Money Scams Are Costing Americans Billions — Here’s What Most Get Wrong
Americans lost over $12.5 billion to financial scams in 2024, a 25% increase from the previous year, with many underprepared to deal with the increasingly sophisticated scams. A survey found that 44% of Americans would consider losing under $100 to a scam a financial emergency, highlighting the vulnerability of household finances.
Financial scams are becoming more common and convincing as fraudsters use artificial intelligence and other advanced tools. According to the Federal Trade Commission, consumers lost more than $12.5 billion to fraud in 2024, a 25% increase from the previous year. A MoneyLion survey of roughly 1,000 U.S. adults revealed that 44% of Americans would consider losing under $100 to a scam a financial emergency, and 45% say losing $1,000 would prevent them from paying basic bills. The survey also found that 1 in 3 Americans haven’t checked for password breaches in the past year, and 25% reuse the same password or PIN across financial and non-financial accounts 'all the time.' Many Americans trust their banks to catch fraud, but 56% believe their bank will flag all suspicious transactions, which may not be enough to prevent financial losses.
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