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Report Finds Americans Have Lost $2,600+ to Scams in Their Lifetime
Scams are becoming more sophisticated every day, making it increasingly challenging for Americans to protect themselves. A new report by IPX1031 finds nearly 1 in 3 Americans have been scammed in the last 12 months.
To better understand fraud and identity theft in the U.S., we surveyed 1,000 people across the country about their experiences with scams and the precautions they’re taking to protect themselves.
30% of Americans Have Been Scammed in Last 12 Months
Almost 1 in 3 Americans (30%) have been scammed in the past year, with an average loss of $1,600 per victim. When looking at the data by generation, 38% of Baby Boomers, 32% of Gen X, 26% of Millennials, and 37% of Gen Z reported falling victim to scams in the last 12 months.
The majority of Americans (69%) believe more young people are becoming scam victims in 2024. That may be because some scammers are pulling off increasingly intricate scams through technology. In fact, 40% say they receive suspicious emails, messages, or phone calls every day, but 44% don’t report them.
Nearly half of Americans (48%) admit to being worried about falling for scams. Among the generations, Gen X is most worried (52%), followed by Baby Boomers (48%), Gen Z (46%), and Millennials (45%).
Top Scams Americans Are Falling Victim To
Over the course of their lifetime, 38% of Americans have been scammed, and 62% of those lost money from the scam. On average, Americans have lost $2,647 to scams so far in their lifetimes. Additionally, more than 1 in 10 have shared personal or financial information online with someone who turned out to be a scammer.
The top scams Americans have fallen victim to are:
- Credit card scams (37%)
- Identity theft (34%)
- Online shopping scams (32%)
- Phishing scams (25%)
- Business/job scams (18%)
The top financial difficulties Americans face due to scams are being set back on meeting financial goals, the inability to pay bills on time, and needing to borrow money from loved ones. Scams are also not only impacting Americans’ wallets but also their everyday lives. More than 2 in 5 (43%) experienced anxiety or depression from being scammed, 42% developed trust issues, and 33% feel constantly fearful or paranoid of future scams.
When it comes to reporting scams, the majority of Americans (57%) aren’t reporting them to the relevant authorities. The reasons why they’re not reporting it? 35% didn’t feel like enough was lost to warrant a report, 29% weren’t sure how to, and 15% didn’t want to.
If you suspect you’ve fallen victim to fraud or identity theft, report the scam to the Federal Trade Commission. You can also access additional resources for support from the FTC.
Identity Theft: 22% of Americans Report Being Victims
Identity theft is when someone takes your name and personal information and uses it without your permission. More than 1 in 5 (22%) of Americans report being victims of identity theft. The most common types of identity theft they’ve fallen victim to include financial (73%), employment (13%), and synthetic ID theft (10%).
To freeze your credit, it’s recommended to contact each of the three major credit reporting agencies: Equifax, Experian, and TransUnion. Requests can be submitted online, by phone, or by mail.
The impact of identity theft can be felt for a while, with 1 in 3 saying the theft lowered their credit score. Additionally, 1 in 4 Americans have frozen their credit in the last year due to fraud concerns, but 22% of those surveyed admit they don’t know how to freeze their credit.
Scam Prevention in 2024
Looking to the future, more than 3 in 4 Americans (76%) are concerned about the role artificial intelligence (AI) may play in scams, with 80% believing advancements in AI will increase scams and fraud.
While more than 1 in 3 (35%) report being somewhat familiar with common scam warning signs, many are still actively working to protect themselves. The most common precautions people are currently taking to guard against fraud include:
- Educating themselves about common scam tactics (80%)
- Enhanced password security (78%)
- Regularly monitor bank and credit card statements (72%)
Despite these precautions, 1 in 10 admit to not using two-factor authentication on financial accounts. This is an easy step that requires two forms of identification to access data that can help protect you and your personal information.
Scams and identity theft are increasingly challenging for Americans, with 91% believing scams have become more sophisticated in 2024. Despite rising awareness, many still fall short in fully protecting themselves. To combat these evolving threats, it’s crucial to stay vigilant and adopt stronger security measures to protect yourself and your loved ones.
Investment Property Exchange Services, Inc. (IPX1031) is the nation’s largest and most secure 1031 Qualified Intermediary. If you are considering a Tax Deferred 1031 Exchange for your investment property, it’s critical that the funds from your sale are protected. IPX1031 has the financial assurances, security and expertise essentials to protect your funds and provide answers and guidance throughout the exchange process. Learn more about IPX1031’s industry leading security and safety for exchangers and safeguards in place when selling and buying investment properties.
Methodology
In August 2024, we conducted a survey of 1,000 people from across the U.S. on their experiences with fraud and identity theft. Among respondents, 49% identified as male and 48% as female with an average age of 39.
For media inquiries, contact media@digitalthirdcoast.net
Fair Use
When using this data and research, please attribute by linking to this study and citing IPX1031.
Read more:
Americans’ Experiences with Fraud and ID Theft Data 2023
America’s Fraud and Identity Theft Reports by State 2023
Americans’ Experiences With Fraud and ID Theft
Your 1031 Funds Are Safe
Wire Fraud – Protect Your Business and Your Clients
Safety & Security for Exchangers
Take Steps to Combat 1031 Cyber Fraud
