Fraud in America has always been a moving target. The methods evolve, the numbers climb, and the stories that ripple out of them hit closer to home than most people expect.
When you see headlines like “5.7 million fraud reports” or “identity theft cases hit 1.4 million,” it sounds like a snapshot of today.
In reality, those figures are from 2021, pulled from the Federal Trade Commission’s (FTC) Consumer Sentinel Network. The newest data tells a different story, and one that matters even more.
By 2024, reported losses to scams and fraud had ballooned to staggering levels, even though the raw number of reports stayed relatively steady.
Let’s walk through what the FTC and FBI are now reporting, what those reports really mean, and the practical steps you can take to protect yourself in 2025.
Key Points
- Fraud reports stayed steady, but consumer losses skyrocketed to $12.5B in 2024.
- Investment scams and imposter scams caused the biggest financial damage.
- Bank transfers and crypto remain scammers’ favorite payment methods.
- Identity theft is still massive, with 1.1M+ official reports in 2024.
The Sources That Shape the Story
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Before getting into numbers, it helps to know where they come from. Two agencies dominate the U.S. fraud and identity theft landscape.
FTC Consumer Sentinel Network (CSN)
The FTC’s CSN is a vast database that collects consumer complaints across categories: fraud, identity theft, imposter scams, and more.
Contributions flow in from the FTC’s own websites (like IdentityTheft.gov), state attorneys general, the Better Business Bureau, and other partners.
Each year the FTC publishes a Consumer Sentinel Network Data Book, a breakdown of categories, losses, and methods.
FBI Internet Crime Complaint Center (IC3)
The FBI IC3 report is more focused, dealing only with internet-enabled crime. While narrower in scope, it goes deeper into cyber fraud: phishing, ransomware, business email compromise (BEC), and investment scams. IC3 numbers help illustrate the financial gravity of online attacks.
Both datasets rely on voluntary reports, so they understate the true scale. Many victims never come forward. But they remain the most authoritative signals available.
Where the Famous “5.7 Million” and “1.4 Million” Numbers Come From
Those headline numbers didn’t appear out of thin air. They trace back to a specific FTC report from 2021, which is why they’re often repeated today.
2021 FTC CSN Data
- Total consumer reports: over 7 million
- Fraud reports: 8 million
- Identity theft reports: 4 million
Those numbers spread widely across headlines, blogs, and even government press releases. But quoting them today without context is misleading.
FTC 2024 Data (Released March 2025)
Here’s what the FTC’s Consumer Sentinel shows for 2024:
- Total reports:5 million across all categories
- Fraud reports:6 million (flat compared to 2023)
- Identity theft reports:1 million+ filed via IdentityTheft.gov
- Reported consumer losses: $12.5 billion (a 25% jump from 2023)
- Top loss category: Investment scams at $5.7 billion
- Second-highest: Imposter scams at $2.95 billion
- Payment methods with biggest losses: Bank transfers and cryptocurrency
- Most common contact method: Email, followed by phone and text
The standout figure is $12.5 billion in losses. Only 38% of reports in 2024 included money lost, but that was enough to dwarf prior years.
In 2023, 27% of fraud reports involved monetary loss. The lesson: scams are getting better at pulling actual dollars out of victims’ hands.
FBI IC3 Report for 2024
The FBI IC3 report complements the FTC’s consumer-wide snapshot. It’s narrower, but the financial toll is just as alarming:
- Complaints: 859,532 suspected internet crime reports
- Losses: $16.6 billion (a 33% increase from 2023)
- Average loss per case: $19,372
IC3 highlights social engineering, phishing, business email compromise, and investment fraud as the biggest contributors to these losses.
Comparing 2021 and 2024
The trend is clear: report counts are relatively stable, but losses are surging.
What the Trend Really Means
Fraud numbers alone don’t tell the whole story. To see the real picture, you have to look at what’s happening beneath the surface.
1. Fraud Counts Are Flat, Losses Are Soaring
Scammers aren’t necessarily targeting more people, but they are squeezing more money from each case.
2. Investment and Imposter Scams Lead the Pack
Investment fraud cost consumers $5.7 billion in 2024. Imposter scams, where criminals pose as trusted officials or relatives, accounted for another $3 billion.
3. Payment Method Matters
Bank transfers and cryptocurrency dominate loss statistics because they’re fast and nearly impossible to reverse. If someone insists on these methods, it’s usually a warning sign.
4. Email Is Still the Scammer’s Playground
Spoofed domains, fake login links, and look-alike addresses fuel phishing campaigns. Pair that with urgency, and people click, unless they’re browsing through secure connections that add a layer of protection.
5. Identity Theft Still a Giant Problem
Reports dipped from 1.4 million in 2021 to about 1.1 million in 2024. That’s still over a million people filing official complaints each year, and many more who likely never report.
Practical Steps for 2025
The data is sobering, but it also points to simple steps that work.
When Money Requests Come via Bank Transfer or Crypto
- Pause automatically. Scammers love irreversible payment rails.
- Call back on a verified number. Use the phone number on the back of your card, not what’s in the email.
- Test with $0. Suggest a small trial transaction. Criminals usually demand the full amount.
- Report immediately. File with your bank and at ftc.gov.
If an Email Looks Suspicious
- Hover before clicking. Preview domains first.
- Check for look-alikes. Watch for “rn” swapped in for “m.”
- Use passkeys or MFA. Strong, phishing-resistant authentication helps prevent account takeovers.
For Small Businesses Worried About BEC
- Segregate approvals. Require two people for wire transfers or vendor banking changes.
- Verified callback policy. Always confirm with a known phone number.
- Allow-list invoice sources. Quarantine unexpected sender domains.
If Your Identity Is Stolen
- Visit gov for a recovery plan.
- Place a fraud alert or credit freeze with credit bureaus.
- Pull free credit reports at 30- and 90-day intervals.
FAQs
A Simple Checklist
Sometimes it helps to strip things down to the basics. Here’s a quick checklist you can keep handy, whether you’re an individual or a small business.
For Consumers
- Turn on passkeys or MFA for banking and email.
- Never transfer money based solely on email or text.
- Freeze your credit if not opening new accounts.
- Report suspicious activity at ftc.gov.
For Businesses
- Require two-person approval for payments.
- Enforce verified callbacks.
- Train staff quarterly with phishing drills.
- File incidents quickly with IC3.
Bottom Line
The “5.7 million fraud reports” and “1.4 million identity theft cases” are real numbers — but they are old. They describe 2021. The latest snapshot, for 2024, shows 6.5 million reports, 1.1 million+ identity theft cases, $12.5 billion in consumer fraud losses, and $16.6 billion in cybercrime losses.
The story is not that fraud reports are exploding in number. It’s that scams are extracting more money per victim than ever. Payment controls, strong authentication, and rapid reporting remain the sharpest tools we have.
