If you’ve ever received a suspicious voicemail about your car’s extended warranty, you’re not alone. Scammers are more active than ever, and the numbers prove it.
According to the Federal Trade Commission (FTC), a staggering 2.6 million fraud reports were filed in 2024, leading to $12.5 billion in losses. That’s a sharp increase from $2.5 billion lost in 2023, despite the number of reports remaining roughly the same.
How Scammers Are Stealing Billions
The most common way people got scammed in 2024? Social media. While the FTC doesn’t specify which platforms are the worst offenders, it’s clear that fraudsters are using these spaces to deceive victims.
Among the many scams out there, impostor scams were the most successful. These scams involve criminals pretending to be someone they’re not—such as a love interest, a distressed family member, a government official, or even a tech support specialist.
From Romance Scams to Celebrity Impersonations
Some scammers go to extreme lengths to deceive their victims. One shocking case involved a French woman who lost $800,000 to a con artist pretending to be Hollywood actor Brad Pitt.
In less dramatic cases, scammers use fear and urgency to manipulate people. Even those who consider themselves savvy can fall victim. Last year, financial columnist Charlotte Cowles shared how she was tricked into handing $50,000 in cash to a stranger. In her viral essay for The Cut, she admitted:
“I’m not a person who panics under pressure and falls for a conspiracy involving drug smuggling, money laundering, and CIA officers at my door. Until, suddenly, I was.”
Who’s at Risk? Not Just the Elderly
While older adults are often considered prime targets for scams, the data tells a different story. The FTC reports that people aged 20-29 actually fall for scams more often than those over 70. However, when older victims do lose money, they tend to lose significantly more than younger individuals.
The Fastest-Growing Scams of 2024
While some scams have been around for years, others are growing at alarming rates. One of the biggest spikes in fraud? Job and business opportunity scams.
Between 2020 and 2024, reports of these scams nearly tripled. In 2020, they accounted for $90 million in losses. Last year, that number soared to $501 million.
How People Are Losing Money
When it comes to payment methods, bank transfers were the top way people lost money, accounting for about $2 billion in reported losses. However, cryptocurrency scams weren’t far behind, totaling $1.4 billion.
Scammers reach their targets through multiple channels—social media, phone calls, emails, and text messages. But with AI deepfake technology becoming more advanced, the future of fraud may be even more concerning. Criminals can now clone voices with AI-generated audio, making it easier to impersonate a loved one in distress.
How to Protect Yourself
With scammers getting more sophisticated, it’s more important than ever to verify before you trust. If you receive a call from someone claiming to be a relative in danger, don’t act on impulse—call them directly to confirm.
Staying informed is your best defense. Share this article with friends and family so they don’t become the next victim of a costly scam.
