The U.S. Federal Trade Commission (FTC) has revealed that Americans lost a staggering $12.5 billion to fraud in 2024, marking a 25% increase from the previous year.
Investment scams accounted for the largest losses, totaling $5.7 billion, with a median loss of over $9,000 per victim. Imposter scams followed closely, resulting in $2.95 billion in reported losses.
Young adults reported falling victim to scams more frequently than older individuals, with 44% of fraud reports coming from consumers aged 20 to 29. Job scams have also surged in recent years, with reported losses jumping from $90 million in 2020 to $501 million in 2024.
Online scams caused over $3 billion in losses, surpassing traditional fraud methods like phone calls, texts, and emails. However, phone scams resulted in higher individual losses, with a median of $1,500 per victim. Email remained the most commonly reported contact method, followed by phone calls and text messages.
The FTC received 6.5 million consumer reports in 2024, but the actual number of fraud cases is likely much higher due to underreporting. Victims can report fraud at ReportFraud.ftc.gov or file identity theft reports at IdentityTheft.gov. The FTC’s data helps law enforcement track scammers and identify emerging fraud trends.
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