Online fraud caused more than 10 billion in damage to

Online fraud caused more than $10 billion in damage to the US economy in 2022

In 2022, the US economy lost to online fraud topped $10 billion, the highest annual loss in the past five years. reported CNN resource referencing the FBI’s annual Internet Crime Report.

    Image source: Pixabay

Image source: Pixabay

According to the report, the more than $3 billion increase in online fraud damages compared to 2021 was due to a nearly tripling of recorded cryptocurrency investment fraud cases.

The report reflects how much hacking and other fraudulent schemes are costing the American economy. Last year, people over 30 filed the most fraud complaints, with older people being hit hardest. Victims over the age of 60 accounted for $724 million, or more than two-thirds of reported losses, to “call center scams,” where scammers call potential victims posing as helpdesks or government agencies, according to the FBI.

The FBI estimates that ransomware scams account for approximately $34 million in adjusted losses. The relatively modest number compared to damages from other forms of fraud can be explained by the fact that many affected companies still do not report ransomware incidents to the FBI.

The popular Hive ransomware type was used in 87 attacks last year, according to the FBI. In January this year, the agency managed to stop the activities of the Hive hacking group, which was demanding more than $130 million in ransoms from more than 300 victims, including schools and hospitals.

The report also mentions a hack known as Business Email Compromise (BEC) where the victim is tricked into sending money to cyber criminals posing as a customer or relative. According to the document, adjusted losses from BEC fraud in 2022 were approximately $2.7 billion, compared to approximately $2.4 billion in 2021.


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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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