U.S. consumers lost the most money last year by way of bank transfers and payments, with $2.09 billion disappearing through that form of payment, according to a report from the Federal Trade Commission that charted a record $12.5 billion in overall losses in 2024.
The second-highest losses, by value, occurred when consumers were using cryptocurrency payments. Still, the instance of bank transfer and payments grew at a faster pace last year over 2023 than did the value of losses due to crypto, the March 10 FTC report showed.
The highest number of reported cases of fraud occurred when consumers used credit cards, with 108,881 instances of fraud last year, according to the…
