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Cyber Scams — Americans Lose $18 Billion in 2018

Posted By staff reporter, Tuesday, January 15, 2019

 

Scam artists used a variety of sophisticated schemes to separate Americans from their money in 2018. Those schemes resulted in the loss of a whopping $18 billion to consumers and individuals in the U.S. last year.

That information comes courtesy of Website Builder Expert (WBE). It is a website building and launching platform. WBE came to its conclusions from data produced by the FBI’s Internet Crime Report and from the Insurance Information Institute (I.I.I.).

WBE — as well as most of us — finds the the $18 billion lost shocking. It’s even more shocking when you consider the billions spent each year to combat cybercrime and make websites and other Internet sources safe.

Apparently — and obviously — those measures are not working all that well.

WBE used the statistics from the two reports that show individual complaints to determine which states are most vulnerable and which are the safest. Two PIA Western Alliance states — California and Washington — are on the list of the most vulnerable.

Vermont is the safest. California the least.

 

Here are the stats for the two PIA Western Alliance states in the top-15:

 

1. California

  2018 complaints — 55,774

  Average growth per year in reported crimes — +515

  Average cost per incident — $5,900

 

15. Washington

  2018 complaints — 9,011

  Average growth per year in reported cybercrime — +351

  Average cost per reported incident — $3,572

 

Ironically, WBE says California — unfortunately — will likely have more cyber complaints in 2019 than the bottom 27 states

 

Here’s the list of the 15 most vulnerable states:

1. California

2. Florida

3. Texas

4. Michigan

5. New York

6. Illinois

7. Pennsylvania

8. Georgia

9. Ohio

10. New Jersey

11. North Carolina

12. Virginia

13. Missouri

14. Maryland

15. Washington

The cybersecurity firm McAfee released a report late last year that says cybercriminals are putting out 480 new threats per minute. That frightening statistic comes from

McAfee Labs Threats Report: December 2018.

McAfee’s lead scientist Christiaan Beek said malware attacks were up 73% in the third quarter of 2018.

“Cybercriminals are eager to weaponize vulnerabilities both new and old, and the number of services now available on underground markets has dramatically increased their effectiveness,” he said. “As long as ransoms are paid and relatively easy attacks, such as phishing campaigns, are successful, bad actors will continue to use these techniques.”

 

Source links: PropertyCasualty360.com, Venture Beat

Tags:  cyber scams  cyber security 

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