Fake jobs and phone calls: How Americans lost $12.5 bn to fraud in 2024

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In 2024, Americans lost $12.5 billion to scams, up $2.5bn year-on-year
Scams originating online outperformed more traditional methods
The elderly are no longer the ones losing most money

American citizens lost $12.5 billion to different kinds of fraud in 2024, a new report from the US Federal Trade Commission (FTC) has claimed, meaning the number is up by $2.5 billion compared to the year before.

Fraud is not getting more frequent, the FTC says, but it is getting more expensive. One in three people who reported fraud in 2024 said they lost money, up from one in four last year.

Of the $12.5 billion, a huge chunk (more than $3 billion) came from scams that originated online, heavily outpacing the roughly $1.9 billion lost to more traditional scams (phone calls, for example). Phone calls, however, led to higher total losses, with victims losing a median of $1,500 per person, and scams going through bank transfers and payments accounted for $2 billion in losses, more than any other payment method. Cryptocurrency scams came in second with $1.4 billion drained.

Investment scams

Investment scams were the real money-makers for fraudsters, FTC further said, with four in five (79%) people who reported an investment scam actually losing money. The median loss was north of $9,000. Total losses from investment scams hit $5.7 billion, a $1 billion increase from last year.

Social media continues to be a major risk factor, as well, with seven in ten people who were contacted by scammers on social platforms losing money. Total losses through these platforms reached $1.9 billion, it was said.

One particular scam format - fake jobs - skyrocketed over the last half a decade. Between 2020 and 2024, reports nearly tripled, and losses ballooned from $90 million to $501 million.

Interestingly enough, the older generation is no longer the one losing most money. Those aged 20-29 reported losing money more often than any other age group. However, the elderly (70+) suffered far worse financial damage than any other demographic.

Via BleepingComputer

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Sead is a seasoned freelance journalist based in Sarajevo, Bosnia and Herzegovina. He writes about IT (cloud, IoT, 5G, VPN) and cybersecurity (ransomware, data breaches, laws and regulations). In his career, spanning more than a decade, he’s written for numerous media outlets, including Al Jazeera Balkans. He’s also held several modules on content writing for Represent Communications.