US Fraud Losses Hit Record $12.5 Billion in 2024

Americans lost over $12.5 billion to fraud in 2024, marking a 25% increase from the previous year, according to the Federal Trade Commission (FTC). Interestingly, the total number of fraud reports remained stable at 2.6 million, but the percentage of victims who reported monetary losses jumped from 27% in 2023 to 38% in 2024. This suggests that scams are becoming more effective at deceiving consumers.

Investment scams accounted for nearly half of the total losses, reaching $5.7 billion, a 24% rise compared to 2023. Imposter scams were the second-largest category, with consumers losing $2.95 billion, while government imposter scams saw a sharp increase, with $789 million in reported losses—$171 million more than in 2023.

Among the most commonly reported fraud categories, online shopping issues ranked second, followed by fraudulent business and job opportunities, which saw losses rise to $750.6 million, up $250 million from 2023. These scams primarily target job seekers and small business owners, taking advantage of financial uncertainty.

For the second year in a row, email remained the most common contact method used by scammers, followed by phone calls and text messages. Scammers are increasingly using digital communication to reach potential victims, making it harder for authorities to track them.

Bank transfers and cryptocurrency payments were the preferred methods for scammers, with consumers losing more money through these channels than all other payment methods combined. This highlights the growing risks associated with digital transactions and the urgent need for enhanced consumer protection measures.