FTC: Fraud losses reached a record $12.5B in 2024

The US Federal Trade Commission revealed that Americans lost a record $12.5 billion to fraud in 2024, marking a 25% increase from the previous year, reports BleepingComputer.

Investment scams were the most financially damaging, accounting for $5.7 billion in losses, with a median loss exceeding $9,000 per victim. Imposter scams followed, causing $2.95 billion in reported losses.

Young adults were disproportionately affected, with 44% of reports coming from individuals aged 20 to 29. Job-related scams have surged significantly, with reported losses rising from $90 million in 2020 to $501 million in 2024.

Online fraud accounted for over $3 billion in losses, surpassing traditional methods such as phone calls, texts, and emails, though phone scams led to higher per-person losses.

The FTC collected 6.5 million consumer reports in 2024 through its Consumer Sentinel Network, aiding law enforcement agencies in tracking fraud trends. However, officials warn that the true scope of financial harm is likely much greater due to underreporting.