Americans reported record $15.9 billion in scam losses last year, joint investigation finds

FTC estimates real 2024 US scam losses near $200 billion

After his wife of 43 years died, Simon sought companionship online and within months lost $800,000 to a person calling herself Emily, who Simon realized too late was a fake. He was left owing $185,000 in loans taken out under her direction, plus tens of thousands of dollars in additional taxes on money he had withdrawn and lost.

Simon is one of 58 victims interviewed by The Associated Press and FRONTLINE for a joint investigation into how the United States responds to scams, published September 2. The investigation found that despite efforts by the Trump administration and Congress to combat fraud, victims have little recourse to recover their losses.

The investigation was paired with polling from the AP-NORC Center for Public Affairs Research. The poll found that three in 10 Americans personally lost money or information to scammers, and that 98 percent of Americans suspect they have been targeted with scam messages — many of them every day.

Americans reported a record $15.9 billion in losses to the Federal Trade Commission last year, a 25% increase from 2024. The FTC estimates real losses in 2024 were close to $200 billion — about $550 million every day — likely a huge undercount of actual losses.

The 58 victims interviewed by AP and FRONTLINE ranged in age from 32 to 90, with backgrounds spanning information-technology professionals and academics to people just trying to make ends meet, according to the investigation. Their individual losses ranged from several thousand dollars to $4 million.

Several interviewees said they had contemplated suicide after being defrauded, and two said they attempted it. Only one of the 58 received any money back, and that came from her bank.

Simon said he tried to report what had happened to his local police and the FBI, but nothing came of it. He was then contacted by another scammer — this one offering, in exchange for more money, to connect him with the Secret Service to recoup his losses.

The investigation was published as both the Trump administration and Congress continued efforts to fight fraud, with the outlets reporting that victims still have little recourse.