New FTC Data Show a Big Jump in Reported Losses to Fraud to $12.5 Billion in 2024

Newly released Federal Trade Commission data show that consumers reported losing more than $12.5 billion to fraud in 2024, which represents a 25% increase over the prior year.According to the FTC’s data book, this number is not driven by an increase in fraud reports, which remained stable. Instead, the percentage of people who reported losing money to a fraud or scam increased by double digits. In 2023, 27% of people who reported a fraud said they lost money, while in 2024, that figure jumped to 38%.Consumers reported losing more money to investment scams—$5.7 billion—than any other category in 2024. That amount represents a 24% increase over 2023. The second highest reported loss amount came from imposter scams, with $2.95 billion reported lost. In 2024, consumers reported losing more money to scams where they paid with bank transfers or cryptocurrency than all other payment methods combined.“The data we’re releasing today shows that scammers’ tactics are constantly evolving,” said Ch...