The Federal Trade Commission (FTC) recently reported on the top scams of 2024. The FTC collects reports on scams to investigate and bring about cases against fraud, scams, and bad business practices, as well as to educate consumers.
In both 2023 and 2024, the FTC received the same number of reports on scams (2.6 million), but they also disclosed that consumers reported losing more money than the year prior. Consumers reported losses up to $12.5 billion, which is $2.5 billion more than what was recorded in 2023.
The FTC identifies these trends for consumers to note to better protect themselves against scams and fraud. Although leadings scams may shift from year to year, bad actors will often employ the same techniques and narratives to fraud consumers. Understanding these throughlines will make it easier to spot a scam when you see one.
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. The 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 FTC encourages all consumers to report anything they may suspect is a scam, fraud, or bad business practice. Reporting this information allows the Commission to enforce federal consumer protection laws that prevent fraud, deception, and unfair business practices. The FTC also enforces federal antitrust laws that prohibit anticompetitive mergers and other business practices that could lead to higher prices, fewer choices, or less innovation.