Internet scams flourished during the 2020 pandemic in the US, rising an incredible 37% to reach over $7 billion in victim consumer losses…
Online scams victimized more than 3.8 million Americans in 2019. But, internet fraud ballooned to hit 25% more people in the US with a total of 4.77 million during 2020. Moreover, web schemes managed to fool enough consumers to rip off $5.1 billion in 2019. Yet, 37% more people fell victim to online fraud in the US, pushing the total losses of the pandemic year to a whopping $7 billion.
Internet Scams Increased 37% to Reach $7 Billion in the US During the 2020 Pandemic
However, a large number of scams aren’t valued and without a dollar figure and victims vastly avoiding reporting their losses, those figures are probably much higher. So, it’s very difficult to place a real number on the actual amount of cybercrime and/or software security defeats. For instance, 1,282,531 Suspicious Activity Reports were filed to the Finance Crimes Enforcement Network in 2019 alone.
What’s more, another 1,416,005 Suspicious Activity Reports were filed to FinCEN for “cyber events” or “scams” in 2020. This represents an increase of 25% and a 36.5 percent year-on-year increase in dollar amounts lost. Unsurprisingly elderly individuals and couples were among the most exploited, with the average loss across all reports estimated to be $16,700 per incident.