US Consumer Fraud Losses Surpass $12.5 Billion in 2024

Americans lost over $12.5 billion to fraud in 2024, a 25% increase from the previous year, according to the Federal Trade Commission (FTC). While fraud reports remained stable at 2.6 million, the percentage of victims who lost money rose from 27% in 2023 to 38% in 2024.

Investment scams accounted for nearly half of the losses, totaling $24$2.95  billion reported lost, including $789 million from government imposter scams.

Online shopping issues were the second most reported fraud category, while business and job opportunity scams saw losses rise to $750.6 million.

Email remained the most common contact method for scammers, followed by phone calls and text messages. Bank transfers and cryptocurrency payments were the costliest methods for victims.