Cybercrime on the Rise: How It’s Impacting Businesses and Workers

With cybercrime on the rise, a staggering 33% increase was reported in losses. According to the FBI’s Annual Internet Crime Report victims in the United States were scammed out of $ 16.6 billion in 2024. The losses in Hawai’i amounted to over $55 million.

Tactics are becoming more diversified and sophisticated, and affecting all age ranges.

Businesses are also largely affected, with the majority of complaints (60%) from companies with less than 1,000 employees, who face the same extortion tactics but often lack enterprise‐level security.

What are cybercriminals after?

Cybercriminals are driven by financial gain, seeking:

• Passwords, usernames, or other credentials to gain access to accounts or systems
• Personally Identifiable Information (PII) such as names, social security numbers, banking information, etc.
• Confidential information or intellectual property

This information is then used to sell or extort victims. The average ransom payout by U.S. companies in 2023 was $740,144.

Trending cybercrimes affecting businesses and workers

Business Email Compromise

Compromised business emails are another instance of cybercrime on the rise. U.S. businesses lost a whopping $2.7 billion in 2024. Cybercriminals harvest credentials to gain access to email accounts. Accounts typically get hacked because of weak passwords or password re-using or because the account owners were victim of a phishing attack. The cybercriminals then impersonate their victims to encourage email recipients to click on malicious links or files, provide sensitive information, or make purchases.

Business email compromise is effective because emails from trusted sources often bypass security filters and recipients are less suspicious of its contents. This is why it’s important to train yourself and staff on how to spot common phishing tactics. If you suspect you have received a compromised email, do not reply and delete the email. Reach out to the organization or sender from which the suspicious email came using a different mode of communication to verify its validity, such as a phone number or the official email of an alternate contact.

Tech Support Scams

In this trending fraud tactic, scammers contact victims through phone call, text, email, or pop-up window pretending to be support from a legitimate company. Claiming to provide tech support or issue refunds, they then try to gain access to your computer or account. Train staff to never engage with unsolicited support requests and hang up the phone to contact tech support or vendors via verified contact information.

Artificial Intelligence Scams

Cybercriminals using generative Artificial Intelligence (AI) to facilitate financial fraud has cybercrime on the rise. AI reduces the time and effort criminals must expend to deceive their targets. Tactics such as AI generated text, images, and even vocal cloning increase the believability of their scams. With vocal cloning, criminals generate short audio clips impersonating the voice of a coworker, company executive, or business partner asking for immediate financial assistance or sensitive information. When in doubt, verify the caller’s identity by hanging up the phone and contact them via their official contact information.

Employment Scams

The reported losses from employment scams soared 276% from the previous year. In this growing scheme, criminals impersonate a company and harvest applicants’ personal data, deceive jobseekers into providing free labor, or request payment for equipment which they promise to reimburse. A legitimate employer never requests upfront payment. To avoid this scam, it’s best to always research an employer, contact the company directly, and verify emails match the company’s domain.

Cyber-attacks are a growing threat to individuals and businesses but staying aware and vigilant can help you stay ahead. To learn more and keep cybercrime in check, read Phishing Scams: What You Need to Know to Protect your Business.