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Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Consumers told the Federal Trade Commission they lost more than $12.5 billion to fraud in 2024, a 25% increase over 2023. The figure is not a count of every loss: it totals what people reported to the FTC, and many people do not report fraud. The agency’s 2025 release does not measure how much of that total involved artificial intelligence (AI), so AI should not be treated as a quantified cause of the $12.5 billion figure.
What the FTC’s $12.5 billion figure means
The FTC’s March 10, 2025 announcement covers reports about fraud losses during calendar year 2024. It is a reported-loss total, not a census of all fraud. The FTC’s Consumer Sentinel Network collects reports from consumers and other sources, but not every person who experiences fraud reports it. The actual amount lost may therefore differ from the reported total. FTC’s 2024 fraud-loss announcement
The number of fraud reports was roughly stable from 2023 to 2024, but the share of people who reported fraud and said they lost money rose from 27% to 38%. Those figures describe the share of fraud reporters reporting a loss—not the share of all Americans who were scammed. FTC year-over-year data
Which fraud categories accounted for the reported losses?
Investment scams accounted for the largest loss amount in the FTC’s 2024 summary, followed by imposter scams. The categories describe the kind of fraud reported; they are distinct from how a scammer first contacted someone or how a victim paid.
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| Fraud category | Reported losses in 2024 |
|---|---|
| Investment scams | $5.7 billion |
| Imposter scams | $2.95 billion |
These are amounts reported to the FTC for 2024, not estimates of every loss in those categories. FTC category figures
What the figures say about social media, crypto and AI
Social media was a major starting point
The FTC’s consumer summary says people reported losing $1.9 billion in 2024 to scams that started on social media. Among people who reported a social-media contact, 70% said they lost money. That 70% applies to the people in that reporting group; it is not a loss rate for all social-media users. FTC Consumer Advice: social-media scam data for 2024
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Cryptocurrency was a payment method, not a scam category
People reported paying about $1.4 billion via cryptocurrency in 2024, according to the FTC’s rounded consumer summary; the Consumer Sentinel Network Data Book gives the more precise figure of $1.42 billion. The Data Book reports $2.09 billion paid through bank transfers or payments. These figures classify how reported losses were paid. They do not show that every crypto payment involved a crypto-specific scam, or that the crypto losses came from scams that started on social media. FTC consumer summary · Consumer Sentinel Network Data Book 2024
The cited 2024 figures do not quantify AI’s role
The FTC’s March 2025 release does not assign any part of the 2024 fraud-loss total to AI. The figures establish reported losses, scam categories, contact channels and payment methods, but they do not establish how much fraud involved AI or whether AI changed the total. The headline’s mention of AI should not be read as an FTC finding that AI caused a measured share of the losses.
How the 2024 figures differ from newer data
The $12.5 billion total belongs to 2024 and should not be described as the latest annual figure. In an April 2026 spotlight covering 2025, the FTC reported about $2.1 billion in losses from scams that started on social media—approximately eight times the 2020 figure. That is a separate year and a social-media measure, not a revision to the 2024 total. FTC 2025 social-media scam spotlight
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to report a scam to the FTC
- Go to ReportFraud.ftc.gov and submit a report with the details you have, such as how the scam began, what the person or business claimed, and whether you paid.
- If you reported losing money, review the next-step information the FTC provides. Reporting can help the FTC identify patterns and bring enforcement cases, but it does not guarantee that you will recover your money.
The FTC uses consumer reports to help spot fraud and pursue cases. If you or someone you know experienced a scam in 2024, the agency’s consumer-facing question is: “Did you or someone you know report a scam to the FTC in 2024?” FTC Consumer Advice
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