ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home Compliance and Risk

FTC: Consumer fraud losses jumped 25% in 2024

March 11, 2025
Reading Time: 1 min read
Survey: Fraud resolution boosts bank customer satisfaction

Consumers reported losing more than $12.5 billion to fraud last year, representing a 25% increase over the previous year, the Federal Trade Commission reported yesterday.

The FTC received fraud reports from 2.6 million consumers last year, which was roughly the same as the year before. However, the percentage of people who reported losing money to fraud or scams increased from 27% in 2023 to 38% in 2024.

Investment scams accounted for the most fraud losses at $5.7 billion, representing a 24% increase over the previous year. The second highest reported loss amount came from imposter scams at $2.95 billion. Imposter scams were also the most commonly reported scam, with losses to scammers posing as government officials rising from $171 million in 2023 to $789 million in 2024.

Consumers reported losing more money to scams where they paid with bank transfers or cryptocurrency than all other payment methods combined, according to the FTC. Email was the most common way that consumers reported being contacted by scammers. Phone calls were the second most commonly reported contact method for fraud, followed by text messages.

ADVERTISEMENT
Tags: FraudScams
ShareTweetPin

Related Posts

CFPB claims ‘complex’ pricing drives up cost of financial products

CFPB rescinds dozens of guidance documents

Compliance and Risk
May 9, 2025

The CFPB announced it is rescinding dozens of guidance documents on topics such as fair lending, overdraft fees, disclosure policies and consumer information requests to large banks and credit unions.

CFPB issues decision on TILA preemption of state laws

ABA, plaintiffs push back against state claims in Illinois interchange lawsuit

Legal
May 9, 2025

ABA and other plaintiffs said the court has already recognized that an Illinois law restricting certain interchange fees is preempted by federal law, so it should reject the state’s arguments against the court making a summary judgment in...

FDIC’s McKernan sees lack of justification for proposed capital standards

Trump nominates McKernan for Treasury Department role

Newsbytes
May 9, 2025

President Trump nominated former FDIC Board Member Jonathan McKernan as undersecretary of domestic finance at the Treasury Department. McKernan had been the nominee to lead the CFPB.

Former NCUA chair named acting OCC head

Acting Comptroller Hood outlines OCC priorities

Compliance and Risk
May 9, 2025

Acting Comptroller Rodney Hood outlined his top priorities for the OCC, including efforts to promote financial inclusion and expand the banks’ ability to provide cryptocurrency services.

ABA DataBank: Dow Jones Transportation Index on track for worst performance of last decade

ABA DataBank: Dow Jones Transportation Index on track for worst performance of last decade

Economy
May 9, 2025

The Dow Jones Transportation Average, which measures shipping, rail and logistics companies, is exhibiting one of its worst H1 performances in 10 years.

Fed’s Barr proposes expanding capital requirements to include more banks

Fed’s Barr warns tariffs could increase inflation, unemployment

Economy
May 9, 2025

Federal Reserve Governor Michael Barr warned that higher tariffs are likely to put upward pressure on inflation and lead to higher unemployment.

NEWSBYTES

CFPB rescinds dozens of guidance documents

May 9, 2025

ABA, plaintiffs push back against state claims in Illinois interchange lawsuit

May 9, 2025

Trump nominates McKernan for Treasury Department role

May 9, 2025

SPONSORED CONTENT

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025
Six Payments Trends Driving the Future of Transactions

Six Payments Trends Driving the Future of Transactions

March 15, 2025
AI for Banks: A Starter Guide for Community and Regional Institutions

AI for Banks: A Starter Guide for Community and Regional Institutions

March 1, 2025

PODCASTS

Podcast: Accelerating banking for quick-service restaurants

May 8, 2025

How a Georgia community bank supports government-guaranteed lending nationwide

May 1, 2025

Podcast: Quantum computing’s shakeup in payments, cybersecurity

April 24, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.