The Cyber Security Centre for the Isle of Man has released its annual threat report which shows residents lost over £2.2 million to scams in 2024.
The report, breaking down losses into categories, reveals that investment scams were the largest contributor at £1.2 million.
Other losses include £391,674 to scam voice calls (Vishing) and £113,472 to account compromises.
However, the report clarifies that these figures only come from the reports received and so the actual figure is likely to be much higher.
Scams
Cyber Security Centre Isle of Man Director, Mike Haywood, said: “Every pound lost to scams is not just a loss for our local economy – it’s the hard-earned money of individuals in our community.
“Money that could be spent on essential needs, families, or supporting local businesses and creating jobs. Instead, it is lining the pockets of criminals operating from all corners of the world.”
This year the island has seen a number of tailored scams aimed at local residents and organisations including widespread manx.net scam emails, criminals imitating Isle of Man Transport as well as websites copying local financial institutions.”
Report it
“The figures in this report are deeply concerning, but they are likely just the tip of the iceberg. Many scams go unreported, meaning the real cost to residents could be significantly higher.
“We encourage anyone who has been in receipt of or been a victim of a scam to report it to us.
Mike Haywood, Cyber Security Centre Isle of Man Director.
“We can only fight against cybercrime if we have a picture of the threats facing our island.
“Reports allow us to work with the private sector and tailor our education and awareness initiatives to counter the threats,” Mike added.
The full threat report is available online and residents are encouraged to contact report any cyber concerns to the CSC through their online form, or by calling 01624 685557.
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