A rise in investment scams has led to significant financial losses for Americans of all ages. According to recent data from the US Federal Trade Commission (FTC), a total of $2.5 billion was lost to fraud in the third quarter of 2024, with the median loss increasing to $500. While older generations are often stereotyped as victims of online scams, the data reveals that younger populations have also been affected.
In 2024, investment-related fraud accounted for almost half of all categorized losses, surpassing business and romance scams. The majority of these losses came from bank transfers and cryptocurrency payments, with credit cards and payment apps used less frequently. Social media interactions have become a significant factor in scamming, with the biggest increases seen in investment-related and government impostor scams.
Interestingly, older individuals are not the only ones losing money to scams. People aged 60-69 accounted for 18% of fraud reports, with median losses of $500. Those over 80 lost the most to government imposters, despite making up only 4% of total reports. The digital age has made it easier for scammers to exploit a wide range of victims.
Source: https://www.bloomberg.com/graphics/2025-american-scam-fraud