The Top Scams of 2024
Each year we see a rise in the total number of reported fraud incidents and the amount that was lost. According to the FTC, in 2024 “one in three people who reported fraud said they lost money (up from one in four in 2023), adding up to $12.5 billion (up $2.5 billion from 2023)”.
At Country Club Bank, our goal is to educate and empower our clients and community to recognize and avoid scams. Part of that education is bringing awareness so you know what to watch for and what steps to take to protect yourself and others. These were the top five points for the 2024 scam snapshot:
- The biggest monetary losses happened via transfer or payment. Among all payment methods, people reported losing more money through an electronic funds transfer or electronic payment ($2 billion), followed by cryptocurrency at $1.4 billion. Remember – only pay electronically to those you know!
- People reported losing money more often when contacted through social media. Most people (70%) reported a loss when contacted on a social media platform — and lost more money overall ($1.9 billion).
- Job scams and fake employment agency losses jumped — a lot. Between 2020-2024, reports nearly tripled and losses grew from $90 million to $501 million.
- Investment scams led to big losses. A majority (79%) of people who reported an investment-related scam lost money, with a median loss of over $9,000. The $5.7 billion losses in this category are up about $1 billion from last year.
- Younger people lost money more often. People aged 20-29 reported losing money more often than people 70+. But when seniors lost money, they lost far more total dollars.
We believe that education is one of our best defenses for fraud prevention. As we remain dedicated to security and financial safety, here are helpful tools that provide key insights for recognizing and avoiding fraud in the future:
Please keep in mind that we do not ask for sensitive personal information by unsolicited email, unsolicited phone calls or text messages. If you have questions about suspicious emails, texts or phone calls, please contact us at 816-931-4060.
