FBI Reports $6.5 Billion Lost to Investment Fraud in 2024, Launches Global Operation to Tackle Nigerian Sextortion Rings

In its 2024 Internet Crime Report, the FBI has revealed that U.S. citizens lost over $6.5 billion to investment fraud last year, marking the highest reported financial losses from internet crimes. The report, compiled by the FBI’s Internet Crime Complaint Center (IC3), highlights a 33 percent increase in losses compared to 2023, with a total of 859,532 complaints filed. Phishing, extortion, and personal data breaches were the top three most reported internet crimes. California, Texas, and Florida saw the highest number of complaints, while individuals over the age of 60 were particularly affected, accounting for nearly $5 billion in losses and submitting the largest number of reports.

In response to the growing number of online crimes, the FBI has launched Operation Artemis, a global effort aimed at combating sextortion rings operating out of Nigeria. The operation, a collaboration with multiple international law enforcement agencies, focuses on addressing the surge in sextortion-related suicides linked to Nigerian perpetrators. As a result of Operation Artemis, 22 individuals have been arrested, with about half of them connected to victims who tragically took their own lives. This initiative marks a significant step in the fight against child exploitation and aims to hold international perpetrators accountable.

FBI Director Kash Patel emphasized the importance of reporting cyber-enabled crimes to assist law enforcement in combating various fraud schemes. He noted that the IC3, which is celebrating its 25th anniversary, relies on public reports to effectively address these issues. With over nine million complaints in its database, the IC3 continues to urge citizens to report any cyber-related crimes, regardless of financial loss, to its official website.

The report also reveals a sharp increase in sextortion crimes. From October 2024 to March 2025, the number of tips received by the FBI rose by 30 percent. IC3 recorded more than 54,000 victims in 2024, a significant jump from the previous year’s 34,000. Most of the victims were boys aged 14 to 17. The FBI continues to advise victims of internet crimes to contact financial institutions involved, report the crime to local authorities, and reach out to the nearest FBI field office for assistance.