Tech Talk: No Foolin,’ Scams & Fraud are on the Rise

2024 Scam & Fraud Statistics

By Jarren Ringle

This article is longer than usual.  It has tables and charts, as well as a link to the Federal Trade Commission website, where you can slice and dice data as you wish.  I’ve put a summary at the beginning, so you don’t need to look at the gruesome details unless you wish to.

• Over $1.03 trillion was lost to scammers worldwide in 2024 ($1,030,000,000,000), according to Global Anti-Scam Alliance (GASA) reports. Scams and fraud are a global issue.
• One in three people in the United States who reported fraud in 2024 said they lost money (up from one in four last year). The Federal Trade Commission reports these losses add up to $12.5 billion (up $2.5 billion from 2023).
• 70% of those in the United States reporting a loss were contacted through social media.  (Facebook, Instagram, X (formerly Twitter), TikTok, YouTube, etc.)

The important thing to remember as you look at the following FTC information is that they only count those scams and frauds that are reported.  In other words, the numbers shown here are lower than they really are.

Ok… here are some of the details:

2024 Data for Ohio

Note: Those of us aged 70-79 have the highest total dollar loss.  Those 80 and over have the highest median dollar loss. 

2024 Data for Columbus Metro Area (includes Delaware County)

2024 Fraud Reports in the United States

Most of the reported data above can be found on the FTC website HERE.

Recognizing a Scam

If you’re still reading this article, you might ask, “How do I recognize a scam?”  The following is a list of possible signs of fraud or scams.  Please note that scams change constantly, and the use of artificial intelligence is making it more difficult to catch them.  Also, please remember that when dealing with a scammer, you are dealing with someone trained and paid to steal your money.

Possible signs of fraud or scams:

• You did not initiate the interaction.
• There is a sense of urgency; the “offer” is time-sensitive.
• Gift cards are the requested payment method.
• It sounds too good to be true.
• Something doesn’t “seem” right, such as incorrect spellings, odd email addresses, strange grammar, etc. 
• Asking for information they should already have, like account number, etc.
• The phone call is from an unknown caller, and they won’t leave a voicemail.
• The email subject is not a “normal” topic for the sender.
• The email has an attachment you would not expect from the sender.
• The caller wants to have access to your computer.
• The phone recording message says to enter a number to exit or connect to someone.
• There’s a computer popup screen wanting an interaction when none is expected.

Please remember that your technology alone cannot protect you.  You need to be constantly aware of potential scams.