Online scam attempts have been present practically since the dawn of the internet. After all, it’s simply a matter of transferring practices carried out in the real world to the digital environment, taking advantage of additional tech tools to boost their effectiveness. According to the FTC, 2024 was an especially fruitful year for cybercriminals in the US, with significant involvement of AI and crypto.
The US FTC (Federal Trade Commission) has revealed that it received 2.6 million fraud reports in 2024. Overall, the agency estimates losses of around $12.5 billion. This represents a huge increase compared to the figures for 2023. In that year, accumulated losses “barely” reached $2.5 billion. Interestingly, the number of reports in both years was similar. Thus, criminals are becoming more effective at stealing more funds from victims.
$12.5 billion stolen from Americans last year in online scams
According to the FTC, the majority of the losses were due to impersonation. Bad actors posed as relatives, potential romantic interests, close friends, or even government or technical support agents. The main method of contact for the scams was social media. However, the FTC did not provide details about which social platform was most commonly used by attackers.
One of the most extreme—and viral—scam cases of 2024 was that of a woman who sent up to $800,000 to someone posing as Brad Pitt, the popular actor. Although this case did not occur in the US, it clearly shows how far these types of attacks can go. The incidents primarily rely on social engineering methods. Cybercriminals try to create a sense of concern or urgency in victims to somehow force them to send money.
The popular belief is that the people most prone to scam situations are those who are less tech-savvy or older. However, the FTC reveals that the majority of reports came from people between the ages of 20 and 29. That said, older people who fell for scams lost more money than other age groups.
Another very common scam method is related to alleged job and business opportunities. The FTC reveals that the number of reports tripled between 2020 and 2024. The accumulated funds stolen through these types of scams also grew exponentially. There were $501 million in losses in 2024, compared to $90 million in 2020.
AI and crypto are increasingly present in crypto scams, the FTC warns
Bank transfers remain the most common method through which victims lose money to scams. However, cryptocurrency payments have taken on a fundamental role in these incidents. Victims lost around $2 billion through bank transfers in 2024, while the amount stolen in crypto was around $1.4 billion.
In addition to payments via crypto, AI-powered scams are becoming much more common and effective, the FTC warns. AI platforms can even generate audio recordings of your loved ones’ voices. So, you should be extremely cautious when a supposedly distressed relative asks you for money.
