In 2024, the U.S. Federal Trade Commission (FTC) reported that Americans lost a record $12.5 billion to fraud, marking a 25% increase compared to the previous year. The highest losses were linked to investment scams, which accounted for $5.7 billion. These scams resulted in a median loss of over $9,000, surpassing all other categories of fraud. Imposter scams were the second-largest category, with reported losses reaching $2.95 billion in 2024. This increase reflects a rising trend of more sophisticated fraudulent schemes targeting consumers.
The data revealed a concerning pattern among younger victims, particularly those aged 20 to 29, who filed 44% of all fraud reports.
This age group reported losing money to scams more frequently than older individuals, including those over 70. Job scams were another growing concern, with losses escalating from $90 million to $501 million within just four years, from 2020 to 2024. The number of job scam reports nearly tripled during this time, highlighting the increasing vulnerability of job seekers. These scams, often involving fake job offers, added to the broader trend of online and phone-based fraud.
The FTC also pointed out that fraud originating from online interactions is becoming more prevalent. In 2024, over $3 billion was lost to scams that started on the internet.
This compared to about $1.9 billion lost to scams initiated through traditional contact methods like phone calls, texts, and emails. Interestingly, people lost more money per person when dealing with scammers over the phone, with a median loss of $1,500. Email continued to be the most common contact method for scammers, followed by phone calls and text messages. These trends underscore the growing role of digital communication in facilitating fraud.
In total, the FTC added 6.5 million consumer reports to the Consumer Sentinel Network in 2024. This database included over 118,960 reports related to investment fraud schemes and 845,806 reports of imposter scams. However, the FTC acknowledged that these statistics likely represent just a fraction of the total fraud occurring. Many victims do not report scams, meaning the actual financial impact may be far higher than what is captured in the reports. Fraud victims can file reports at the FTC’s designated sites, and these reports help law enforcement track fraud trends and identify scammers.
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