The IC3 Report – What Did 2023 Teach Us?

The Internet Crime Complaint Center (IC3) is a crucial service/program in the fight against cybercrime. It provides a direct channel for the public to report incidents and enables law enforcement to collect data, conduct investigations, and monitor changes in the cyber threat landscape. 

In 2023, the IC3 received a record number of complaints nationwide, highlighting the pervasive nature of cybercrime in our digitally connected world.

IC3 Report Highlights for Maryland

Like many states, Maryland has experienced financial losses due to internet crime: in 2023 alone, Maryland residents accounted for over $221 million in losses. These losses represent a concerning trend and underscore the financial impact of cybercriminal activity on individuals and businesses within the state.

Data Trends in Maryland

• Maryland reported 9,717 complaints in 2023, ranking 20th in the nation and causing $221,520,527 in estimated total losses.

• Losses per capita in Maryland (per 100,000 people) were reported to be $3,584,328, 14th in the nation.

Nationwide Trends Reflected

The IC3 report provides insights into broader crime trends affecting the nation’s cybersecurity landscape:

• Rise in Cybercrime: The IC3 received a record number of complaints nationwide, totaling 880,418, with reported losses exceeding $12.5 billion; this represents a 10% increase in complaints and a 22% increase in losses compared to the previous year.

• Investment Fraud: Investment fraud emerged as the costliest type of crime reported, with losses totaling $4.57 billion, marking a 38% increase from the previous year. Cryptocurrency-related investment scams also significantly rose, reflecting a growing trend in fraudulent schemes targeting unsuspecting investors.

• Ransomware Attacks: Ransomware incidents continued to escalate nationwide, with a notable increase in reported cases and associated losses. Cybercriminals adapted their tactics, leveraging multiple ransomware variants and data destruction techniques to extort victims, with over 2,825 reported incidents and losses exceeding $59.6 million. These attacks not only encrypt data but also pose significant operational and financial challenges to affected entities, including critical infrastructure sectors.

• Business Email Compromise (BEC): These corporate-focused scams resulted in $2.9 billion in reported losses. BEC scams involve sophisticated techniques, such as compromising legitimate business email accounts, to deceive individuals and organizations into transferring funds to fraudulent accounts.

Leveraging the IC3 Report for Cybersecurity Awareness and Prevention

The IC3 report serves as a vital resource for enhancing cybersecurity awareness and prevention efforts:

• Public Awareness: By aggregating and analyzing reported data, the IC3 raises public awareness of emerging cyber threats and scam tactics, empowering individuals and organizations to recognize and mitigate risks proactively.

• Law Enforcement Collaboration: The IC3 facilitates collaboration between law enforcement agencies and industry partners, enabling coordinated efforts to combat cybercrime, recover stolen funds, and hold perpetrators accountable.

The IC3 report provides valuable insights into internet crime trends, enabling states like Maryland to assess the impact of cyber threats and implement targeted strategies to enhance cybersecurity resilience. 

By leveraging the IC3’s collective reporting and analysis capabilities, we can work towards a safer and more secure digital environment for all, strengthening state by state.
If you suspect you’ve been a victim of internet crime, please contact our team of consumer protection lawyers and identity theft lawyers to understand how we might help.