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6 Things Every Internet User Should Know About Cybersecurity

Happy Cybersecurity Awareness Month! It may not be as fun as Halloween or the Fourth of July, but this annual occasion in October might be among the most important for your household's security. This year, we're celebrating with some of the top cybersecurity trends, facts and tips for you and your family right now.


1. Cybercrime Impacts Keep Growing

Many people may feel more informed about cybercrime than they did five years ago — especially if they've taken the time to read articles on the subject from their bank! If only that awareness was enough to protect us from the crime itself.

Between 2019 and 2023, complaints to the FBI's Internet Crime Complaint Center (IC3) grew from 467,361 to 880,418.1 And losses increased from $3.5 billion to $12.5 billion. A Statista data analysis predicts that the cost of cybercrime globally will hit 9.22 trillion by the end of 2024 and will keep rising, reaching 13.82 trillion by 2028.2 The Statista analysis attributes the ongoing rise to our increasingly digital society and cybercriminals' continually evolving methods. World Economic Forum highlights the connection between global crises and cybercrime, from the COVID-19 pandemic to the wars in Gaza and Ukraine.3 

In other words, when it comes to cybercrime, knowledge may be power — but it must be paired with continued action, vigilance and learning.


2. Investment Crime Losses Are Setting Records

In 2023, victims reported $4.57 billion in investment crime losses to the IC3.1 That's more than any other IC3-tracked crime has ever racked up. Cryptocurrency scams play a significant role in those stats. 

Most of us would like to think investment scams are something that happens to other, less savvy people. But experts attribute the large numbers to the rise of sophisticated investment scams that can fool people who believe they are doing their research. According to cybercrime detection company Netcraft, investment scammers develop trustworthy-looking fraudulent investment websites.4 They look and work like legitimate trading platforms, and the perpetrators lure victims there via email, social media, or ads. Once victims arrive, they are invited to deposit money for supposed investing — except it goes straight to the scammer.

According to Netcraft, "In January alone, Netcraft detected and blocked almost 13,000 fake investment platform domains across more than 7,000 IPs: the largest number of IPs since we began tracking the platforms independently and 25% more than in December."

Investment opportunities should always be vetted with caution — but knowing how scammers are evolving their tactics can help would-be victims stay extra alert.


3. AI Is Changing Cybercrime (though the jury is still out on how)

One of the scariest things about AI's potential impact on cybercrime is that we don't know exactly what it will look like — but cybersecurity experts anticipate it won't be small. Already, AI voice scams are duping victims into believing their relatives are calling them in distress, asking for large sums of money. And generative AI can make phishing attempts more effective with smarter messages written more accurately. 

At a cybersecurity conference in early 2024, Rob Joyce, director of cybersecurity at the National Security Agency, told attendees that AI will allow "less capable people" to engage in hacking operations they couldn't have managed themselves.5

"It's going to make those that use AI more effective and more dangerous," said Joyce. 

From enabling more advanced cybercrime tools to making scams accessible to more criminals, AI is almost certainly changing how cybercrime happens — but it could potentially supercharge cybersecurity efforts as well. In an interview with the Wall Street Journal, Cynthia Kaiser, a deputy assistant director in the FBI's cyber division, said the FBI is exploring how AI can assist their work.6 

Though the outcomes and statistics behind AI's impact on cybercrime are yet to come, it's one of the top reasons people and businesses should stay alert to potential scams — known and otherwise. 


4. Your Connected Home Devices Could Be Your Cybersecurity Weak Point

Statista estimates that 57% of U.S. households will have smart devices by 2025.7 But despite their popularity, smart devices aren't known to be particularly secure. There were 112.29 million malware attacks on IoT devices in 2022.8 

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Don't let smart home devices be a weak link for security. Set up a separate network on your Wi-Fi router for all your smart home devices.

But why would criminals hack into your vacuum? If it shares a Wi-Fi network with your computer and other devices that include sensitive information, a smart device with weak security can act like an unlocked back door in an otherwise secure network. Hackers can break into your network and target your personal information or hijack your smart device to use it in a "bot army" and attack a large organization with an onslaught of activity. Criminals can also invade personal privacy and physical safety by hacking into baby monitors, smart locks and other smart devices. 

Protect your household from smart home devices with weak security by setting up a guest network on your Wi-Fi router. Keep all smart home devices together on it, while keeping your sensitive devices like your computer on your main network — and create strong passwords for both. 


5. Elder Cybercrime is Receiving a Lot of Focus

The FBI's IC3 has been releasing an annual report on cybercrime losses and reports for more than 20 years.9 Exactly 20 years ago, it added state-level reports to its annual publications. It took until 2020 for the organization to add a third annual publication: The Elder Fraud Report.

The 2023 report included $3.4 billion in total losses reported to the IC3 by those 60 years old and older, an almost 11% increase from 2022 — and a 14% increase in complaints filed with IC3 by victims in this age range.10 Plus, the Department of Justice (DOJ) says that underreporting of financial fraud is higher among older adults.11 

More Americans will turn 65 in 2024 than at any point in history.12 Add to that how technologically advanced cybercrime methods are becoming, and it's no wonder the FBI is paying such close attention to elder fraud. Both the DOJ and the FTC have publicly accessible educational resources on elder abuse for individual use or to use in community presentations.13,14 You can also learn more about how to protect your elderly loved ones in the Synovus Fraud Prevention and Security Hub.


6. Never Stop Playing the Cybersecurity Hits

There may be a lot new about the cybersecurity landscape, but most of the tried-and-true cyber hygiene tips remain the same: strong passwords, secure Wi-Fi networks and not responding to or clicking on links in any suspicious emails or texts will take you a long way.

To learn more, check out these cybersecurity standards:

Important disclosure information

This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

  1. FBI Internet Crime Complaint Center, "Federal Bureau of Investigation Internet Crime Report 2023," published December 12, 2023. Accessed September 17, 2024. Back
  2. Anna Fleck, "Cybercrime Expected To Skyrocket in Coming Years," Statista, published Feb 22, 2024. Accessed September 17, 2024. Back
  3. Leonardas Marozas, "Why cybercrime spikes in times of global crisis," World Economic Forum, published Feb 13, 2024. Accessed September 17, 2024. Back
  4. Harry Freeborough, "Online investment scams: Inside a fake trading platform," Netcraft, published March 13, 2024. Accessed September 17, 2024. Back
  5. Luc Cohen, "AI advances risk facilitating cyber crime, top US officials say," Reuters, published January 9, 2024. Accessed September 17, 2024. Back
  6. James Rundle, "FBI Warns Hackers’ Use of AI Is Growing. So Is the Bureau’s," Wall Street Journal, published May 9, 2024. Accessed September 17, 2024. Back
  7. Bergur Thormundsson, "Smart home in the United States - statistics & facts," Statista, published December 18, 2023, accessed August 22, 2024. Back
  8. Statista, "Annual number of Internet of Things (IoT) malware attacks worldwide from 2018 to 2022," published May 3, 2023. Accessed September 17, 2024. Back
  9. Internet Crime Complaint Center, "Annual Reports," FBI. Accessed September 17, 2024. Back
  10. FBI Internet Crime Complaint Center, "Federal Bureau of Investigation Elder Fraud Report 2023," published December 12, 2023. Accessed September 17, 2024. Back
  11. Rachel E. Morgan and Susannah N. Tapp, "Examining Financial Fraud Against Older Adults," U.S. Department of Justice, National Institute of Justice, published March 20, 2024. Accessed September 17, 2024. Back
  12. Clare Ansberry, "America Has Never Had So Many 65-Year-Olds. They’re Redefining the Milestone." The Wall Street Journal, published February 6, 2024. Accessed September 17, 2024. Back
  13. U.S. Department of Justice, "Get Involved, Get Safe Community Presentations," accessed September 17, 2024. Back
  14. Consumer Advice, "Grandkid and Family Scams," Federal Trade Commission. Accessed September 17, 2024. Back