Consumers lost $12.5 billion to fraud in 2024

The Federal Trade Commission (FTC) reported that consumers lost over $12.5 billion to fraud in 2024, a 25% increase from 2023. While the total number of fraud reports remained stable, the percentage of individuals reporting financial losses rose significantly. Investment scams were the most costly, with losses reaching $5.7 billion. Impostor scams also surged, particularly government-related scams, which saw losses jump from $171 million to $789 million in one year. The FTC and Better Business Bureau provide tips to help consumers recognize and avoid scams. Key advice includes verifying claims directly with agencies and being cautious with personal information and payment methods.