Even though the number of fraud reports is roughly the same as last year, more people lost a lot more money to fraud. One in three people who reported fraud said they lost money (up from one in four last year), adding up to $12.5 billion (up $2.5 billion from 2023). People lost over $3 billion to scams that started online, compared to approximately $1.9 billion lost to more “traditional” contact methods like calls, texts, or emails. However, people lost more money per person (a median of $1,500) when they interacted with scammers on the phone. And, once again, imposter scams topped the list of scams reported.

Here are some other things to know:

• The biggest scam losses happened by bank transfer or payment. Among all payment methods, people reported losing more money through a bank transfer or payment ($2 billion), followed by cryptocurrency at $1.4 billion.
• Investment scams led to big losses. A majority (79%) of people who reported an investment-related scam lost money, with a median loss of over $9,000. The $5.7 billion losses in this category are up about $1 billion from last year.
• People reported losing money more often when contacted through social media. Most people (70%) reported a loss when contacted on a social media platform — and lost more money overall ($1.9 billion).
• Job scams and fake employment agency losses jumped — a lot. Between 2020-2024, reports nearly tripled and losses grew from $90 million to $501 million.
• Younger people lost money more often. People aged 20-29 reported losing money more often than people 70+. But when older adults lost money, they lost far more than any other age group.

The biggest takeaway? Reporting a fraud can make a difference. If you see a fraud or scam, the FTC wants to hear about it: go to ReportFraud.ftc.gov.

For more information, go to:

Top scams of 2024 | Consumer Advice

Teaching Suggestions:

• Did you or someone you know report a scam to the FTC?  How do such reports help the FTC bring enforcement cases and educate people about scams?
• Why do younger people lost money more often than people 70+?

Discussion Questions:

1. Why is it important to report a fraud or scam to the FTC?
2. How do you report a fraud or scam to the FTC?