Americans lost a record $12.5 billion to scams in 2024, FTC report finds
Fraudsters made a fortune in 2024, with Americans losing a staggering $12.5 billion to scams—a record-breaking increase of $2.5 billion from the previous year, according to a new report from the Federal Trade Commission (FTC). While the total number of fraud reports remained roughly the same, more people lost money than ever before, highlighting a worrying trend of increasingly sophisticated scams.
Here’s everything the FTC revealed:
Online scams take the lead, but phone scams hit harder
With the digital world continuing to dominate everyday life, it’s no surprise that online scams caused over $3 billion in losses—far exceeding the $1.9 billion lost through traditional methods like phone calls, texts, or emails. However, when people did engage with scammers over the phone, their financial losses were far more severe, with a median loss of $1,500 per victim.
The biggest scam losses happened by bank transfer or payment
Fraudsters are using increasingly sophisticated tactics to exploit financial systems. The biggest financial losses occurred through bank transfers and payments, with victims losing a shocking $2 billion this way. Cryptocurrency scams followed closely, accounting for $1.4 billion in losses.
Investment scams resulted in major losses
Among all scam types, investment-related fraud was the costliest, totaling $5.7 billion—a $1 billion increase from last year. Worse still, nearly 79% of those targeted lost money, with median losses soaring past $9,000 per person. These scams often promise high returns with little risk, luring victims into fraudulent investment schemes, fake trading platforms, or deceptive crypto ventures.
Social media: A scammer’s playground
Social media has become a hotspot for fraud, with scammers using platforms to reach, manipulate, and deceive victims more effectively. Nearly 70% of people who were scammed through social media reported financial losses, adding up to $1.9 billion in total damages. From fake online stores to romance scams, fraudsters are exploiting trust and familiarity to trick users.
Job scams on the rise
Job seekers also fell victim to fraud at alarming rates. Between 2020 and 2024, reports of job scams and fake employment agencies nearly tripled, with total losses skyrocketing from $90 million to $501 million. With more people seeking remote work and gig opportunities, scammers have found new ways to exploit job seekers, often by impersonating legitimate employers or recruitment agencies.
Who’s losing the most money?
While younger people (aged 20-29) were more likely to report losing money, older adults (70+) lost far greater sums when scammed. This trend underscores the vulnerability of different age groups—young people may be more likely to fall for digital scams, while older individuals often have higher financial assets at risk.
Protecting yourself from scams
The FTC urges consumers to stay vigilant by recognizing red flags, verifying sources before making financial transactions, and reporting scams to ReportFraud.ftc.gov. As scammers continue evolving their tactics, knowledge remains the best defense.
