Of Reported Consumer Fraud Losses, Consumers Report Losing $5.7 Billion to Investment Scams //
New FTC data reveals that consumers reported losing more than $12.5 billion to fraud in 2024, a 25% increase from 2023.
Consumers reported losing more money to investment scams—$5.7 billion—than any other category in 2024. Imposter scams were the second highest reported loss at $2.95 billion.
In 2024, consumers reported losing more money to scams where they paid with bank transfers or cryptocurrency than all other payment methods combined.
FTC Received 2.6 Million Consumer Fraud Reports in 2024 – Imposter Scams Top Reported Scam Category
The FTC received fraud reports from 2.6 million consumers last year, nearly the same as in 2023. The most commonly reported scam category was imposter scams. Losses to government imposter scams in particular increased $171 million from 2023 to a total of $789 million in 2024.
Online shopping issues were the second most commonly reported in the fraud category. This was followed by business and job opportunities, where reported losses totaled $750.6 million—up nearly $250 million from 2023.
The other most reported categories of fraud were investment-related reports and internet services.
Job and Employment Agency Scams Show Significant Growth
Showing major growth in recent years within business and job opportunities is the subcategory job and employment agency scams, where the number of reports tripled from 2020 to 2024, and the amount consumers reported losing to these scams jumped from $90 million to $501 million in that time.
For the second consecutive year, email was the most common way consumers reported being contacted by scammers. Phone calls were the second most commonly reported contact method for fraud in 2024, followed by text messages.
Source: FTC.gov
About Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is a nationally recognized, plaintiff-side class action law firm dedicated to protecting investors and consumers from fraud and misconduct. Our attorneys have served as Lead or Co-Lead Counsel in major securities cases, recovering over $10 billion for institutional and individual investors. We litigate securities fraud, fiduciary breaches, unfair mergers and acquisitions, and antitrust violations, while also representing whistleblowers and advocating for victims of data breaches, consumer fraud, vehicle and product defects, employment law violations, retirement plan mismanagement, and other corporate and business misconduct. With a results-driven approach, we pursue justice and substantial recoveries for those we represent.
KLF’s class action legal services are provided on a contingency-fee basis, meaning clients are not responsible for any fees or litigation expenses.
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