Top Ten Scams of 2024

2024 fraud trends show sweepstakes & prizes scams are #1, while cryptocurrency scams are the most expensive

Fraud.org’s annual Top Ten Scams report for 2024 is out. This year, the most common scams reported were Prizes, Sweepstakes, and Free Gifts, accounting for 38% of all complaints. However, the most financially damaging scams were Cryptocurrency and Investment schemes, with a reported median loss of $30,000—up from $20,000 in 2023. To view the full report of this year’s top scams, click here. These alarming trends highlight the need for increased awareness and vigilance when it comes to online and financial transactions.

Even if you think you’re “too smart to fall for it,” the truth is that no one can ever be 100% safe from fraud. That said, getting informed about some of the warning signs of these scams can help reduce your risk. And while each scam is different, almost every fraudulent pitch includes one or more of the following elements:

• A false sense of urgency – The scammer may claim that something terrible has happened or that you are about to miss out on something great. (e.g., A relative is in danger! You’ve got malware on your computer! Your package has been delayed! This prize is only available for a limited time!). Regardless of the pitch, the goal is the same: to get you to act quickly before you have time to stop and think. Learning to recognize this can help you slow down and seek help.
• An unusual way to pay – Scammers are almost always after one thing: money. And they want to get it as quickly, anonymously, and irreversibly as possible. That’s why they will often ask for victims to pay via an unusual method – cryptocurrency, P2P apps, gift cards, bank-to-bank transfers, or even cash – that most of us rarely use. A common feature of all of these payment methods is that once the money is sent, it’s gone. Your chances of getting it back, even if you realize you’ve been scammed, are very slim. Remember: If they ask you to pay an unusual way, walk away.
• Creating isolation – Scammers thrive by limiting the information you receive from other people who might alert you to the crime. They might claim that no one will believe you, that if you tell anyone something terrible will happen to you or a loved one, that secrecy is needed by the police to catch the scammer, etc. Regardless of the specifics, the goal is the same: to keep you from asking people you know and trust for advice and help. Remember: If they ask you to keep it between you and them, that’s a red flag for fraud.

Even if you’re not sure if a pitch is a scam or not, it pays to report it. Reporting real or suspected fraud can help law enforcement, businesses, and consumer protection agencies spot trends, change business practices, and build cases against scammers so that fewer consumers become victims. Fraud.org is a great place to report fraud, but you can also report scams to the Federal Trade Commission, the FBI’s Internet Crime Complaint Center, your state attorney general, and your local police department.