"When one in five Americans loses money to an online scam or attack, fighting back must be a national imperative," stated Greg Baer, BPI President and CEO. "The Administration has taken vital action through its DOJ strike force targeting overseas fraud and scam centers, but we also need policies to stop the kinds of fraud occurring every day in this country. Banks are playing whack-a-mole on behalf of their customers, but we need to help them by requiring social media platforms and telecommunications companies to do their part."
Approximately 73% of U.S. adults have experienced some form of online scam or attack, with these incidents being common across all age groups. Data highlight the scale of this problem:
$16.6 billion - Internet crime losses reported in 2024.
$12.5 billion - Consumer fraud losses in 2024, a 25% annual increase from the previous year.
One in five - Americans who have lost money to an online scam or attack.
$1.9 billion - Fraud losses originating on social media (15% of all reported losses).
Six-in-ten or more - U.S. adults who say online scams are a major problem on text messages and phone calls, emails and social media.
68% - U.S. adults who get scam phone calls at least weekly.
63% - U.S. adults who get scam emails at least weekly.
61% - U.S. adults who get scam text messages at least weekly.
One-third - Adults who get scam messages on social media at least weekly.
Nearly 50% - Fraud complaints that one major bank received in the second half of 2024 that were linked to social media.
15 billion - Number of scam ads one social media network shows daily to its users.
10% - Projected portion of one social media network’s 2024 revenue from ads for scams and banned goods.
The launch is accompanied by a new interactive media hub, highlighting stories of Americans who have been targeted by fraud and scams and featuring a state-by-state interactive map showing where fraud losses are most prolific. In addition to the Playbook and media hub, BPI released two companion reports:
Fact Sheet: Fraud vs. Scams: What’s the Difference? This new fact sheet examines the differences between unauthorized fraud and authorized payment scams, a prerequisite for prescribing a solution.
Report: What Works, What Doesn’t in the Global Fight Against Scams. This report examines policies from the United Kingdom and Australia to better determine the most effective solutions.
To access the Fraud and Scam Prevention Playbook, interactive media hub and other resources, see below:
Fraud and Scam Prevention Playbook
U.S. Against Banks: Interactive Media Hub
Report: What Works, What Doesn’t in the Global Fight Against Scams
Fact Sheet: Fraud vs. Scams: What’s the Difference?
