Scammers Are Waiting For You. Don't Be Fooled!

The new administration has no interest in fighting illegal scams or those who engage in them, but Consumer Alerts from the FTC is providing a summary of last year's top scams and how much money was ripped off from innocent victims. 

Read on to learn about the top scams. By staying informed and being suspect of even the “nicest” people who lure you into opening your wallet, you can avoid becoming a scammer's next victim.

Summary:

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? Your reports make a difference. If you see a fraud or scam, the FTC wants to hear about it: go to ReportFraud.ftc.gov.