Today we examine the alarming rise of artificial intelligence (AI) in cybercrime, particularly since 2023. We highlight how AI amplifies attackers' capabilities, enabling more sophisticated and scalable threats like targeted phishing, deepfake scams, and advanced malware. We detail various AI-powered tools and methods cybercriminals employ, such as malicious AI chatbots, AI-assisted malware development, and deepfake generation services. Furthermore, we present global case studies illustrating the real-world impact of AI-enabled cybercrime and discusses the strategic implications for businesses, governments, and individuals. Finally, we outline current countermeasures being deployed by cybersecurity firms and law enforcement, while forecasting the evolving threat landscape, including the potential for fully autonomous AI cyber agents.