Americans lost billions more to fraud last year
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Americans reported losing over $12.5 billion to various forms of fraud last year, per new FTC data — up a staggering 25% from 2023.
Why it matters: The spike suggests fraudsters are outpacing both law enforcement and efforts to educate consumers on how to protect themselves.
Driving the news: Investment and impostor scams took the biggest financial tolls last year, the FTC says, with consumers losing $5.7 billion and nearly $3 billion to each, respectively.
- Scams where perpetrators pretend to be government representatives are particularly hot right now, with reported losses increasing from $171 million in 2023 to $789 million in 2024.
Between the lines: The raw number of FTC fraud reports remained relatively steady year-over-year.
- But there was a big spike in the share of victims reporting that they lost money as a result of fraud: 38% in 2024, up from 27% in 2023.
Stunning stat: Many fraudsters prey on older, less digitally savvy people — but of those 20-29 years old who reported fraud in 2024, 44% said they lost money, compared to 24% of those 70-79 years old.
Zoom in: Residents of Washington, D.C. (2,509); Florida (2,163) and Georgia (2,108) filed the most FTC reports per 100,000 residents last year for fraud and other topics.
Caveat: FTC fraud reports are voluntary, and many instances of fraud and other scams go unreported — meaning all these numbers are probably undercounts.
What's next: Companies like Visa are stepping up efforts to detect and fight back against fraud and scams, Axios' Sam Sabin reports.
