Italy Sees Unprecedented Rise in Cyber Fraud Incidents in 2024
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Rome, Jan 4 (NationPress) The Postal Police of Italy disclosed that they have examined 18,714 cases of cyber fraud in 2024, culminating in losses of over 181 million euros ($186 million), which are both all-time highs.
According to their annual report, 26 percent of the investigated cyber fraud cases pertained to deceptive online securities trading. Although this category represents a smaller fraction of the total incidents, it accounted for a staggering 80 percent of the total monetary losses associated with cyber fraud.
Fraud associated with e-commerce comprised the largest segment, at 46 percent of all cases, yet it only constituted 5 percent of the total stolen amounts, as reported by Xinhua.
The report indicated a 15 percent increase in cases relative to the previous year, with the aggregate value of fraud escalating by 32 percent compared to 2023.
Even with the increase in cases and financial damages, the number of individuals under investigation remained largely stable, rising by just ten to 3,581 individuals. (1 euro = 1.03 US dollars).
Earlier, on July 31, 2024, Xinhua reported that 114 million euros ($123.4 million) were lost due to internet fraud in the first half of this year in Italy, according to the nation's postal and communications police overseeing cybercrime.
This figure represents a 71 percent increase compared to the total recorded during the same timeframe in 2023.
Overall, investigators identified about 14,000 cases of cyber fraud and other online financial offenses from January to June, marking a 10 percent increase, as stated by the police.
In their previous annual report released in December of last year, the postal police noted that approximately 65 businesses of varying sizes were victims of cyber fraud in 2023. The total amount stolen from these companies last year exceeded 19 million euros, of which 6 million euros were recovered by law enforcement.
Cyber fraud is a broad term that refers to crimes perpetrated by cybercriminals over the internet. These offenses are aimed at unlawfully obtaining and exploiting sensitive information belonging to individuals or businesses for financial gain.
