FTC: Americans Lost $12.5 Billion to Scams Last Year

Americans lost a whopping $12.5 billion to fraudsters in 2024 – up $2.5 billion from 2023, according to the latest consumer alert from the FTC.

Consumer-facing scams are a major contributor to the Federal Trade Commission’s annual report for members of its Sentinel Network.

According to the data book, registered complaints totaled 6.5 million for 2024—roughly the same as the year prior, but the victims reported higher losses.

Record losses from fraud

“Even though the number of fraud reports is roughly the same as last year, more people lost a lot more money to fraud,” according to the report.

One in three people said they lost money to fraud (up from one in four last year), adding up to $12.5 billion, which was $2.5 billion more than in 2023.

People lost over $3 billion to scams that started online and approximately $1.9 billion to more “traditional” methods like calls, texts, or emails.

Individuals lost more money per person (around $1,500) when they interacted with scammers on the phone.

Imposter con tricks topped the list of scams reported by victimized consumers.

Data highlights

The data book (PDF) describes in depth the many swindles Americans have suffered, with the FTC showing how some people lost small fortunes to scammers.

Highlights include:

The biggest scam losses happened by bank transfer or payment - Among all payment methods, people reported losing more money through a bank transfer or payment (totaling $2 billion), followed by cryptocurrency ($1.4 billion).
Investment scams led to big losses - 79% of people who reported an investment-related scam lost over $9,000 on average. The $5.7 billion in losses in this category represent a $1 billion increase from last year, the FTC notes.
People reported losing money more often when contacted through social media - 70% reported a greater loss when contacted on social media than any other platform, and they lost more money overall ($1.9 billion).
Job scams and fake employment agency losses spiked - Between 2020 and 2024, reports of job scams nearly tripled and losses grew from $90 million to $501 million.
Younger people lost money more often - People aged 20-29 reported losing money more often than the 70+ cohort. But when older adults lost money, they lost far more than any other age group.

Infographic offering a top-down view of the most common scams reported by Americans in 2024

Source: FTC

Job scams abound

Of the top 10 fraud categories listed in the report, job scams were the third-most-reported swindle, costing Americans more than $750 million, or an average of $2,250 per victim.

Job ‘opportunities’ are the third-most costly scam type reported by Americans

Source: FTC

According to a data spotlight the FTC issued in December last year, reported losses attributed to job scams more than tripled from 2020 to 2023 and, in just the first half of 2024, topped $220 million.

The agency noted last year that reports lacking a narrative describing the experience were excluded from the analysis. And since most incidents are typically not reported, the true figures are likely much higher – and the damages more serious than reported.

Read: Job Scams Cost Americans Hundreds of Millions of Dollars in 2024

How to fight back at scammers

When in doubt about a suspicious text, phone call, or interaction on social media, Bitdefender recommends using Scamio, our free, scam-fighting AI bot.

You can share with Scamio the exact thing you want to check, like a screenshot, link, or QR code – or simply use your own words to describe the situation to our chatbot. Scamio lets you know in seconds if it’s a sham.

The FTC, whose mission is to enforce civil antitrust law and promote consumer protection, urges consumers to report any type of scam they encounter at ReportFraud.ftc.gov. This helps police better understand how scammers operate, which aids with investigations and ultimately leads to arrests.

And remember to inform yourself about cybersecurity matters on a regular basis. Add Bitdefender to your RSS feed from time to time to stay up to speed with the latest tricks used by fraudsters.