

  • Over 269,000 Websites Infected with JSFireTruck JavaScript Malware in One Month
  • Ransomware Gangs Exploit Unpatched SimpleHelp Flaws to Target Victims with Double Extortion
  • CTEM is the New SOC: Shifting from Monitoring Alerts to Measuring Risk
  • Apple Zero-Click Flaw in Messages Exploited to Spy on Journalists Using Paragon Spyware
  • WordPress Sites Turned Weapon: How VexTrio and Affiliates Run a Global Scam Network
  • New TokenBreak Attack Bypasses AI Moderation with Single-Character Text Changes
  • AI Agents Run on Secret Accounts — Learn How to Secure Them in This Webinar
  • Zero-Click AI Vulnerability Exposes Microsoft 365 Copilot Data Without User Interaction
  • Non-Human Identities: How to Address the Expanding Security Risk
  • ConnectWise to Rotate ScreenConnect Code Signing Certificates Due to Security Risks

Copyright © TheCyberSecurity.News, All Rights Reserved.