What the 2024 FTC data tells us about scam trends
Published March 20, 2025 by Angela Talbot
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Categories:
- Security & Fraud Prevention
Fraud continues to be a growing threat, with new 2024 data from the Federal Trade Commission (FTC) revealing consumers lost over $12.5 billion to scams—an alarming 25% increase compared to the previous year. The report also highlights troubling scam trends, including the rise of bank transfer fraud, the prevalence of social media scams, and the staggering losses among younger and older adults alike.
At Webster First, we prioritize your financial safety, which is why we’ve broken down these findings to help you recognize and avoid scams. Read on to learn what the latest FTC data reveals and how you can protect yourself.
Scams hit a record $12.5 billion in losses
The FTC’s annual Consumer Sentinel Network Data Book for 2024 shows that consumers reported losing an unprecedented $12.5 billion to fraud. This significant jump demonstrates how scams are becoming increasingly sophisticated and widespread. By understanding the scam trends and patterns outlined in the report, you’ll be better equipped to safeguard your finances.
Bank transfers lead in scam losses
According to the FTC, people lost more money through bank transfers than any other payment method—totaling $2 billion in losses. These scams often involve fraudsters tricking victims into transferring money directly into their accounts, making it extremely difficult to recover.
Cryptocurrency scams were the second-highest category, with $1.4 billion reported in losses. If you use either payment method, always verify the recipient’s authenticity before completing a transaction.
Investment scams are on the rise
Investment scams accounted for $5.7 billion in losses in 2024, a $1 billion increase from the previous year. Shockingly, 79% of victims who reported an investment-related scam said they lost money, with a median loss exceeding $9,000 per case.
These scams often promise unrealistically high returns on investments, particularly in cryptocurrency, real estate, and fake startups. Remain vigilant by researching thoroughly and steering clear of “too good to be true” offers.
Social media is the top contact method for scams
Social media has become a hotbed for scammers, with 70% of people who were contacted through these platforms reporting financial losses. The total losses from scams initiated on social media hit a staggering $1.9 billion.
Fraudsters frequently use fake profiles, phishing links, and posts promoting counterfeit goods or investment opportunities to trick unsuspecting users. Be cautious when engaging with unfamiliar accounts or messages on platforms like Facebook, Instagram, and others.
Job scams triple in frequency and losses
Between 2020 and 2024, reports of job scams and fake employment agencies surged, with reported losses jumping from $90 million to $501 million. These scams disproportionately target individuals seeking remote jobs or flexible work arrangements, promising dream opportunities that come with a hefty price tag for training fees, background checks, or initial deposits.
Younger adults report more frequent losses, while older adults experience the highest financial impact
Interestingly, the FTC found that younger adults (ages 20–29) reported losing money to scams more frequently than older adults (ages 70+). However, when victims aged 70 and older did lose money, their losses were significantly higher than any other age group.
This highlights the need for everyone—regardless of age—to stay informed and cautious. Older adults should especially be aware of scammers targeting retirement funds or leveraging fears of financial insecurity.
5 tips to protect yourself from scams
Scams may be on the rise, but you can take actionable steps to safeguard your finances and personal information. Here are five tips to help you stay secure in 2024 and beyond.
1. Verify before you transfer
Always confirm the identity of a recipient before sending money—especially through a bank transfer or cryptocurrency. If the request seems suspicious, call the individual or organization directly using a verified phone number.
2. Be cautious on social media
Avoid clicking on unsolicited links or engaging with unfamiliar accounts that promote investment opportunities or offer prizes. Scammers use these tactics to steal your information or money.
3. Research job offers
Verify the legitimacy of job postings and employment agencies. Avoid any opportunities that ask for upfront fees, and check if the company is registered and has a solid reputation.
4. Stay informed
Regularly review trustworthy resources like the FTC website or Webster First’s security & fraud prevention blogs to stay updated on the latest scam trends. Knowledge is your first line of defense.
5. Report suspicious activity
If you encounter or fall victim to a scam, report it to the FTC at ReportFraud.ftc.gov. Your report can help authorities track scammers and prevent others from being targeted.
Your financial safety is our priority
Webster First members have access to complimentary fraud monitoring through our Card Alert Notification Program. If you notice a suspicious transaction, report it to us immediately at (800)962-4452 or at your local branch. Your debit Mastercard has Zero Liability Protection41, meaning you won’t be held responsible for unauthorized transactions. See more about how you’re protected on our Security page.
Scams are a frustrating and often painful experience, but remember—you’re not alone. At Webster First, we’re committed to helping our members stay informed and secure. If you’ve been a victim of fraud or suspect suspicious activity, don’t hesitate to report it to the FTC via ReportFraud.ftc.gov. Report any unauthorized transactions on your account to the credit union as soon as possible. Together, we can fight back against scammers and create safer financial spaces for everyone.
All data sourced from the United States Federal Trade Commission.