The losses that Americans suffered as a result of fraudulent bank transfers and payments have increased considerably in the last five years, according to government figures.
Data from the Federal Trade Commission (FTC) shows that American consumers lost $ 2,088 billion to fraudulent bank transfers and payments in 2024.
The amount is considerably higher than the figure that was registered in 2020 when consumers reported that they lost $ 319.6 million to fraudulent bank transactions. The losses rose to $ 745.1 million in 2021, $ 1.58 billion in 2022 and $ 1.86 billion in 2023.
The most recent data from the FTC, which was published on 7 March, show that consumers lost $ 508.3 million through bank transfers or payments in the first quarter of 2024. The number rose slightly to $ 511.1 million in the third quarter and rose to $ 563.7 million in the last quarter of the year.
Fraudulent bank transfers or payments were the main cause of financial losses between payment methods last year, which far exceeded cryptocurrency transactions, which take into account the second highest amount of losses of approximately $ 1.42 billion in 2024, something against $ 1.41 billion in 2023. Transactions per payment app or services were third with $ 391 million in losses.
The FTC says that it shares fraud reports with more than 2,800 law enforcement officers.
“We cannot solve your individual report, but we use reports to investigate and bring things against fraud, scams and poor business practices.”
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