The Consumer Federation of America (CFA) estimates that online scams cost Americans nearly $150 billion last year, a figure seven times higher than reported to the FBI. Most victims do not report these losses, with a federal survey indicating only about 14% of financial fraud victims report to law enforcement. Applying this ratio to reported sums leads to the CFA's estimate of total losses nearing $148.2 billion.

Cryptocurrency and investment scams are leading culprits, with over half of losses reported to the FBI involving crypto. Victims lost approximately $11.4 billion in crypto-related incidents, a 22% increase from the prior year. Investment fraud alone accounted for over $8.6 billion in reported losses to the FBI, followed by compromised business email and tech support scams.

Artificial intelligence, including deepfake technology for impersonation, is significantly contributing to the rise in scams. The top platforms utilized by scammers are Meta-owned: Facebook (57%), Instagram (22%), and WhatsApp (8%).