WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is issuing a Financial Trend Analysis on ransomware incidents in Bank Secrecy Act (BSA) data between 2022 and 2024, which totaled more than $2.1 billion in ransomware payments.
“Banks and other financial institutions play a key role in protecting our economy from ransomware and other cyber threats,” said FinCEN Director Andrea Gacki. “By quickly reporting suspicious activity under the Bank Secrecy Act, they provide law enforcement with critical information to help detect cybersecurity trends that can damage our economy. This work is vital to safeguarding our nation’s financial sector and strengthening our national security.”
Previous FinCEN Financial Trend Analyses have focused on reported ransomware payments and incidents by the date the activity was filed with FinCEN. Today’s report shifts the focus to the incident date of each ransomware attack and offers greater visibility into the activities conducted by ransomware actors.
Reported Ransomware Incidents and Payments Reach All-Time High in 2023
- Ransomware incidents and payments reported to FinCEN reached their highest level in 2023 with 1,512 incidents, totaling $1.1 billion in payment—an increase of 77 percent in total payments year-over-year from 2022 to 2023.
- Following law enforcement’s disruption of two high-profile ransomware groups, ransomware incidents reported to FinCEN decreased in 2024, with 1,476 incidents, reflecting $734 million in the aggregate value of reported payments in BSA reports.
- The median amount of a single ransomware transaction was $124,097 in 2022; $175,000 in 2023; and $155,257 in 2024. Between 2022 and 2024, the most common payment amount range was below $250,000.
FinCEN Data Shows Ransomware Payments Top $2.1B in Just Three Years
- During the three-year review period (January 2022 – December 2024), FinCEN received 7,395 BSA reports related to 4,194 ransomware incidents totaling more than $2.1 billion in ransomware payments.
- During the previous nine-year period (2013 through the end of 2021) FinCEN received 3,075 BSA reports totaling approximately $2.4 billion in ransomware payments.
Financial Services, Manufacturing, and Healthcare were the Most Impacted Industries
- The manufacturing industry accounted for 456 incidents totaling approximately $284.6 million reported payments; the financial services industry accounted for 432 incidents totaling approximately $365.6 million reported payments; and the healthcare industry accounted for 389 incidents totaling approximately $305.4 million reported payments.
The Onion Router (TOR) was the Most Common Communication Method Reported
- Threat actors most often communicated with their intended ransomware targets via messages sent over The Onion Router protocol, accounting for 67 percent of reports that provided the communication method.
- Other ransomware threat actors communicated with their intended targets via email or through other private encrypted messaging systems.
ALPHV/BlackCat was the Most Prevalent Ransomware Variant Between 2022 and 2024
- FinCEN identified more than 200 ransomware variants reported in BSA data.
- The most reported variants were Akira, ALPHV/BlackCat, LockBit, Phobos, and Black Basta.
- The 10 variants with the highest cumulative payment amounts identified in BSA reports accounted for approximately $1.5 billion in payments.
Ransomware is a complex cybersecurity problem requiring a variety of preventive, protective, and preparatory best practices. More information on FinCEN’s efforts to combat ransomware, including guidance and other resources for financial institutions, is available at www.fincen.gov/resources/fincen-combats-ransomware.
FinCEN’s FTA is available online at Ransomware Trends in Bank Secrecy Act Data
Questions or comments regarding the contents of this release should be addressed to the FinCEN Regulatory Support Section by submitting an inquiry at www.fincen.gov/contact.
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FinCEN periodically publishes Financial Trend Analyses describing threat pattern and trend information derived from Bank Secrecy Act (BSA) filings to highlight priority illicit finance risks. These analyses provide information that is relevant to a wide range of consumers, businesses, and industries; communicate the value of BSA reporting; and enhance feedback loops between government users of BSA reports and their filers. Additionally, Financial Trend Analyses fulfill FinCEN’s obligations pursuant to section 6206 of the Anti-Money Laundering Act of 2020, which requires FinCEN to periodically publish threat pattern and trend information derived from BSA filings.
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