Americans reported $12.5 billion in fraud losses to the Federal Trade Commission for 2024. That headline number is only what victims chose to report.
Most victims stay silent. Shame, confusion about where to report, or the belief that nothing can be done keep the majority of losses out of official data. Adjusting for that, the FTC estimates true losses at around $196 billion.
Bank transfers are the costliest channel. Losses via bank transfers and wires reached about $2.09 billion, up 13% on the previous year — and unlike the UK, the US has no mandatory reimbursement for these scams.
Why it matters for policy
Under-reporting makes fraud look smaller than it is, which shapes how much regulators and law enforcement invest in fighting it. Better reporting tools are one of the cheapest anti-fraud measures available.
Report it anyway. If you’ve been targeted, report to reportfraud.ftc.gov even if you lost nothing. Aggregated reports help investigators spot patterns and shut down campaigns.
Source: FTC Consumer Sentinel
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