More Than One in Five Americans Fell Victim to Financial Fraud

With the number and severity of financial fraud incidents and scams rising in recent years, 21% of adults have fallen victim to money-related fraud in the past year.

The Fed’s Economic Well-being of US Households in 2024 report found that among fraud victims, 17% were targeted through credit card fraud while 8% experienced other forms of financial fraud.

The report also found that adults aged 45 and over were more likely to experience financial fraud or scams than younger adults. While 14% of 18–29-year-olds and 17% of 30–44-year-olds reported being victims, the figures rose to 25% for those aged 45–59 and 26% for those over 60.

Although credit card fraud was the most common type of financial fraud, consumers are generally not held responsible for the losses. In contrast, among adults who experienced other types of fraud, 63% lost money and 32% said they were unable to recover at least some of it.

In 2024, non-credit-card fraud resulted in an estimated $84 billion in losses. Consumers recovered about $21 billion of that, leaving a net loss of approximately $63 billion borne directly by them.

Before any recovery, half of those affected by non-credit-card fraud lost at least $500, and one in four lost $2,000 or more. Older adults tended to suffer larger losses, likely because they generally have more assets.

However, financial fraud and scams also take a non-monetary toll, such as the time spent recovering lost funds. The report found that around three in 10 victims of non-credit card fraud spent 10 or more hours dealing with the aftermath, nearly four in 10 spent between one and nine hours, and about three in 10 spent an hour or less.