Vermonters lose over $13 million due to cybercrime

The costliest cybercrimes in Vermont revealed

  • Investment scams are the costliest cybercrimes in Vermont, with the average victim losing $162,265.
  • Cryptocurrency Wallet scams are the second most expensive in the state, with an average loss of $133,133 per victim.
  • Some other costliest crimes include Business Email Compromise (BEC) scams, Confidence/Romance scams, Cryptocurrency scams, and more.

 

Vermont Business Magazine Investment scams are the costliest cybercrime for Vermont, a new study has found.

Data collection experts SOAX analyzed 2023 data from the Internet Crime Complaint Center on the number of victims and victim losses for each cybercrime in Vermont. Each cybercrime was rated based on the cost per victim in the state and ranked from most to least expensive.

The average victim in Vermont is scammed out of $19,248, based on 708 separate reports lodged statewide, with a total loss of $13,627,701.

Investment scams are the most expensive among victims. On average, victims lose $162,265, more than any other cybercrime. 

Investment scams occur when people trick you into seemingly legitimate opportunities, such as stocks, currencies, and real estate. Approximately 22 victims were counted in 2023, losing approximately $3,569,834.

Cryptocurrency Wallet scams are the second-costliest crime type. On average, each victim in the state loses $133,133. In this crime type, hackers can gain access to your crypto wallet, which stores information and keys on your private crypto transactions. Device malware and crypto wallet app hacks are some of the most prominent ways victims can lose money from crypto wallet scams. Approximately 28 victims were counted in 2023, losing approximately $3,727,711.

Business Email Compromise (BEC) scams rank as the third costliest per victim. The average scam victim loses $29,444 statewide. BEC occurs when a cybercriminal compromises legitimate business email accounts through social engineering or computer intrusion techniques, resulting in an unauthorized transfer of funds. Approximately 41 victims were counted in 2023, losing approximately $1,207,190.

Cybercrime attacks in Confidence/Romance scams are the fourth costliest. On average, each victim in the state loses $26,627. Victims of Confidence/Romance scams are lured into a new friendship or romantic relationship online, before being coaxed into providing private information, sending money, or even laundering funds. Approximately 38 victims were counted in 2023, losing approximately $1,011,816.

Cryptocurrency scams round off the five costliest cybercrimes, averaging losses of $25,774 per victim. Approximately 42 victims were counted in 2023, losing approximately $1,082,518. Cryptocurrency scams range from crypto investments to phishing and pump-and-dump schemes.

Lottery/Sweepstakes/Inheritance scams rank sixth, with losses of $18,864 per victim. In this crime type, individuals are usually contacted about a sum of money they have won or are owed that they can now collect. The fraudsters usually ask you to provide financial details and private information in order to claim your money. Approximately seven victims were counted in 2023, losing approximately $132,049.

Other costly cybercrimes statewide include Personal Data Breaches, Tech Support scams, SIM Swap scams, and Non-payment/Non-Delivery.

The costliest cybercrimes in Vermont

Rank Cybercrime Victim Count Losses ($) Loss per victim ($)
1 Investment scams 22 3,569,834 162,265
2 Cryptocurrency Wallet scams 28 3,727,711 133,133
3 Business Email Compromise (BEC) scams 41 1,207,190 29,444
4 Confidence/Romance scams 38 1,011,816 26,627
5 Cryptocurrency scams 42 1,082,518 25,774
6 Lottery/Sweepstakes/Inheritance scams 7 132,049 18,864
7 Personal Data Breaches 80 926,796 11,585
8 Tech Support scams 78 881,347 11,299
9 SIM Swap scams 1 10,000 10,000
10 Non-payment/Non-Delivery 74 578,174 7,813

Extortion, Personal Data Breach, and Tech Support are the most common in Vermont. These saw 95, 80, and 78 victim reports, respectively, in 2023, more than any other type state-wide.

Stepan Solovev, CEO and co-founder of SOAX commented on the research: "Around $12.5 billion was lost in 2023 due to cybercrimes in America, with 521,652 complaints registered, over 79 times more than in neighboring Canada.

"Individuals are reminded to stay vigilant and guard personal data to prevent cybercriminals from gaining valuable leverage. Ensure you use strong, unique passwords for each site, remembering to change them regularly and not repeat them. Using a VPN when accessing public Wi-Fi in airports, cafes, or anywhere else is also recommended to further protect your device and personal data from cyberattacks.

"Some of the biggest indicators of possible cybercrime include email addresses and phone numbers. If you receive a strange request from a colleague or familiar business, check the exact email address it was sent from and report it as spam if it is unfamiliar. Whereas, if you receive a call from a phone number, simply complete a Google search and check whether it has been reported before. Ultimately, trust your intuition, and if the interaction feels wrong or strange, just stop and refuse to hand over any private information."

Methodology:

Data was gathered from the Internet Crime Complaint Center was gathered on the number of victims and victim losses per cybercrime in each US state.

The victim losses were divided by the number of victims to provide a losses per victim total for each cybercrime in all the states.

The cybercrimes were then ranked from most to least expensive based on cost per victim in every US state.

Sources: Internet Crime Complaint Center. https://soax.com/

To support great journalism, access our archives and get unique features like our award-winning profiles, Book of Lists & Business-to-Business Directory, subscribe HERE!

www.vermontbiz.com