- By 2024, Americans lost $ 12.5 billion to scams, a $ 2.5 billion increase. Years to year
- Fraud with origin online surpassed more traditional methods
- Older are no longer the ones who lose most money
US citizens lost $ 12.5 billion to various kinds of fraud by 2024, a new report from the US Federal Trade Commission (FTC) has claimed, which means the number has increased by $ 2.5 billion compared to the previous year.
Fraud doesn’t get more frequent, says the FTC, but it gets more expensive. One in three people reporting fraud in 2024 said they lost money up from one in four last year.
Of the $ 12.5 billion, a huge part (more than $ 3 billion) came from scams from online, which strongly surpassed approx. 1.9 billion dollars lost to more traditional scams (for example, phone calls). However, telephone calls led to higher total losses, with the victims lost a median of $ 1,500 per year. Person, and scams that reviewed bank transfers and payments accounted for $ 2 billion dollars in losses, more than any other payment method. Cryptocurrency fraud came in second place with $ 1.4 billion drained.
Investment fraud
Investment fraud was the real money producers for scammers, FTC also said, with four out of five (79%) people reporting an investment fraud that actually lost money. Median Tab was north of $ 9,000. Total losses from investment fraud hit $ 5.7 billion, a $ 1 billion increase from last year.
Social media still remains an important risk factor in which seven out of ten people contacted by scammers on social platforms are losing money. The total losses through these platforms reached $ 1.9 billion, it was said.
A particular scam format – fake job – Skyrocket in the last half a decade. Between 2020 and 2024 reports almost reported and loss ballooned from $ 90 million to $ 501 million.
Interestingly, the older generation is no longer the one who loses most money. Those aged 20-29 reported to lose money more often than any other age group. However, the elderly (70+) suffered far worse financial damage than any other demographic.
Via Bleeping computer
