CRIME, POLICE + COURTS

FBI says $10 billion lost to online fraud in 2022 as crypto investment scams surged

Mar 14, 2023, 6:00 AM | Updated: 12:45 pm

More than $10 billion in losses from online scams were reported to the FBI in 2022, the highest ann...

More than $10 billion in losses from online scams were reported to the FBI in 2022, the highest annual loss in the last five years, according to a new report from the bureau. Photo credit: stock.adobe.com

 (CNN) — More than $10 billion in losses from online scams were reported to the FBI in 2022, the highest annual loss in the last five years, according to a new report from the bureau.

The more than $3 billion jump in reports of online fraud from 2021 to 2022 was driven by a near-tripling in reports of cryptocurrency investment fraud, the FBI said in its annual Internet Crime Report.

The report tallies a wide variety of fraud complaints — from marketing scams to ransomware — and is a metric for US policymakers in measuring how much hacking and other schemes are costing the American economy.

While people in their 30s filed the most fraud complaints last year, the burden of many digital scams fell on the elderly. People over 60 accounted for $724 million, or more than two-thirds of the reported losses from “call center fraud,” according to the FBI. Such fraud occurs when scammers call someone impersonating tech support or government agencies.

Ransomware, which locks computers until hackers are paid off, accounted for about $34 million in adjusted losses reported to the FBI last year. The relatively modest figure compared to other forms of fraud could be due to the fact that many victim organizations still do not report ransomware attacks to the FBI.

A popular type of ransomware called Hive was used in 87 attacks last year, according to the FBI. The bureau seized Hive operatives’ computer infrastructure earlier this year, but not before hackers affiliated with the ransomware extorted more than $100 million from hospitals, schools and other victims around the world.

While ransomware tends to get the headlines, a different hacking scheme known as business email compromise (BEC) leads to far more money stolen from victims in aggregate. A BEC scheme typically involves someone tricking a victim into wiring them money, often by impersonating a customer or a relative.

One of the more high-profile examples of BEC fraud last year cost the city of Lexington, Kentucky, about $4 million in federal funding for housing assistance.

BEC scams accounted for about $2.7 billion in adjusted losses in 2022, compared to about $2.4 billion in 2021, according to FBI data.

 
 
 
 
 

 

 
 

 

 

 

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Crime, Police + Courts

FILE - A police vehicle flashes its lights. (Getty)...

Michael Houck

Pedestrian killed after being hit by a vehicle, Santa Clara-Ivins police say

A woman was fatally hit by a vehicle Friday evening, Santa Clara-Ivins police say.

7 hours ago

Santa Clara murder charges...

Jacob Freeman

Charges brought against 15-year-old in Santa Clara murder case

A 15-year-old has been charged for killing a family member and wounding another in a Santa Clara home on Jan. 30.

19 hours ago

FILE: A United States District Court emblem is seen in a courtroom in the Salt Lake City Federal Co...

Simone Seikaly

Former gymnastics coach pleads guilty to new charges involving cameras, bathrooms

Gymnastics coach Adam Richard Jacobs has plead guilty to putting a camera in a minor's hotel room and bathroom.

2 days ago

On Wednesday a probation fugitive fled police leading to a high speed car chase involving several p...

Diana Jones

Multi-department car chase leads to capture of fugitive

On Wednesday a probation fugitive fled police leading to a high speed car chase involving several police departments. 

2 days ago

Unified and Murray police officers responding to a traffic stop by ICE agents on Jan. 26, 2025....

Michael Houck

Unified police say ICE agents made inaccurate claims about driver swerving toward them

A Utah police agency said ICE agents made false claims about a driver swerving toward them during a traffic stop last week.

3 days ago

student stabbed...

Mary Culbertson

1 student stabbed during fight at Weber County middle school

One student was taken to the hospital Tuesday after they were stabbed during a fight in the Weber School District.

4 days ago

Sponsored Articles

Full speed through the snow. A man on skis is pulled by his through the snow at full gallop Skijori...

Bear Lake Convention and Visitors Bureau

Get ready for an unforgettable skijoring adventure in Bear Lake!

“Skijoring the Bear” takes place this year on February 21-22 in Garden City, Utah.

the bedroom in a geodesic dome shows the night sky...

Clear Sky Resorts Bryce Canyon

Your front row to an extraordinary cosmos show

As America's first glass dome stargazing resort, Clear Sky Resorts Bryce Canyon is one of the world’s most unique and spectacular places to stay.

2 people huddled up in a blanket and warm clothes sipping hot chocolate...

Bear Lake Convention & Visitors Bureau

The best ways to spend your Christmas vacation in Bear Lake

If you're dreaming of a white Christmas this year, Bear Lake should definitely be on your radar. Read this guide for more!

big crowd of people under holiday lights in an outdoor market...

Western Nut

Our favorite family Christmas activities in Utah

We gathered up a list of our favorite activities, movies, and treats to try this holiday season that the whole family can enjoy.

an IT tech looks at a laptop in front of a server network...

Comcast Business

Tips to protect yourself from phishing attacks

Check out this resource from Comcast Business to learn more about phishing attacks and how to protect yourself from becoming a victim of one.

A surprise gift, wrapped and ready to bring holiday cheer! Whether for Christmas, a birthday, or an...

Western Nut

10 Holiday Gift Ideas to cover everyone on your list

This guide is for you if you need holiday gift ideas that will make a lasting impression. 

FBI says $10 billion lost to online fraud in 2022 as crypto investment scams surged