Americans lost $12.5 billion to scams in 2024, according to the U.S. Federal Trade Commission (FTC). Around 2.6 million people reported falling victim to fraud, marking a significant increase from the $2.5 billion lost in 2023.
The most common source of losses came from scams conducted via social media. While the FTC did not specify which platforms were most involved, it acknowledged the growing role of social media in these scams.
The most widespread type of scam involves impostors pretending to be romantic interests, family members, government officials, or technical support agents. One case even involved scammers posing as actor Brad Pitt to steal $800,000. Scammers often manipulate their victims by creating a sense of urgency and anxiety, deceiving even the most cautious individuals.
While older adults are often considered the most vulnerable, the FTC found that individuals between the ages of 20-29 lost more money to scams than those over 70. However, elderly victims tend to suffer larger financial losses.
One type of scam that has surged in recent years is related to job and business opportunities. These scams tripled in reports from 2020 to 2024, causing $501 million in losses.
Traditional bank transfers were the most common method for scam payments, totaling around $2 billion, with cryptocurrency payments not far behind at $1.4 billion.
With the increasing use of artificial intelligence and deepfake technology, future scams via phone calls are expected to rise. Scammers will be able to more accurately mimic the voices of loved ones, leading to more targeted attacks. Therefore, if in doubt, it’s helpful to contact your relatives before trusting a call from an unknown number.
