Record-breaking cryptocrime cases reported in 2024
In the digital age, cybercrime has become a persistent and pervasive threat, with recent reports indicating a troubling increase in cases worldwide.
According to the Austrian Federal Criminal Office's Cybercrime Report 2023, the number of reported cybercrime cases has been steadily rising since 2019, while the clearance rate continues to decline. Internet fraud, in particular, is the largest area of cybercrime in Austria, accounting for more than half of internet offenses.
Across the globe, countries like Germany and Australia are not immune to this growing menace. In Germany, cybercrime cases have been increasing since 2020, with a significant 28% increase in 2023. Hacking and ransomware attacks have been the primary drivers of this surge. In Australia, approximately 600,000 cases of fraud were detected in 2023, resulting in damages of around 2.7 billion dollars.
The digital realm has become a breeding ground for ransomware, with these attacks posing a persistent threat to critical infrastructure. In 2024, online crime involving cryptocurrencies reached an all-time high, with 150,000 reports and a total loss of $9.5 billion.
The United States has not been spared from this digital onslaught. The FBI's Internet Crime Complaint Center (IC3) has received nine million complaints to date. The FBI launched a major operation against LockBit, one of the world's most active ransomware groups, and since 2022 has released thousands of decryption keys, preventing $800 million in ransom payments. However, these efforts appear to be insufficient to stem the rise of cybercrime.
Investment scams involving cryptocurrencies continue to be the "strongest" category of online fraud, accounting for roughly half of the cases in the USA. These scams caused the most damage, resulting in a loss of $5.8 billion. Early indications suggest that investment scams will continue to thrive in 2025.
European agencies like Europol have also named online fraud as a strong threat, generating billions in illegal profits annually. Investment fraud is the most profitable online fraud scheme, with Europol's IOCTA report for 2023 stating that fraudsters target millions of EU citizens every day, with damages already significant and rising.
However, not all news is grim. Traditional cybercrime sectors such as ransomware, malware, and credit card fraud have seen a decrease in revenue. The BKA reports a continuous decrease in fraud cases, but this refers more to traditional fraud rather than fraud involving the internet.
As we move forward, future reports from Europol, BKA, and other agencies are likely to name new records in online fraud involving cryptocurrencies, as the FBI has done. The digital landscape continues to evolve, and so too must our efforts to combat cybercrime.
