$153,808 Average Loss for Victims of Cybercrime in Texas
26 July 2024, El Paso, TX, David Gomez and SOAX
- Business Email Compromise (BEC) scams are the costliest cybercrimes in Texas, with the average victim losing $153,808.
- Investment scams are the second most expensive in the state, with an average loss of $139,927 per victim.
- Some other costliest crimes include Ransomware, Cryptocurrency scams, SIM Swap scams, and more.
Business Email Compromise (BEC) scams are the costliest cybercrime for Texas, 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 Texas. Each cybercrime was rated based on the cost per victim in the state and ranked from most to least expensive.
The average victim in Texas is scammed out of $29,437, based on 48,704 separate reports lodged statewide, with a total loss of $1,433,739,601.
Business Email Compromise (BEC) scams are the most expensive among victims. On average, victims lose $153,808, more than any other cybercrime. 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 1,917 victims were counted in 2023, losing approximately $294,849,405.
Investment scams are the second costliest. On average, each victim in the state loses $139,927. Investment scams occur when people trick you into seemingly legitimate opportunities, such as stocks, currencies, and real estate. Approximately 2,590 victims were counted in 2023, losing approximately $362,410,519.
Ransomware ranks as the third costliest per victim. The average scam victim loses $127,901 statewide. This crime involves malicious software designed to block access to a computer system until money is paid. Approximately 227 victims were counted in 2023, losing approximately $29,033,449.
Cybercrime attacks in Cryptocurrency scams are the fourth costliest. On average, each victim in the state loses $97,348. Cryptocurrency scams range from crypto investments to phishing and pump-and-dump schemes. Approximately 3,105 victims were counted in 2023, losing approximately $302,264,408.
SIM Swap scams round off the five costliest cybercrimes, averaging losses of $90,522 per victim. Approximately 75 victims were counted in 2023, losing approximately $6,789,175. This is a form of identity theft that exploits two-factor authentication conducted via text or phone. SIM swap could see criminals gain access to all the personal and financial data on your mobile.
Other scams rank sixth, with losses of $89,500 per victim. Cybercrimes categorized as ‘other’ comprise of all types of Internet/non-Internet fraud that are not listed in the FBI’s list of cybercrimes. Approximately 725 victims were counted in 2023, losing approximately $64,887,380.
Other costly cybercrimes statewide include Cryptocurrency Wallet scams, Confidence/Romance scams, Data Breaches, and Tech Support scams.
The costliest cybercrimes in Texas
| Rank | Cybercrime | Victim Count | Losses ($) | Loss per victim ($) |
|---|---|---|---|---|
| 1 | Business Email Compromise (BEC) scams | 1,917 | 294,849,405 | 153,808 |
| 2 | Investment scams | 2,590 | 362,410,519 | 139,927 |
| 3 | Ransomware | 227 | 29,033,449 | 127,901 |
| 4 | Cryptocurrency scams | 3,105 | 302,264,408 | 97,348 |
| 5 | SIM Swap scams | 75 | 6,789,175 | 90,522 |
| 6 | Other scams | 725 | 64,887,380 | 89,500 |
| 7 | Cryptocurrency Wallet scams | 1,691 | 110,742,645 | 65,489 |
| 8 | Confidence/Romance scams | 1,344 | 54,115,389 | 40,264 |
| 9 | Data Breaches | 291 | 11,003,604 | 37,813 |
| 10 | Tech Support scams | 2,557 | 62,685,465 | 24,515 |
Personal Data Breach, Non-payment/Non-Delivery, and Extortion are the most common in Texas. These saw 4,311, 4,057, and 4,002 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.”
