Annual Probability of Losing Money to an Online Scam
~3%
Annual probability in US
About 3% of American adults lose money to online scams each year, with total losses exceeding $10 billion annually.
The Federal Trade Commission reported that consumers lost over $10 billion to fraud in 2023, the highest amount ever recorded. About 2.6 million fraud reports were filed, though the actual number of victims is believed to be much higher since most fraud goes unreported. Approximately 3% of adults report losing money to online scams in any given year.
The most common types of online scams include investment scams (the highest total losses at $4.6 billion), imposter scams (someone pretending to be a government agency or company), online shopping scams, romance scams, and tech support scams. The median loss per fraud incident was $500, but romance scam victims lost a median of $4,400 and investment scam victims lost a median of $7,768.
Adults aged 20-29 report the highest frequency of fraud, while adults 70 and older report the highest median losses. Social media was the most common contact method for scams, followed by phone calls and email. Prevention strategies include verifying identities independently, being skeptical of unsolicited contacts, never sending money to people you have not met in person, and researching investment opportunities thoroughly.
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