New this year is a data dashboard showing more detail on fraud reports received for each state broken down by age. These data dashboards break down the reports across a number of categories, including by state and metropolitan area, and also provide data from a number of subcategories of fraud reports. A full breakdown of reports received in 2024 is now available on the FTC’s data analysis site at ftc.gov/exploredata. People who report to ReportFraud.ftc.gov about losing money to a scam receive next steps information on how to try to recover their money. The other most reported categories of fraud were investment-related reports and internet services.
More Information About the Settlement
See all the debt collection cases brought by the FTC, including those that didn’t result in a ban. Click “View case” for information about the lawsuit that resulted in the ban, including press releases and links to the legal complaints. The confirmation page provides a phone number and engagement number to get free help with identity restoration. The settlement administrator has been sending out payments for out-of-pocket losses, time spent claims, and other cash benefits. The FTC OIG investigates allegations of fraud, waste, abuse, and misconduct involving the programs and operations of the FTC.
According to the FTC’s data book, this number is not driven by an increase in fraud reports, which remained stable. You can report any scam, fraud or bad business practice you’ve spotted. The first thing that you do to report a scam or a bad business practice is go to the website, ReportFraud.ftc.gov, and you click on the “Report Now” button. And today I’m going to tell you how to report scams at ReportFraud.ftc.gov. “The defendants falsely posed as consumers’ banks and credit bureaus to mislead them into paying thousands of dollars for their supposed debt relief services,” said Christopher Mufarrige, Director of the FTC’s Bureau of Consumer Protection.
Banned Debt Collectors
These reports are a vital part of the agency’s law enforcement mission and also help the FTC to warn consumers about fraud trends in the data. The FTC’s Consumer Sentinel Network is a database that receives reports directly from consumers, as well as from federal, state, and local law enforcement agencies, the Better Business Bureau, industry members, and non-profit organizations. Instead, the percentage of people who reported losing money to a etoro fraud or scam increased by double digits.
Newly released Federal Trade Commission data show that consumers reported losing more than $12.5 billion to fraud in 2024, which represents a 25% increase over the prior year. In 2024, 33% of older adults who reported losing $10K or more to a business or government imposter scam indicated cryptocurrency was the method of payment, followed by bank transfer (20%), and cash (16%). While younger people report losing money to these imposters too, reports of losses in the tens and hundreds of thousands of dollars are much more likely to be filed by older adults, and those numbers have soared. Sentinel received 6.5 million reports in 2024; these include the fraud reports detailed above, as well as identity theft reports and complaints related to other consumer issues, such as problems with credit bureaus, banks and lenders.
Consumer Advice
Thanks for watching – and thanks for reporting fraud. That’s how easy it is to report fraud. How much money did you pay the scammer in total – I’m going to say 99 dollars. Today I’m going to report an impersonator scam.
For the second consecutive year, email was the most common way that consumers reported being contacted by scammers. The FTC received fraud reports from 2.6 million consumers last year, nearly the same amount as 2023. Consumers reported losing more money to investment scams—$5.7 billion—than any other category in 2024.
FTC Refunds to Consumers
- To spot and avoid scams – and learn how to recover money if you paid a scammer – visit ftc.gov/scams.
- For example, in papers filed along with the complaint, the FTC noted that one consumer, an Army veteran, was $13,000 deeper in debt and saw his credit score plummet from the high 700s to the 500s because of the defendants’ actions.
- In 2024, losses to business imposter and government imposter scams of $10,000 and over were more than twice as likely to be reported by older adults, with losses over $100,000 three times as likely to be reported by older adults.
- ” That’s to narrow down what your report is about.
The settlement administrator continues to review and issue benefits for identity theft and fraud claims related to the breach. The settlement includes up to $425 million to help people affected by the data breach. In September of 2017, Equifax announced a data breach that exposed the personal information of 147 million people.
Amazon Refunds
- Most reports that identified cryptocurrency as the payment method mentioned Bitcoin ATMs in the report narrative.
- The FTC will never ask you to pay to get a refund.
- The Commission filed a complaint against seven companies and three individuals operating the “Accelerated Debt” program that falsely claimed to reduce consumers’ debt by as much as 75% or more.
- These data dashboards break down the reports across a number of categories, including by state and metropolitan area, and also provide data from a number of subcategories of fraud reports.
Online shopping issues were the second most commonly reported in the fraud category. Losses to government imposter scams in particular increased $171 million from 2023 to a total of $789 million in 2024. And now it’s a lot easier to report fraud at ReportFraud.ftc.gov. Before sharing sensitive information, make sure you’re on a federal government site.
Paying to get paid: gamified job scams drive record losses
Every time you file a report with the Federal Trade Commission you are helping us build cases, stop scammers, and also alert others about the current trends. Only scammers say they can get you special access or a guaranteed refund. If you get a call from someone who claims to be from the FTC, it’s a scam.
The FTC will never ask you to pay to get a refund. You don’t need to contact the FTC to receive a refund. Please accept your refund within 15 days. You can get your refund by PayPal or Venmo. The FTC will never demand money, make threats, tell you to transfer money, or promise you a prize. You can find answers to common questions about FTC refund payments on our FAQ page.
False alarm, real scam: how scammers are stealing older adults’ life savings
The FTC never asks you to pay money to get a refund. The FTC is using that money to send payments to people who filed a valid claim before the deadline. An official website of the United States government The Commission will continue to stop such illegal and unethical conduct.”
The complaint also alleges the defendants violated Section 521 of the Gramm-Leach-Bliley Act by making false statements to get consumers’ financial account numbers. The defendants contacted consumers through telemarketing calls or in response to inbound calls resulting from their direct mail and online ads. Another consumer, a retired, disabled veteran, was forced to use his savings and retirement funds to repay the increased debt that he incurred as a result of the defendants’ actions and their unlawful advance fee of nearly $10,000. For example, in papers filed along with the complaint, the FTC noted that one consumer, an Army veteran, was $13,000 deeper in debt and saw his credit score plummet from the high 700s to the 500s because of the defendants’ actions.
File a Complaint with FTC OIG
In 2024, losses to business imposter and government imposter scams of $10,000 and over were more than twice as likely to be reported by older adults, with losses over $100,000 three times as likely to be reported by older adults. Learn more about consumer topics at consumer.ftc.gov, or report fraud, scams, and bad business practices at ReportFraud.ftc.gov. In 2024, consumers reported losing more money to scams where they paid with bank transfers or cryptocurrency than all other payment methods combined.
How much will my payment be?
The complaint also seeks monetary relief for consumers the companies defrauded. The Commission filed a complaint against seven companies and three individuals operating the “Accelerated Debt” program that falsely claimed to reduce consumers’ debt by as much as 75% or more. This excludes reports that did not include consumer age information. Reports show these scammers have told people to transfer money out of their accounts, deposit cash into Bitcoin ATMs, and even hand off stacks of cash or gold to couriers – all things the real FTC will never do.
