New data shows Americans lost $12.5B to fraud scams in 2024

New data shows Americans lost $12.5B to fraud scams in 2024

Consumers reported losing more than $12.5 billion to fraud in 2024, according to the FTC. That’s a 25% increase over 2023.

WASHINGTON - New numbers from the Federal Trade Commission show just how many people are losing their hard-earned money to fraud.

By the numbers:

Americans reported losing more than $12.5 billion to scams in 2024, according to the FTC. Officials said that number is not driven by an increase in fraud reports. Rather, the percentage of people who reported losing money to a fraud or scam increased dramatically year-over-year.

The most reported type of fraud was impostor scams. Online shopping issues, business and job opportunities, investments, and internet services were the other types of scams that round out the top five.

Local perspective:

The FTC’s data analysis site allows users to break down the new fraud numbers by jurisdiction. In D.C., consumers reported losing a total of $30.4 million to fraud in 2024. That number stems from 7,082 fraud reports. In Maryland, it was $198.9 million in losses from 43,876 reports. In Virginia, it was $293.7 million in losses from 57,867 reports.

What they're saying:

In Northwest D.C. Monday, most consumers told Fox 5 they weren’t surprised by the astronomical fraud figures. Andy Wolf said he personally fell victim to a scam while trying to purchase a Washington Nationals hat that he’d seen Washington Commanders quarterback Jayden Daniels wear after a game.

"Our guy was wearing the hat, I had to get the hat, and I fell for it," Wolf explained.

What you can do:

The FTC asks consumers to report fraud when they see it. You can do that at ReportFraud.FTC.gov.