‘What a fool I was’: Reported scams reach record high of $15.9 billion, and estimates reach upwards of $500 billion annually

In the past year, Americans collectively reported losing a staggering $15.9 billion to scams, a 25% increase compared to 2024. While the FTC estimates the actual losses to be closer to $200 billion, the majority of victims remain too embarrassed to come forward. Scammers are increasingly using artificial intelligence and cryptocurrency to carry out their deceitful schemes, making it difficult for authorities to track and recover stolen funds.

Despite the surge in scams, many Americans feel unsupported and helpless, as they face ridicule, stigma, and additional financial burdens from taxes and bank fees. Victims often feel abandoned by law enforcement, who are hesitant to comment on individual cases due to privacy concerns. Erin West, a former prosecutor and founder of Operation Shamrock, emphasizes the emotional toll these crimes take on victims, stating that the aftermath of scams can be worse than the scams themselves.