Key takeaways
- Americans reported losing a record $15.9 billion to fraud in 2025, up from $12.5 billion in 2024, according to the FTC.
- Investment scams caused the biggest losses, at more than $7.9 billion, and imposter scams added more than $3.5 billion.
- The FBI logged $20.9 billion in internet crime losses in 2025. People 60 and older lost $7.7 billion.
- Speed matters. Report unauthorized debit or bank transfers within 2 business days to limit your liability to $50 under federal rules.
The best way to avoid financial scams is to slow down. Almost every scam relies on urgency, secrecy and an unusual way to pay, such as a wire transfer, gift cards, cryptocurrency or a payment app. If someone you don’t know pressures you to act right now and pay in a way you can’t reverse, it’s almost certainly a scam.
Fraud is growing fast. Americans reported losing $15.9 billion to fraud in 2025, a 27% jump from the year before, according to the Federal Trade Commission. This guide covers the scams costing Americans the most right now, the warning signs to watch for, and exactly what to do if you’ve already paid. Not sure about a message you just got? Run it through our free scam checker before you reply or pay.
How big is the scam problem in 2026?
Two federal agencies track fraud reports, and both showed record losses for 2025:
| Measure (2025) | Reported losses | Source |
|---|---|---|
| Total consumer fraud losses | $15.9 billion (about 3 million fraud reports) | FTC |
| Investment scams | More than $7.9 billion (average loss over $10,000) | FTC |
| Imposter scams | More than $3.5 billion (1 million+ reports) | FTC |
| Scams that started on social media | About $2.1 billion | FTC |
| Losses by people 60 and older | About $3 billion reported | FTC |
| Total internet crime losses | $20.9 billion (1 million+ complaints) | FBI IC3 |
| Losses by people 60 and older | $7.7 billion | FBI IC3 |
| Cryptocurrency-related fraud | $11.4 billion | FBI IC3 |
| Investment fraud | $8.6 billion | FBI IC3 |
| Tech and customer support scams | $2.1 billion | FBI IC3 |
These are only reported losses, and the two agencies count differently, so their figures don’t add up to one total. Many victims never file a report, so the real totals are higher. The FTC has estimated that the overall cost of fraud to older adults alone in 2025 could be as high as $119.5 billion.
The most common financial scams right now
1. Investment and crypto scams
Scammers promise high, steady returns on crypto, foreign exchange or “AI trading” platforms. Many start as a friendly text or social media message, then move you to a fake app that shows growing profits. When you try to withdraw, you’re asked for “taxes” or “fees” first, and the money never comes back. The FTC reports that more than half of 2025’s social media scam losses, about $1.1 billion, were investment scams.
Do the math: a pitch for “2% a week, guaranteed” sounds modest, but compounded for a year it equals about a 180% annual return. “1% a day” works out to more than 3,600% a year. No legitimate investment pays like that, and real investments don’t come with guarantees. For comparison, see what real, insured savings earn in our compound interest guide.
2. Imposter scams (bank, government, tech support)
A caller or text claims to be from your bank’s fraud department, the IRS, the Social Security Administration, Amazon or Microsoft. They say your account is compromised and you need to move money to a “safe account,” read them a one-time passcode, or pay a fine. Your bank will never ask you to move money to protect it, and the IRS won’t demand payment by gift card or crypto.
3. Payment app and bank transfer scams
Fake sellers, “accidental” payments and fake rental listings often ask for payment through Zelle, Venmo, Cash App or a wire. These payments move instantly and are hard to reverse. Use payment apps only with people you know and trust.
4. Romance and relationship scams
A new online friend or partner builds trust over weeks, then needs money for an emergency, travel or an “investment opportunity.” The FTC says almost 60% of people who reported romance scam losses in 2025 said it started on social media. Never send money to someone you haven’t met in person.
5. Loan, debt relief and student loan scams
Watch for anyone who charges an upfront fee to get you a loan, settle debt or “forgive” federal student loans. Legitimate lenders take fees out of the loan or at closing, and you can apply for federal student loan programs free at StudentAid.gov. Learn how real forgiveness works in our student loan forgiveness guide, and see how real lenders decide loan applications.
6. AI voice and deepfake scams
Scammers can clone a voice from a short audio clip and call pretending to be a grandchild or boss in trouble. The FBI tracked about $893 million in losses linked to AI-related scams in 2025. Agree on a family “code word” and always call the person back on a number you already know.
Red flags that almost always mean fraud
- Pressure to act immediately, often with a threat (arrest, frozen account, lost deal).
- A request to keep it secret from your bank, family or friends.
- Unusual payment methods: gift cards, wire transfers, cryptocurrency, Bitcoin ATMs, or payment apps to strangers.
- Requests for a one-time passcode, PIN, password or full Social Security number.
- Guaranteed returns or “risk-free” investing.
- Unexpected contact that asks you to click a link or download an app.
Simple rule: Hang up, then call back using the number on your card, statement or the official website. A real bank or agency will never be offended that you checked.
Which payments can you get back?
How much protection you have depends on how you paid. That’s why scammers push hard for methods you can’t undo.
| How you paid | Protection if it’s fraud | What to do |
|---|---|---|
| Credit card | Strongest. Federal law caps liability for unauthorized charges at $50, and most issuers offer $0 liability. You can also dispute billing errors. | Call the issuer and dispute the charge right away. |
| Debit card or bank transfer you didn’t authorize | Regulation E limits your loss to $50 if you report within 2 business days of learning about it, up to $500 if later, and potentially unlimited after 60 days from the statement. | Call your bank immediately, then follow up in writing. |
| Payment you sent yourself (Zelle, wire, payment app) after being tricked | Limited. Because you authorized it, federal rules usually don’t require a refund, though some banks reimburse certain imposter scams. | Contact your bank and the app at once; ask them to recall the payment. |
| Gift cards | Very limited. | Contact the card company immediately with the card numbers and receipt. |
| Cryptocurrency | Usually none. Transfers are generally irreversible. | Report to the exchange, the FBI (IC3.gov) and the FTC. |
Worked example: why reporting fast matters
Say a thief uses your stolen debit card and takes $1,200. If you report it within 2 business days of finding out, your maximum loss under Regulation E is $50. Wait longer and it can rise to $500. If you don’t report within 60 days after the statement showing the charge is sent, you could be on the hook for later transfers. Checking your accounts weekly costs nothing and protects you.
What to do if you’ve been scammed
- Contact your bank or card issuer right away. Ask them to stop or reverse the payment and freeze or replace the account or card.
- Change passwords for your email, bank and any account the scammer may have seen. Turn on two-factor authentication.
- Freeze your credit at Equifax, Experian and TransUnion. It’s free and stops new accounts from being opened in your name.
- Report it: to the FTC at ReportFraud.ftc.gov, to the FBI at IC3.gov for online crimes, and to IdentityTheft.gov if your personal information was stolen. Reports help law enforcement and may support your bank claim.
- Watch out for “recovery” scams. Anyone who contacts you offering to get your money back for a fee is likely another scammer.
- Monitor your credit reports for accounts you don’t recognize. If you find one, our free credit report dispute letter tool helps you write to the bureau. See also our guide to protecting and improving your credit score.
How to protect yourself before it happens
- Turn on transaction alerts in your banking app so you see every payment. Read our guide on whether banking apps are safe.
- Use a credit card, not a debit card or payment app, for online shopping with unfamiliar sellers.
- Keep a credit freeze in place and lift it only when you apply for credit.
- Never let anyone remote-access your computer or phone after an unexpected call or pop-up.
- Talk to older relatives about these scams. People 60 and older reported the largest losses to the FBI in 2025. Our caring for aging parents checklist includes steps to protect a parent’s accounts.
- Before investing, look up the person and firm on FINRA BrokerCheck or the SEC’s Investment Adviser search. Learn the real risks in our cryptocurrency guide.
Frequently asked questions
What is the most common financial scam?
Imposter scams are among the most frequently reported, with more than 1 million reports in 2025, while investment scams cause the largest dollar losses: more than $7.9 billion in 2025, according to the FTC.
Will my bank refund money I lost to a scam?
If the transaction was unauthorized, such as a stolen card, federal rules usually limit your loss if you report it quickly. If you were tricked into sending the money yourself, refunds aren’t guaranteed, but contact your bank immediately and ask.
What should I do first if I just sent money to a scammer?
Call your bank or the payment app’s support line right away, using the number on your card or the official website, and ask them to stop or recall the payment. The sooner you call, the better the chance of catching it before it’s withdrawn. Then change your passwords and file a report at ReportFraud.ftc.gov.
Can a scammer access my bank account with just my account number?
An account number alone usually isn’t enough to withdraw money, but it can be used for check fraud or unauthorized debits. Never share passcodes, PINs or online banking logins, and review your statements regularly.
Where should I report a scam?
Report to the FTC at ReportFraud.ftc.gov, online crimes to the FBI at IC3.gov, and identity theft at IdentityTheft.gov. Also notify your bank or card issuer right away.
How can I tell if a call or text from my bank is real?
Hang up or ignore the link, then contact the bank using the number on the back of your card or on your statement. Your bank won’t ask you to move money to a “safe account” or read back a one-time passcode.
Related: banking guide, online vs. traditional banks, credit card mistakes to avoid, emergency fund calculator.
Updated November 12, 2026: re-sourced all loss figures directly from FTC and FBI publications, added imposter, social media and older-adult FTC data, corrected crypto losses to $11.4 billion and added two new FAQs.
Sources: FTC prepared statement to the Joint Economic Committee on Consumer Sentinel 2025 data (March 25, 2026); FTC data on social media scams (April 27, 2026); FTC “Protecting Older Consumers 2025–2026” report (October 19, 2026); FBI Internet Crime Complaint Center 2025 Annual Report; Regulation E (Electronic Fund Transfer Act) and the Fair Credit Billing Act liability rules. This article is for educational purposes and isn’t financial or legal advice.
Written by Chanchala
Founder & Lead Writer · B.Sc. Mathematics (Honors) · 9 years in banking & lending
Chanchala is the founder and lead writer of FinInfoBlog. She holds a B.Sc. in Mathematics (Honors) and has 9 years of experience in banking and lending. She writes plain-English guides on savings, CDs, loans, credit and personal finance for U.S. readers, and makes sure every example shows the math behind the money decision. How we research and fact-check.