A recent analysis by the Consumer Federation of America (CFA) estimates that fraud results in an astonishing annual loss of $119 billion in the United States. This figure underscores the growing prevalence of scams and suggests a significant underestimation of the economic impact of these fraudulent activities. The CFA's findings stem from judicial statistics and FBI reports, which indicate that the true extent of the losses due to fraud is likely much higher than reported.

The FBI’s Internet Crime Complaint Center has urged victims to report their losses, but acknowledges that reported figures are significantly lower than the reality. Many individuals might hesitate or feel unsure about how to report such incidents. A 2017 study from the Bureau of Justice Statistics revealed that only about 14% of fraud-related crimes reach governmental awareness, pointing to a substantial gap in our understanding of the fraud landscape. This underreporting not only diminishes the perceived urgency of responding to these crimes but also hampers the allocation of resources to combat them.

As the data for 2023 and 2024 becomes available, it is expected to provide further insights into this growing crisis. The consistent rise in reported fraud incidents calls for greater awareness and consumer education on how to recognize and report scams. By increasing the visibility of these losses, stakeholders can push for improved protections and policies aimed at safeguarding consumers from the prevalence of fraud.