Federal Trade Commission (FTC) data released for 2024 shows a significant rise in consumer-reported losses due to fraud, totaling over $12.5 billion. This marks a 25% increase from the previous year, despite the number of fraud reports remaining stable. The key change was an increase in the percentage of people reporting financial losses from fraud, rising from 27% in 2023 to 38% in 2024.
Investment scams accounted for the largest portion of these losses at $5.7 billion, a 24% increase compared to 2023. Imposter scams followed with reported losses amounting to $2.95 billion. Bank transfers and cryptocurrency were noted as payment methods where consumers lost more money than all other methods combined.
Christopher Mufarrige, Director of the FTC’s Bureau of Consumer Protection, stated: “The data we’re releasing today shows that scammers’ tactics are constantly evolving.” He emphasized that the FTC is closely monitoring these trends and actively working to safeguard American consumers from fraud.
In total, the FTC received fraud reports from approximately 2.6 million consumers last year, consistent with figures from 2023. Imposter scams were identified as the most frequently reported category, with government imposter scam losses increasing by $171 million to reach $789 million in total.
Issues related to online shopping were ranked second among reported fraud categories, followed by business and job opportunities which saw an increase in reported losses by nearly $250 million over the previous year, totaling $750.6 million.
Job and employment agency scams within business opportunities have notably increased since 2020; reports tripled and associated consumer losses rose dramatically from $90 million to $501 million over this period.
Email remained the most common method through which scammers contacted consumers for a second consecutive year; phone calls and text messages were also prevalent contact methods.
The FTC's Consumer Sentinel Network database aggregates reports directly from consumers along with contributions from law enforcement agencies and organizations across more than twenty states. In total, Sentinel received about 6.5 million reports in 2024 covering various issues including identity theft complaints exceeding one million via IdentityTheft.gov.
While not intervening in individual cases, Sentinel's data forms a crucial part of FTC investigations shared with law enforcement nationwide aiding their mission against consumer fraud.
Reports submitted via ReportFraud.ftc.gov provide victims with recovery steps while assisting FTC efforts on trend warnings drawn from collected data insights available on ftc.gov/exploredata featuring state-specific dashboards inclusive age-related breakdowns newly introduced this year.
FTC endeavors focus on fostering competition alongside educating consumers without soliciting payments or making coercive threats promising prizes maintaining transparency through platforms like consumer.ftc.gov offering comprehensive guidance reporting mechanisms including alerts blogs updates distributed widely across social media channels keeping public informed about emerging developments ensuring proactive protective measures against deceptive practices harmful entities exploiting vulnerable individuals society at large diligently pursuing justice equity fairness promoting welfare well-being general populace enhancing quality life standards reducing incidences victimization sustaining trust credibility faith integrity authorities implementing policies regulations legislative frameworks facilitating harmonious interactions between parties stakeholders involved mutually beneficial arrangements constructive partnerships collaborations alliances cooperative engagements concerted 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