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Falling victim to financial scams or fraud can be costly. According to fraud statistics from the Consumer Federation of America (CFA), Americans lost $148.2 billion to online fraud and crimes in 2025 alone. The amount that fraud costs U.S. consumers may increase as scammers identify new targets and develop more sophisticated schemes, including AI-driven scams.
Read on to learn about the rise in financial fraud, the current scams to watch out for in 2026, and what you can do to help protect yourself.
Key Points
• One estimate puts the measure of fraud losses at $148.2 billion in 2025, with the average household losing $1,009.
• Online fraud and scams are on the rise and AI-driven scams are a major contributor to the spike in fraud losses.
• Financial fraud takes different forms, including imposter scams, investment fraud, and digital theft of fiat and cryptocurrencies.
• Teens and young adults, as well as older Americans, are frequent targets of financial fraud scams.
• Staying informed about scams, being alert for the warning signs, and using good banking measures may help protect against financial fraud.
The State of Financial Fraud in 2026
According to the FBI’s 2025 Internet Crime Report, there were 1,008,597 internet crime complaints filed in 2025. In total, the FBI estimates that these complaints resulted in $20.9 billion in losses.
Current Trends in Consumer Scam Losses
Based on the FBI’s data, the trends point to an increase in the number of scams reported and the losses associated with them. In 2024, for example, scam losses totaled $16.6 billion. That means there was a 26% increase in 2025. Since 2001, the amount of fraud losses and number of complaints reported annually have risen year over year.
However, the Consumer Federation of America estimates that scam losses are underreported to the FBI — hence their higher $148.2 billion cost of fraud figure. The CFA uses a multiplier of 7.1 to arrive at this figure, which is based on a Bureau of Fraud Statistics’s finding that only approximately 14% of financial fraud victims report these crimes to law enforcement.
Whether the true tally for fraud losses is $20.9 billion, $148 billion, or somewhere in between, what’s evident is that the amount lost to fraud by U.S. consumers keeps going up.
Why Fraud Statistics Are Rising
One of the key reasons fraud is increasing is that the internet makes financial scams easier to perpetrate. The average person spends over 10 hours a day online. Scammers generally use that to their advantage to find targets for financial fraud.
For example, online gaming scams that focus on kids and teens are growing. These scams may involve impersonation, phishing, malware, or account takeover, among other possibilities. The goal is typically either to defraud an individual of their in-game currency or items, or trick them into handing over financial information that would allow access to their bank accounts.
Artificial intelligence (AI) also features more frequently in online scams, as detailed in SoFi’s AI fraud survey. Using gaming scams as an example, a scammer might create deepfake videos of a well-known gaming personality to encourage kids to join a private livestream or sign up for a giveaway. The event (and the gamer) are fake; what’s really happening is that kids are being tricked into turning over their login credentials for their gaming accounts or paying a fee to access the event, which goes straight into the scammer’s pocket.
Breakdowns of Financial Losses by Scam Type
Financial fraud losses are greater for some types of scams than others. Here’s an overview of how some of the biggest losses added up in 2025, based on the FBI’s fraud statistics.
| Fraud Type | Estimated Loss |
|---|---|
| Cryptocurrency scams | $11.4 billion |
| Investment scams | $8.6 billion |
| Tech/customer support scams | $2.1 million |
| Confidence/romance scams | $929 million |
| AI-related scams | $893 million |
| Government impersonation | $798 million |
| Fake job scams | $363 million |
| Phishing/spoofing scams | $216 million |
| Identity theft scams | $186 million |
| Advance fee scams | $156 million |
The Impact of Impersonation and Imposter Scams
Americans lost $3.5 billion to impersonation and imposter scams in 2025, according to the FBI. Nearly $1 billion of that was lost to business impersonations alone, with the highest reported losses attributed to bank impersonators, while around $920 million was lost to government impersonators. Losses from impersonation and imposter scams have roughly tripled since 2020.
As well as being damaging financially, these scams may also take a psychological toll. Scammers depend on their victims placing trust in them; they then abuse that trust to defraud victims of their money.
Investment Fraud and Digital Theft
Investment fraud cost Americans $8.6 billion in 2025, according to the FBI, resulting in nearly half of all fraud losses. Many of these scams are conducted through social media and tend to target older Americans. The scams frequently use a combination of techniques, including phishing, impersonation, and AI, to convince people to put their money into phony investments.
For example, cryptocurrency scams may direct a victim to open an account through a crypto exchange, and transfer money from their bank account to their crypto exchange account. The victim may then be told to use those funds to buy a specific cryptocurrency.
The problem is that what looks like a legitimate crypto exchange website may be completely fake. The scammer has spoofed a real site and is now using it to lure in victims. They may encourage victims to make additional investments, then when the victim is ready to withdraw funds, they find that their account is frozen or the balance is $0.
Who Is Most Affected by Modern Scams?
FBI data sheds light on who is most likely to be a victim of financial fraud. Based on internet crime complaint data, most victims are aged 60 or older. However, it’s important to remember that anyone can fall victim to a financial scam.
Vulnerability Trends Across Age Groups
Older Americans are more likely to be targeted for financial fraud for a variety of reasons. First, they may have more assets for scammers to target than younger generations. They may also be less digitally-savvy, and fail to recognize the signs of a phishing or imposter scam when they see them. Diminished cognitive abilities and the lack of a strong support system composed of friends and family members may also play a part.
Here’s how crime complaints and fraud losses compare across age groups, according to FBI data.
| Age Range | # of Complaints | Losses |
|---|---|---|
| Under 20 | 31,254 | $67.1 million |
| 20-29 | 112,069 | $563.1 million |
| 30-39 | 153,293 | $1.7 billion |
| 40-49 | 167,066 | $2.9 billion |
| 50-59 | 124,820 | $3.7 billion |
| 60+ | 201,266 | $7.7 billion |
How AI Has Changed the Scope of Fraud
AI has generally made financial fraud easier to commit. Phishing, spoofing, deepfakes, and cloning have all become faster and cheaper to execute because of the technology. A scammer no longer needs to be an expert hacker; they simply need to know how to use AI tools to facilitate imposter scams, phishing scams, or account takeovers. The speed with which a scammer can take over someone’s account using AI often makes it difficult for victims and financial institutions to keep up.
At the same time, more banks are using AI for fraud detection designed to help protect customers and prevent losses. AI tools can monitor customer behavior and scan their financial documents to flag any activity or transactions that appear suspicious.
Common Current Scams to Watch For
Some of the common scams for 2026 to be alert for include:
• AI-driven scams that rely on voice cloning and deepfakes to defraud victims
• Fake tech and customer support scams
• Bank spoofing and impersonation scams involving government agencies like the IRS or even the FBI
• QR code phishing scams
• Romance scams that take place on social media
• Investment scams, particularly scams involving cryptocurrency
• Online gaming scams
Of course, there are still old school scams that make the rounds, like the Nigerian prince email scam, in which a fraudster poses as royalty in need of help and tricks consumers into sending them money. The Federal Trade Commission regularly provides updates on the latest scam trends and what to watch out for via free consumer alerts.
Preventing Financial Loss: Proactive Defense Strategies
Using fraud prevention measures may reduce the risk of being targeted for a financial scam. These strategies may help you avoid scams and keep your money safe.
• Do not respond to unsolicited emails, phone calls, or texts from your bank. Instead, call the bank using a verified customer support number to learn if the communication is legit.
• Practice good online banking security by choosing a secure password, enabling multi-factor authentication, and only using secure Wi-Fi to log in.
• Familiarize yourself with different types of bank account fraud, and what the signs of a financial scam look like.
• Monitor checking and savings accounts statements and credit card statements regularly to check for suspicious transactions.
• Make sure your bank account has FDIC protection.
• Set up online banking and credit alerts to notify you of new account activity or transactions, including unauthorized transactions.
• Be skeptical of investment or employment offers that seem too good to be true.
• If contacted by someone claiming to be a government official, reach out to the agency they represent directly to verify.
• Do not click unsolicited email or text links.
• Be wary of requests or demands for payment and other high-pressure tactics.
The Takeaway
Financial fraud is on the rise, costing Americans billions of dollars a year. Protecting yourself is an ongoing effort, as scams become more sophisticated and wide ranging with the rise of AI. Being alert for the warning signs of financial fraud and choosing a bank that offers helpful fraud prevention tools may help you keep your finances safe.
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FAQ
How many people get scammed in a year according to recent data?
Just over 1 million people reported financial crimes in 2025, according to the FBI’s Internet Crime Report. The actual number of people who get scammed by financial fraud each year may be much higher, as it’s estimated that only a percentage of these crimes are ever reported.
What are the most common types of scams in 2026?
Some of the most common scans in 2026 include phishing and spoofing scams, fake job scams, cryptocurrency and investment scams, and romance scams. Online gaming scams and imposter scams are also on the rise.
How can I check if a bank alert I received is actually a scam?
The simplest way to check if a bank alert you received is legitimate or a scam is to contact your bank directly. Your debit card should include the bank’s customer service phone number on the back. You can also visit a branch to ask whether an alert is genuine.
What should I do if I think I’ve lost money to a financial scam?
If you think you’ve been scammed, contact your bank and credit card companies to freeze your accounts and/or dispute transactions. Cut off communications with the scammer and keep screenshots or other documentation of your previous contact with them. You can file reports with the Federal Trade Commission, the FBI’s Internet Crime Complaint Center, and local law enforcement.
Are fraud losses covered by standard bank security?
Fraud losses are generally covered by standard bank security if they’re reported promptly. To minimize the potential for losses, report any unauthorized transactions to your bank within two business days. The same two-day window applies if your debit card or PIN are lost or stolen.
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