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FBI annual report claims $4.2 billion was lost to cybercrime in 2020

Romance and confidence scams, investment fraud, and business email compromise (BEC) account for half of the losses.

by Jade
March 18, 2021
in Cyber Bites
Stacks of dollars
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The FBI has recently released their annual report on cybercrime in the US for 2020. The report has revealed that there has been a rise in complaints and financial losses due to cybercrime in 2020. The Internet Crime Complaint Center (IC3) has seen an increase of 69% in complaints relating to cybercrime since 2019, with 791,790 complaints issued in 2020. The report also claims that there has been over $4.2 billion lost to cybercrime in the past year.

The majority of complaints logged in 2020 were for non-payment/non-delivery scams, phishing, and extortion. However, almost half of the losses were due to romance and confidence scams, investment fraud, and business email compromise (BEC).

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