Consumer Reports Received by FTC: People Lose $5.7 Billion to Investment Scam in 2024

Based on reports received by the U.S. Federal Trade Commission (FTC) from financial consumers in 2024, the agency found that investment scams continue to be the top scams causing the most serious losses to people.

The latest data from the FTC’s reports showed that consumers report $12.5 billion in loss to fraud in 2024, a 25% increase compared to 2023. However, the rise in this figure was not caused by the number of scam reports.

The FTC received 2.6 million scam reports last year, nearly the same as in 2023. While the number of consumer-reported scams didn't rise, people suffered more losses in 2024.

In 2023, 27% of consumers who submitted reports to the FTC said they lost money due to scams, while last year, that number rose to 38%, which means that more than one-third of those who reported a scam also reported losing money.

Among various types of scam, investment scam was the one that caused the most serious financial damage, with consumers reporting losses of $5.7 billion, up 24% from 2023. Unfortunately, the loss caused by investment scams has been increasing since 2022.

Additionally, impostor scams, internet services, business and job scams, and other types of scams were also considered “Top Frauds” by the FTC.

Scammers mostly used phone calls, social media, and email to contact potential victims. In 2024, social media-related fraud losses amounted to $1.9 billion.

It is worth mentioning that more and more young people are becoming fraud victims. The number of reports filed by consumers between the ages of 20 and 29 accounted for 44% of the total.

_{A Scammy Snapshot of 2024. Source: FTC}