The Deep dive: FinTech’s fight against $12.5bn fraud

The Federal Trade Commission (FTC) reported that consumers lost over $12.5 billion to fraud in 2024, marking a 25% increase from 2023.

While the total number of fraud reports remained stable, the percentage of victims who lost money jumped from 27% to 38%.

Among the most financially devastating frauds:

• Investment scams led to $5.7 billion in losses, up 24% from last year.
• Imposter scams caused $2.95 billion in damages.

Bank transfer and cryptocurrency frauds were particularly widespread, emphasizing the need for stronger fraud prevention strategies.