Fraud Reaches Unprecedented Levels in 2024

Fraud reached unprecedented levels in 2024, with a staggering $12.5 billion lost, a shocking increase of 25% over 2023.

The number of reports remained stable from 2023 to 2024, but the percentage of people who had money stolen jumped from 27% to 38%.

Key Takeaways:

• Impostor scams continue to rise, with criminals impersonating trusted individuals, companies or government agencies to deceive victims.
• 1 in 5 victims of impostor scams had money stolen from them, with an average loss of about $800 per person.
• Many scams were tied to gift card purchases or cryptocurrency, with a total of $2.95 billion being stolen from consumers across the country.
• Email remained the most popular method for criminals to reach their victims, with a 25% increase in its use compared to last year.

These numbers are shocking, but the true extent of fraud is likely much higher, as a significant amount of fraud goes unreported. Last October, the Federal Trade Commission (FTC) factored in underreporting from 2023, estimating that the $10.4 billion in losses reported to the agency that year was more like $158.3 billion.

Be a fraud fighter! If you can spot a scam, you can stop a scam.

Report scams to local law enforcement. For help from AARP, call 877-908-3360 or visit the AARP Fraud Watch Network.