Scam Corner: Scammers Are Taking Even More Money Than Before

Major Types Of Scams In 2024

In 2024 there were surges in a couple of scam areas. One was the imposter scams. These scams include people falsely claiming to be a government employee, a relative in distress, a romantic interest, a well-known company or a technical support organization. 22% of those contacted by these imposters actually lost money, but it amounted to over $2.9 Billion lost!

Investment scams also increased with a median loss of $9,000. Many of these started over social media. I saw an example of that where a friend’s social media account was compromised. Suddenly his account started posting messages indicating he had taken a course on cryptocurrency investing.

His posts showed how much money he had made for his clients and he was now ready to accept your money and invest it to make big bucks for you as well. Since he was locked out of his account and unable to prove he was the right account owner, he had to hope that his social media friends saw his posts as not consistent with the person they knew.

Another surge in losses was with job and fake employment agency scams. These scams often include providing a lot of personal information up-front or pre-payments for home office expenses that are made with worthless checks sent to the victim for cashing and spending. Losses from this category tripled in 2024 compared with 2020 from $90 million to over $505 million.

Finally, text and email scams related to non-payment of tolls was also on the rise. With the rise in E-Z Pass and toll-by-plate cameras, it is not surprising that scammers are using this as a means to create a fear of non-payment.

The top states reporting in 2024 were Florida, Georgia, Delaware, Nevada and Maryland. I find it interesting that all but one state is on the east coast. If you want to see more about the details of scams reported in 2024, the Consumer Sentinel Network provides a detailed report each year.

How To Counteract The Surge In Scams

The best way to counteract scams is through education. The more you know about how to spot a scam, and the more scams you become familiar with, the better your chance of not becoming a victim. Whether you are socializing with friends at a gathering, or are keeping in touch with people over social media, spreading the word is most important. Earlier, I mentioned that 22% of scam reporters lost money. That means 88% of reporters recognized a scam and reported it without losing any money. Education will help to bring that percentage even higher.

The sophistication of scams will continue to grow, so public awareness is more important now than ever. Some good sources to learn about scams is from the FTC, the FBI and groups that support communities who are often targeted such as the AARP Fraud network. And Triad Personal Paperwork Services also keeps you informed through blog articles like this. As the public service announcement series says, “The more you know…”