At a time when digital threats loom as large as traditional crime, the latest IC3 Cybercrime Report serves as a warning to all across the United States.
Our analysis reveals the staggering economic toll these invisible threats have inflicted across the country, with losses ranging from the tech-dense valleys of California to the tranquil landscapes of Vermont. It became clear. As the cyber battlefield expands, no state is immune, and the economic impact of cybercrime extends to bustling metropolises and quiet towns.
Biggest loss due to cybercrime
California has been found to be the epicenter of cybercrime, with losses soaring from $450 million in 2018 to an astonishing $2.15 billion in 2023. This five-year difference ($1.7 billion) not only reflects the surge in global cybercrime, but also puts California on the front lines of an invisible battleground. . Texas and Florida ranked next, with Texas posting an increase of about $826 million and Florida’s loss increasing by about $697 million.
Aside from the staggering increases in California, Texas, and Florida, New York stands out for its severe financial difficulties, seeing losses increase by $500 million. This spike is likely a reflection of the state’s population density and status as a financial hub, making it a prime target for cybercrime. Similarly, New Jersey, a state known for its high concentration of businesses and proximity to New York City, has experienced significant economic losses as cybercriminals follow the money and target economically active regions. It tells the story.
Minimize losses from cybercrime
Although cybercrime continues to skyrocket in Vermont, the increase in losses has been relatively slow, increasing from $2 million in 2018 to $8 million in 2023.
Wyoming and North Dakota have lower population densities and smaller economies, so while their overall losses have been smaller, they still face challenges commensurate with their size. These states remind us that cybercrime is as much a local issue as it is a national one, and its effects can be felt deeply by targeted individuals and businesses.
That being said, some states on this list, such as Mississippi and Alaska, are considered more remote and less technologically advanced than the states on the list above.
Maximum damage amount by crime type
California, home to tech-savvy investors, has seen a staggering increase in crypto-related losses, topping $712 million. Texas has also emerged as a crypto battleground, with losses soaring by hundreds of millions of dollars. The growth of the state’s high-tech industry and the introduction of digital currencies have made the state a prime target for cryptocurrency-related fraud.
Florida’s investment community has also been targeted by these schemes, demonstrating the opportunism of cybercriminals, capitalizing on excitement over new investment opportunities.
Business email compromise (BEC) crimes have exposed vulnerabilities within corporate communications networks, increasing losses totaling more than $500 million across California, Texas, and Florida. These sophisticated scams manipulate email systems or use social engineering tactics to mislead employees into transferring funds or sensitive information.
While California, Texas, and Florida are bearing the brunt of these attacks, New York’s financial and business sectors have also been hit hard, with numbers increasing as sophisticated criminals exploit the interconnectedness of global business. A loss of 10 million dollars has occurred.
California’s ripe investment climate has once again been hit hardest by fraud, with losses soaring to nearly $950 million over five years. This dramatic increase is a stark reminder of the sophisticated tactics used by cybercriminals to exploit the lure of high profits.
Other states are not unscathed either. Texas has also been a victim of these scams, with losses amounting to hundreds of millions of dollars. This loss shows that even the most sophisticated investors can fall prey to the complex web woven by modern-day scammers. Losses from investment fraud have increased dramatically in Florida as well, making it clear that these scams are a widespread problem that affects individuals and entities regardless of geography or economic standing. .
Tech support crime shows another alarming trend, with losses in California increasing by more than $163 million. This suggests that cybercriminals are increasingly exploiting a tech-savvy but trusting public.
Losses from tech support scams in states like Arizona are indicative of an alarming trend of increasing exploitation across the country. Arizona, which has a large retiree population, has seen an alarming increase in such scams.
California’s government impersonation crimes ($69 million) are followed by Kansas’s $43 million. These numbers reveal the bold attempts of criminals to disguise their deception under the guise of authority.
Government impersonation fraud is particularly prevalent in Kansas and California, but also has a significant impact in states such as Massachusetts and New York. These scams are on the rise in states with large urban populations and high levels of government interaction, with losses totaling tens of millions of dollars.
methodology
This study utilizes data from the 2023 IC3 Cybercrime Report to conduct a comparative analysis of cybercrime victimization across U.S. states over the past five years. The methodological steps are:
- Data editing: Aggregates the economic losses reported by each state from the 2023 IC3 report.
- historical comparison: Compare these numbers with those from the 2018 IC3 report to chart changes and identify trends in the economic impact of cybercrime.
- Crime type analysis: Analyze losses by specific cybercrime categories for each state using 2024 data and perform a similar analysis using 2018 data for year-over-year comparisons.
The primary data source for the current analysis is the 2023 IC3 Cybercrime Report, with comparative data extracted from the 2018 report. This concise methodology aims to chart the trajectory of economic harm from cybercrime and identify the most significant threats in each state.
Investigation result
Comparative analysis reveals both the growing impact of these crimes and the changing types of cybercrime being exploited.
Key findings indicate that while certain states such as California, Texas, and New York are bearing the brunt of these increases, no state is immune from hypothetical threats. The breakdown by crime type further reveals the evolving tactics of cybercriminals and highlights the urgent need for stronger national cybersecurity measures, public awareness, and cyber defense strategies.