Cybercrime: A $10 Trillion Empire

Once relegated to science fiction scenarios, cybercrime is now a very real threat affecting both businesses and individuals. Online scams are multiplying, and cybercriminals are becoming increasingly ingenious in deceiving their victims. And it works! In an ever-more connected world, cybercrime has become a sprawling economic empire, generating colossal profits and disastrous impacts—enough to raise growing concerns among societies and authorities worldwide.

Staggering Figures

Welcome to the world of cybercrime. Today, it is estimated that losses related to cyberattacks – including data destruction, money theft, productivity loss, legal fees, etc. – amount to over $10 trillion per year, more than one-third of the U.S. GDP.(1) In response, the cybersecurity industry is booming: global spending on security solutions and services is expected to exceed $350 billion by 2029.(2) According to a recent study by Kaspersky, businesses plan to increase their cybersecurity budgets by 9% over the next two years.(3)

Human vs. Technological Vulnerabilities

Cybercrime takes many different forms. One constant, however, is that online scams rely more on human vulnerabilities than on technological flaws. Here is an overview of the main methods used:

Disinformation and Deepfakes : Artificial intelligence now allows cybercriminals to easily manipulate images and videos to create fake content. Distinguishing between real and fake content is becoming increasingly difficult. In early 2025, a woman made headlines for transferring €830,000 to a fake, dying Brad Pitt.(4) A few months earlier, in Hong Kong, an employee had sent a total of $25 million to fraudsters impersonating his superiors in a video meeting.(5)
Pig Butchering : This sophisticated scam combines seduction and investment in fictitious projects. It often starts with an innocent message like, “Hi, I’m late, but you can go ahead and order.” The fraudster encourages the victim to reply that it must be a wrong number, thus initiating a trivial conversation to build trust before exploiting them.
Phishing: This method often takes the form of emails or SMS messages impersonating official institutions, tricking victims into providing personal or banking information. For example, scammers posing as a bank may redirect victims to fake websites where they are prompted to enter their credentials, card number, and password.
Credential Theft: Cybercriminals frequently use stolen credentials to commit fraud. Victims often unknowingly provide these details via fraudulent forms or fake notifications. Who hasn’t received a message about a supposedly blocked package at the post office when they weren’t expecting one? Or a phone call from a supposed insurance advisor starting with, “Where are you insured?”
Cryptocurrency Scams: Fraudsters often lure investors with promises of extraordinary returns, using fictitious cryptocurrencies or fraudulent platforms. In 2024, cryptocurrency-related thefts reached $2.2 billion, a 21% increase from the previous year.(6)
Ransomware: This form of malware, often installed via a deceptive email, blocks access to data or IT systems. Criminals then demand a ransom to restore access.

Behind these frauds are often complex international criminal organizations. In 2022, a Kenyan student, lured by a job offer in Thailand, discovered she was actually a captive of a Chinese mafia. Upon arriving in Bangkok, she was transferred to Laos and forced to work in a cybercrime center, where her role was to seduce men online and persuade them to invest in fictitious cryptocurrency projects. These types of scams alone have generated $75 billion since 2020.(7)

How to Protect Yourself

In the face of cyber threats, adopting the right habits is essential:

✅ Use strong passwords : Opt for long, unique combinations for each account. A password manager can help you manage them effectively.

✅ Beware of unexpected messages : Never click on links or attachments from unknown senders, especially if they request personal or financial information. Always check the real email address, not just the displayed name, which can be easily manipulated.

✅ Verify before clicking : On the internet, you don’t have to see it to believe it. Before interacting with a link, take a few seconds to confirm its legitimacy. If unsure, contact the sender directly through another method.

✅ Don’t hesitate to ask for advice : If in doubt, talk to a trusted person or professional before acting. Criminals often create a sense of urgency while discouraging victims from seeking third-party opinions.

✅ Educate younger and more vulnerable individuals : Children and teenagers are particularly exposed. Encourage them not to share personal information and to talk to you if they encounter suspicious content or contacts online.

Financial cybercrime is constantly evolving, exploiting technological advancements and human vulnerabilities. In the face of these growing threats, protecting oneself and staying vigilant is crucial. If in doubt, seek advice from a trusted person. Asking a question is always worthwhile if it prevents you from being scammed.