The Federal Trade Commission’s Consumer Sentinel Network is a database that receives reports directly from consumers, as well as from federal, state and local law enforcement agencies, Better Business Bureau, industry members and non-profit organizations. More than 20 states contribute data to Sentinel.
BBB is proud to be a longstanding contributor to the Consumer Sentinel Network, as the information aids in the FTC’s analysis of fraud trends and its comprehensive approach to detect, halt and deter consumer fraud.
Freshly unveiled data from commission reveals that consumers were swindled out of more than $12.5 billion in 2024 — a staggering new record that represents an increase of 25% over 2023 losses.
The number of fraud reports hasn’t increased, but the percentage of fraud reports that came from individuals with financial losses grew tremendously — with 38% of people reporting losses versus 27% in 2023.
Investment scams topped the list of frauds with the highest reported financial losses — $5.7 billion in 2024. Consumers reported losses of $2.95 billion to impostor scams in 2024, with government imposter scam related losses soaring by more than 600% from $171 million in to $789 million in just the past year.