Fraud losses in the U.S. soared to $12.5 billion in 2024, marking a 25% increase from the previous year, according to Federal Trade Commission data.

While the total number of fraud reports remained steady at 2.6 million, the percentage of victims who lost money jumped significantly from 27% in 2023 to 38% in 2024. Investment scams were the leading cause of financial losses, totaling $5.7 billion—up 24% from the previous year. Imposter scams followed, with reported losses reaching $2.95 billion, including $789 million lost to government imposter schemes.

Online shopping scams were among the most frequently reported, alongside fraudulent business and job opportunities, which accounted for $750.6 million in losses—nearly $250 million more than in 2023. Email remained the top method scammers used to target victims, followed by phone calls and text messages. Additionally, consumers lost more money through bank transfers and cryptocurrency payments than all other payment methods combined, highlighting the increasing sophistication and scale of financial fraud.