The FBI put out its annual warning that cybercriminals are targeting us -- especially older people. Victims last year reported losses of $16 billion dollars -- up 33% from the year before.

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Rich Bruhn, a Vietnam veteran, lost nearly 2 million dollars to cybercriminals over a period of three months. A message appeared on his computer, alerting him that his information had been compromised and that he was under investigation. To resolve the issue, the criminals convinced him to wire money and provided them access to his bank account. This is one of many cases highlighted in a recent report from the Federal Bureau of Investigation (FBI).

According to the FBI's report, losses from cybercrime reached over 16 billion dollars last year, marking an increase of 4 billion from the previous year. Alarmingly, over a quarter of these losses affected individuals aged 60 and above. The surge in cybercrime is attributed to advances in technology, with criminals utilizing artificial intelligence (AI) to enhance the execution and scale of fraud schemes. The FBI is now receiving around 2,000 complaints per day related to computer crime.

Ben Winters from the Consumer Federation of America notes that AI allows fraudsters to execute schemes with greater precision and less chance of mistakes that could alert victims. Despite growing awareness and familiarity with potential scams, checking messages for signs of deceit is becoming increasingly challenging. The report suggests vigilantly examining any message that conveys a sense of urgency, particularly those requesting immediate monetary action, as this is a strong indicator of fraudulent intent.



What's behind a 'staggering' surge in cybercrime

How did they get 1.7 million dollars out of you in three months? They were good. Rich Bruhn never saw the faces of the criminals who ripped him off of nearly 2 million dollars. Instead, one day, working on his computer, a message popped up. His information had been compromised. And that he was under investigation for unlawful computer uploads. Contact this number, you know, lock up your computer, you know, don't shut your computer off. The criminals convinced this Vietnam veteran to wire money and open up access to his bank account to clear things up. Today's report from the FBI shows new technology has triggered a surge in identity theft, data breaches and swindles. More than 16 billion dollars in computer crime losses last year, an amount the FBI calls staggering, and a 4 billion dollar jump from just a year earlier. And more than a quarter of it from victims over the age of 60. It's text messages, it's phone calls, it's emails. Ben Winters of the Consumer Federation of America says artificial intelligence has supercharged how fraudsters do business. Are they allowing people to execute more schemes or better schemes? Both. So you're able to do more at scale, but also less likely for a clear mistake that would set someone off and not fall for that. The FBI's new report says it's now getting 2,000 complaints a day. Bruhn never recovered a penny. I think a lot of people would watch that and go, I would be irate. It would. It's not worth the effort. Who are you going to get angry at? They never caught the people responsible. No, that's what I'm saying. You don't know who to get angry at. So Scott, why is it so tough for the FBI to get its arms around this? Maurice, more people are carrying more devices now, but some of us have gotten pretty good at spotting the telltale signs of a scheme, email or text, those imperfections. Maurice, the AI is making those harder to detect, easier to fall for. So they're everywhere now. So what are the experts saying about protecting yourself? One universal thing to keep in mind, if you see an urgency to a message asking you to send money, you have to do it right now. The best available red flag, something's wrong.

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Rise of AI