FTC Reports $12.5 Billion Lost to Scams in 2024, with Social Media, AI, and Crypto Contributing

According to the Federal Trade Commission (FTC) of the United States, approximately 2.6 million people reported being victims of fraud in 2024, resulting in total losses of $12.5 billion. This figure represents a significant increase compared to the $2.5 billion lost in 2023. Social media, artificial intelligence, and cryptocurrencies have contributed to this rise. The scams include phone calls about extended car warranties.