Record $15.9 Billion Lost to Fraud in 2025 as Imposter Scams Surge, FTC Testifies

Key facts

• Fraud losses hit a record $15.9 billion in 2025, up from $12.5 billion in 2024, according to the FTC.
• Investment scams drove $7.9 billion in losses, nearly half of the total.
• in 2025, up from 2.6 million in 2024.
• and $3.5 billion in losses.
• Reported fraud losses have risen nearly 430% since 2020.
• Text messages were the top contact method for scams, while social media led to over $2 billion in losses.
• Lois Greisman, FTC associate director, testified before the U.S. Congressional Joint Economic Committee on March 25.

A Record Haul for Fraudsters

Crooks and con artists stole a record $15.9 billion from consumers in 2025, according to new data released by the Federal Trade Commission. The figure marks a sharp increase from $12.5 billion in 2024, continuing a trend that has seen reported fraud losses climb nearly 430% since 2020. last year, up from 2.6 million in 2024. The agency attributed the spike in dollar losses to 'a sharp increase in the number of consumers reporting large losses of $100,000 or more.'

Investment Scams Dominate Losses

Investment scams accounted for $7.9 billion in losses in 2025, nearly half of all reported fraud losses. These schemes, often promising high returns, have become the most lucrative vector for fraudsters. Lois Greisman, associate director of the FTC’s division of marketing practices, disclosed the figures in testimony before the U.S. Congressional Joint Economic Committee on Wednesday, March 25. Her remarks underscored the growing sophistication and scale of financial fraud.

Imposter Scams: A Billion-Dollar Deception

to the FTC involved someone pretending to be someone else — a tactic known as imposter scams. about such scams in 2025, with losses exceeding $3.5 billion. Fraudsters impersonated government agencies such as the FBI, IRS, and FTC, as well as banks, family members, and romantic partners. The impersonation of trusted institutions and individuals has proven highly effective.

How Scammers Reach Their Victims

by consumers who identified how they first connected with scammers in 2025. However, social media was the contact method associated with the highest total losses, with consumers reporting aggregate losses of more than $2 billion when the scam originated on a social platform. The FTC's data highlights the evolving tactics of fraudsters, who increasingly exploit digital communication channels to target victims.

Wider Context: Fraud Investigations Across Sectors

comes amid a broader crackdown on fraud across multiple sectors. In recent months, federal authorities have launched investigations into fraud in children's programs in Minnesota, healthcare fraud on the West Coast, and a $250 million food program fraud case involving Feeding Our Future founder Aimee Bock. Other notable cases include a U.S. soldier charged with using classified intelligence to win $400,000 on Polymarket, a father-daughter duo who sold fake Banksy and Warhol artworks to New York auction houses, and a former Alabama tackle who pleaded guilty to defrauding investors by impersonating NFL players.

What Comes Next

The FTC continues to urge consumers to remain vigilant, especially against investment and imposter scams. The agency's testimony before Congress is likely to fuel further legislative scrutiny and enforcement actions. As fraudsters adopt new technologies and tactics, regulators face an uphill battle. The nearly 430% increase in reported losses since 2020 underscores the urgency of the problem. Consumers are advised to verify identities independently and to be wary of unsolicited messages, particularly those demanding payment via wire transfer, gift cards, or cryptocurrency.

The bottom line

• Fraud losses reached a record $15.9 billion in 2025, driven by investment and imposter scams.
• Investment scams alone cost victims $7.9 billion, nearly half of all reported losses.
• Imposter scams generated over 1 million complaints and $3.5 billion in losses.
• Text messages were the most common contact method, but social media led to the highest total losses.
• Reported fraud losses have surged nearly 430% since 2020, indicating a rapidly growing threat.
• Federal and state authorities are intensifying investigations and enforcement across multiple fraud categories.