Cryptocurrency Illegality Soars in 2024
The world of cybercrime is on the rise, with a steady increase in reported cases since 2019. According to the Austrian Federal Criminal Police Office's Cybercrime Report 2023, more than 65,000 cases are now reported annually, and the clearance rate continues to decrease. Internet fraud, it seems, is the largest area of cybercrime in Austria.
Internet fraud is largely responsible for the overall increase in offenses, as indicated by the Cybercrime Report 2023. Investment scams, in particular, accounted for approximately 41,500 reports and $5.8 billion in losses last year.
Europol has confirmed that investment fraud is the most lucrative form of online fraud in Europe, with fraudsters targeting millions of EU citizens every day. The damages from these crimes are enormous and still rising, according to Europol.
Cryptocurrencies have played a significant role in these crimes, with $9.5 billion of the total losses involving cryptocurrencies. This trend, seen in the U.S., is also happening in Europe, with upcoming reports from Europol, the BKA, and other authorities likely to set new records for online fraud involving cryptocurrencies.
In Australia, an authority established to combat online fraud reported around 600,000 proven fraud cases in 2023, resulting in damages of about $2.7 billion.
The FBI, too, has taken action against cybercrime, executing a major crackdown on LockBit, one of the world's most active ransomware operations, and issuing thousands of decryption keys, preventing $800 million in ransom payments.
The past year set a new record for the IC3, with victims reporting total losses of $16.6 billion. This is a stark reminder of the scale of online fraud and the need for continued efforts to combat it.
The BKA reports a continuous decline in fraud cases, but notes that in more than 50% of fraud incidents, the Internet is now the crime scene. This suggests that while the number of cases may be decreasing, the Internet remains a significant platform for fraudulent activities.
The Cybercrime Situation Report 2023 by the German Federal Criminal Police (BKA) shows a 28% increase in cybercrime cases in 2023 compared to the previous year, with a focus on hacking and ransomware.
Fraud was the primary cause of these losses, with ransomware remaining a threat to critical infrastructure.
A concerning trend is the increase in the number of elderly victims of fraud schemes. Individuals over 60 now represent the largest group of victims in various fraud schemes.
The European Financial Intelligence Unit (FIU) is expected to report a new record for online-operated cryptocurrency fraud cases in 2025. This underscores the urgent need for continued vigilance and action against online fraud.
The IC3 has received a total of 9 million complaints since its establishment 25 years ago, a testament to the prevalence and persistence of online fraud.
In conclusion, online fraud is a significant threat across the globe, with billions in illegal profits being generated every year. It is crucial that authorities continue to take action against these crimes and that individuals remain vigilant and informed to protect themselves from falling victim to these scams.
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