(The Center Square) – Colorado residents lost a record high $24 million to personal data scams in 2024, according to a data forensics firm.
That was four times the amount lost in 2023, which totaled $6 million. It is also the highest reported loss since the FBI began keeping records in 2016.
CNC Intelligence, a digital forensics firm that released the report, is warning consumers to be especially cautious around the holidays.
Matthew Stern, CEO of CNC Intelligence, told The Center Square everyone is susceptible to scams.
“I have seen people from all walks of life become victims – we are all suitable targets for cybercriminals,” Stern said. “The people I speak with are often professionals, retirees or small business owners who are embarrassed they were fooled. But these scams are designed by organized criminal groups that test and refine their scripts the way a tech company tests a product.”
There are a number of common scams that criminals engage in during the holiday season, including everything from fake deliveries to retailer imposter schemes.
In 2023, 1,187 Coloradans reported falling victim to personal data scams. The average loss per victim was $20,000, up from $6,000 in 2023.
Stern said the access to personal information online has helped scammers increase their operations.
“With so much personal information readily available online – combined with advances in AI, deepfakes and the growing trade in stolen data – scammers can now craft highly personalized and convincing stories,” he said. “They often prey on emotional vulnerabilities, meaning even cautious individuals can be deceived.”
Nationally, personal data scams have been trending upward. Reported losses reached $1.5 billion in 2024, which was double the $744 million recorded in 2023.
The numbers could be higher, since the report took data from 2024 FBI Internet Crime Complaint Center reports.
Stern said there are steps that consumers can take to protect themselves.
“Simple actions, such as keeping operating systems and anti-virus software up to date, using multi-factor authentication, and having long passwords can make a big difference,” he explained. “Be very careful to make sure emails are really from who they claim to be from. Don’t click links in emails or text messages, and if someone calls you that you don’t know, remember you can simply hang up.”
Stern added that scammers will often try to use emotions to target potential victims, something that AI and cryptocurrency has made even easier.
“Don’t make decisions out of pressure or under stress,” he said. “I recommend that family members have a secret code word they use in times of emergencies to verify that it really is them. The holidays are a great time to discuss a code word and speak with our loved ones, of all ages, on how we can best protect ourselves.”