The Terrifying Amount Of Money Americans Lost To Scams & Fraud Last Year

In 2024, Americans lost about $47 billion to scams and identity fraud, based on a report from Javelin Strategy & Research. $27 billion of this total came from identity fraud and the other $20 billion from scams, affecting around 40 million people. Also worthy of note is that these losses increased by $4 billion when compared to 2023, the same year the FBI reported that financial losses on crypto scams went up by 45%.

To add to this, per the Federal Trade Commission's official complaint system, people lost $12.5 billion to fraud in 2024, which was 25% more than in 2023. But unlike Javelin's report, FTC data comes from complaints submitted via the Consumer Sentinel Network from individuals, the Better Business Bureau, and government agencies at all levels. In 2024, this system recorded 2.6 million fraud complaints. Both data sets prove that Americans are suffering increasing amounts of financial loss from scams. Even so, Javelin reported that 12% of cases went unreported in 2024, meaning total losses are likely much higher.

The FTC's Consumer Sentinel Network found that investment scams were among the top 10 reported fraud types, with a typical loss of $9,196. Text message scams also caused major losses, with the FTC reporting that Americans lost $470 million to scams that began with a text in 2024. Even though fewer people reported text scams in 2024, the amount of money lost per case went up.

Other scams that made the Federal Trade Commission top 10 list in 2024 included job and business scams, which led to $751 million in losses. Job scams alone went from $90 million in losses in 2020 to $501 million in losses in 2024. Online shopping scams and fake bad reviews led to the loss of $432 million, while fake prize and sweepstakes scams took $351 million. Scammers pretending to be government officials and/or agencies caused another $789 million in losses, per the a March 2025 FTC report. Travel scams led to losses of $274 million, and internet service scams led to $164 million in losses. With that said, you may also need to watch out for AI-powered financials scams.

With anything financial, remember to always make sure to check who you're dealing with — and where, exactly, your money is going. You can also use FINRA's BrokerCheck or the SEC's Investment Adviser search tools to see if the person you're working with is licensed as well as if they have any criminal history or complaints. Be wary of messages on social media or invitations to investment groups or private chats. FINRA warns that scammers often use these strategies to push people into fake trading sites.

Furthermore, if you do get a text that you weren't expecting, don't click any links. Forward the message to 7726 to report it as spam, and also make sure to report the scam at reportfraud.ftc.gov. The FTC says many scams start with fake delivery updates or job offers. If the text says it's from USPS, don't believe it — USPS has said it doesn't send texts with links. Instead, forward those messages to spam@uspis.gov. 

You might also want to consider freezing your credit with Equifax, Experian, or TransUnion. This stops most lenders from seeing your credit report, which also makes it harder for identity thieves to open an account using your name. This process is free and won't hurt your credit score. You can also get an IRS Identity Protection PIN to help block fake tax returns. Another simple way to help yourself is to turn on two-step verification for all of your email, bank, and investment accountss.