The Federal Trade Commission (FTC) released data on the top reported consumer frauds of 2024‡. The most frequently reported frauds involved imposter scams and other social engineering schemes, resulting in significant losses. These statistics, based on reported cases, underline the importance of reporting fraud to the FTC.

A look at the 2024 numbers

In 2024, the FTC received 2.6 million fraud reports, 38% of which resulted in losses totaling more than $12 billion, a $2 billion increase over 2023.

Notably, imposter scams continue to rise as the leading fraud category with 845,806 reports in 2024, resulting in $2.95 billion lost. These scams involve individuals impersonating entities such as your bank’s fraud department, the government, relatives in distress, well-known businesses and technical support experts.

Interestingly, younger individuals reported more frequent losses to fraud, while older age groups experienced higher median losses per fraud event. These statistics are based solely on what is reported to the FTC, and we encourage anyone impacted by fraud to report it to provide a more accurate picture of fraud trends and how we can combat them.

Many consumer scams exploit a false sense of urgency and fear, where scammers manipulate their victims into acting without careful consideration. These impersonation scams are rampant.

Other notable fraud schemes

Investment scams, including cryptocurrency investments and other “too good to be true” opportunities, also pose significant risks. Investment scams accounted for the highest reported losses at more than $5 billion, according to the FTC.

Fraudsters use sophisticated tactics for these investment schemes, such as using stolen social media profiles and text messaging the “wrong person” to make their scam appear more legitimate. They also target vulnerable groups, like the elderly or non-English speaking individuals, hoping they will not question the perceived financial opportunity.

Notable fraud data

Of reported fraud in 2024, 18% included the payment type involved in the monetary loss. Based on the data, the most common payment type involved in fraud was credit cards, while the largest reported monetary losses came from bank transfers and cryptocurrency.

Additionally, the report includes a section on the contact method scammers used. The number one most common contact method at 25% of reported scams was through phishing and impersonation emails. Yet, the contact method with the highest collective monetary loss associated with it was social media.

What can I do to avoid these scams?

To avoid falling victim to these scams, take precautions such as questioning unsolicited calls or text messages, verifying the identity of the person before sharing any information, and calling back a trusted phone number to confirm payment arrangements, whether it is a friend, family member or a business who contacted you.

To protect yourself and your financial information, remember:

  • Do not share sensitive information like your full debit card number, PINs, account numbers, etc.
  • Do not allow anyone to remotely access your system
  • Do not disclose your online banking details (your bank will never ask for that!‡)
  • If you receive a suspicious call, hang up and dial the number on the back of your debit card.
  • If you receive a suspicious, confusing or unprompted text or email, do not click on the message. Instead, reach out to your financial institution through the number on the back of your cards, or call their official call center from their website.

If you have been the victim of fraud or any other scam, report the incident to the FTC‡.

Protecting health and wealth – Explore tips for protecting your financial future through the Protecting Health and Wealth playlist on the UMB Financial Education Center.

Check the UMB Privacy and Security Center to learn more about risk-mitigation best practices and view security alerts.

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