Fraud Frenzy: Consumers Lose $12.5 Billion in 2024 Scams!
Fraud reports in 2024 didn’t increase, but losses soared to $12.5 billion, says the Federal Trade Commission. Consumers reported $5.7 billion lost to investment scams. Online shopping fraud racked up $432 million in losses. Meanwhile, the FTC is paying back victims of a Cyprus-based scam, proving justice might be slow, but it’s PayPal-able.
Hot Take:
Fraudsters are truly living their best lives in 2024, raking in billions while consumers are left clutching their wallets and shaking their heads. Are we sure we aren’t accidentally funding some villain’s secret island lair?
Key Points:
- 2.6 million fraud reports filed in 2024, with losses totaling over $12.5 billion.
- Investment scams and imposter scams led the charge in consumer financial misery.
- Online shopping fraud is the second most reported issue, costing consumers $432 million.
- Bank transfers and cryptocurrency are the preferred choices for fraudsters to get paid.
- The FTC is actively refunding consumers scammed by Cyprus-based firms in a $26 million settlement.
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