Virginians lost almost $294M in scams last year — many for romance
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Virginians got swindled out of a staggering $30 million in romance scams last year, according to reports filed with the FTC.
Why it matters: It's just a fraction of the nearly $294 million state residents lost to forms of fraud last year, which was up a whopping 40% from 2023.
The big picture: Virginia's fraud spike, which mirrors a national trend, suggests fraudsters are outpacing both law enforcement and efforts to educate consumers on how to protect themselves.
By the numbers: Virginia had 117,836 reports of fraud last year, according to the FTC.
- 20,145 of those reports were from metro Richmond.
- With 19,135 reports, business imposter scams were the most commonly reported in Virginia last year, followed by online shopping (8,865) and internet services (3,607), like tech support and phishing.
Yes, but: Though just 1,132 romance scams were reported, those packed the biggest financial punch to Virginians, per the data.
- And last year's $30 million in romance swindles was up from 2023's $24.4 million.
Threat level: Scammers looking for fake love, or fake anything, don't always use the internet.
- The United States Postal Service issued a consumer alert ahead of Valentine's Day this year, reminding lonely hearts to remain vigilant during the holiday.
- USPS also has a podcast apparently, "Mailin' It!," which highlights "cases where fraudsters have used the mail to target victims."
Stunning stat: Many fraudsters prey on older, less digitally savvy people — but of 20- to 29-year-old Virginians who reported fraud in 2024, 36.5% said they lost money, compared to 21% of those ages 70-79.
- Of Virginians 19 and under who reported fraud last year, 48% said they lost money.
Zoom out: 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.
- 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.