The FTC reported that scams cost consumers nearly $8.8 billion in 2024.
Investment scams alone accounted for over $3.8 billion of those losses.
Government impersonation scams saw a significant increase in 2024, with cash payments to these scammers nearly doubling from 2022 to 2023.
In the first quarter of 2024, consumers reported losing $20 million to government impersonation scams when paying with cash.
Crypto and investment scams are also on the rise, with over 50,000 investment scams reported in the first half of 2024, costing consumers nearly $2.5 billion.