Americans lost $12.5B to scams fueled by social media, AI, and crypto. Learn how these tech-driven scams are on the rise and what you can.. Scammers are hitting harder than ever, with Americans losing a staggering $12.5 billion to fraud in 2024, according to the Federal Trade Commission (FTC). This marks a massive surge from $2.5 billion in 2023, despite a similar number of reported cases—2.6 million fraud reports.
Social Media Scams on the Rise
Social media is now the #1 channel for scams, though the FTC hasn’t disclosed which platforms are the biggest offenders. Criminals often use social media to build trust before tricking victims into impostor scams, the most common fraud type reported. These scams involve fraudsters posing as:
- Fake romantic interests
- Family members in distress
- Government officials
- Tech support representatives
Shocking Scam Stories “Americans Lost $12.5B”
Scammers can be incredibly convincing. One French woman was tricked into sending $800,000 to someone pretending to be actor Brad Pitt. Financial columnist Charlotte Cowles also fell victim, handing over $50,000 in cash to a stranger in a shoebox after being manipulated into believing she was part of a high-stakes investigation.
Who Is Most at Risk?
While older adults are often seen as prime targets, people aged 20-29 reported more scams than those over 70. However, seniors lost significantly more money when they were scammed.
Emerging Fraud Trends: Job Scams & AI Deepfakes “Americans Lost $12.5B”
- Job and business opportunity scams tripled between 2020 and 2024, costing victims $501 million last year.
- AI deepfake scams are expected to increase phone-based fraud, with scammers mimicking the voices of loved ones to manipulate victims into sending money.
Biggest Financial Losses: Bank Transfers & Crypto “Americans Lost $12.5B”
- Bank transfers accounted for $2 billion in losses.
- Crypto-related scams surged to $1.4 billion, highlighting the growing risks in digital currency fraud.
What types of scams contributed to the $12.5 billion loss in 2024?
How can I protect myself from scams on social media?
Is cryptocurrency a safe investment?
