The Federal Trade Commission (FTC) reported a 25% year-over-year increase in consumer fraud losses for 2024, totaling $12.5 billion. Despite the rise in losses, the number of fraud reports remained stable at 2.6 million, indicating that scammers have become more adept at executing their schemes. Investment scams accounted for a substantial portion of the losses, amounting to $5.7 billion, with a median loss of over $9,000 for victims. Email was identified as the most common method used by scammers to contact victims, followed by phone calls and texts. In Nevada alone, consumers reported losses exceeding $138 million due to fraud. Additionally, U.S. officials have charged 25 Canadians involved in a scam operation that defrauded elderly Americans of $21 million by impersonating their grandchildren. The FTC also noted that younger individuals, particularly those aged 20-29, reported losing money more frequently, although older adults experienced higher average losses when they were victimized. The FTC's findings highlight the growing sophistication of online scams, exacerbated by factors such as social media, artificial intelligence, and cryptocurrency.