FBI reports of internet scams reached $12.5 billion last year

The FBI released a report on Wednesday revealing a record $12.5 billion in losses from online scams reported in 2023, driven primarily by a surge in cryptocurrency investment fraud.

This marks a significant increase of over $2 billion in total losses compared to 2022, representing the highest recorded losses from digital scams since the FBI began reporting on the matter over two decades ago.

Of the $12.5 billion in reported losses for 2023, more than a third, or $4.5 billion, resulted from investment scams. Many of these scams involved criminals posing as someone's romantic interest, deceiving victims into investing in fraudulent cryptocurrency schemes, as outlined by the FBI.

While the FBI's annual cybercrime report provides valuable insights into the financial impact of online fraud, it acknowledges that the figures offer only a partial view, as numerous victims do not report their experiences with scams.