The Federal Trade Commission’s 2024 Consumer Sentinel report reveals a record $12.5 billion lost to fraud, with investment scams leading at $5.7 billion. Younger people are targeted more often, while social media scams drive the highest losses.
The Federal Trade Commission (FTC) has released its 2024 Consumer Sentinel Network report, providing a detailed look at fraud trends affecting consumers across the United States.
The report, which compiles data from consumer complaints, highlights the growing prevalence of scams and the significant financial losses they cause. In 2024, fraud reports reached 2.6 million, with total losses amounting to a staggering $12.5 billion.
This marks a notable increase from previous years, underscoring the urgent need for awareness and prevention measures. The FTC’s findings emphasize the top fraud categories and the demographics most affected.
The FTC’s 2024 report reveals the scale and scope of fraud, with 2.6 million fraud reports filed, leading to $12.5 billion in losses—a significant jump from $10 billion in 2023. The top five fraud categories identified include:
Losses in investment scams have been particularly alarming, climbing to $5.7 billion in 2024, up from $4.6 billion in 2023 and $3.8 billion in 2022. The report also notes that 90,000 consumers reported fraud losses to the military, totaling $558 million.
Additionally, the median loss per person was $500, with phone calls being the most common contact method for scammers, while social media scams led to the highest overall losses at $1.9 billion.
The FTC report also highlights the demographics most affected by fraud in 2024. Younger people, particularly those aged 20–29, are losing money to scams more frequently than older adults, with 44% reporting losses compared to 24% of those aged 70–79.
However, older adults (70–79) tend to lose more money per incident, with higher median losses. This trend suggests that while younger individuals are more likely to encounter scams, older victims suffer greater financial damage when targeted.
Reports of fraud often originate from social media platforms, which accounted for 372,000 reports—the highest number across all contact methods. The FTC also notes that 105,000 consumers reported losing money through cryptocurrency scams, a growing concern as digital currencies become more mainstream.
These trends emphasize the evolving nature of fraud, with scammers increasingly exploiting digital platforms to target vulnerable groups.
Source: FTC.gov
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