By Edward Lynn
Editor
DES MOINES, Iowa — Iowans lost more than $13.5 million to fraud in the last quarter of 2024, according to new data released by the Federal Trade Commission (FTC). With 3,670 fraud reports filed in the state in the 4th quarter of 2024, the median loss per victim was $400.
Imposter scams were the most frequently reported fraud type, with 1,279 complaints, or roughly a third of all complaints in the period. Online shopping scams and negative reviews followed, accounting for 598 reports. Other top fraud categories in Iowa included internet services, privacy and cybersecurity threats, and lottery or sweepstakes scams.
Nationally, the FTC reported a sharp increase in total fraud losses, reaching $12.5 billion in 2024—up $2.5 billion from the previous year. One in three fraud victims nationwide reported financial losses, compared to one in four the year before. Online scams accounted for more than $3 billion in losses, while traditional scams via phone, text, or email resulted in about $1.9 billion in losses. Notably, phone-based scams had the highest median loss per victim at $1,500.
Investment scams were particularly costly, with a reported $5.7 billion in losses nationwide, marking a $1 billion increase from 2023. Nearly 80% of investment scam victims suffered financial losses, with a median loss of $9,000. Bank transfers and payments were the most common methods scammers used to steal money, totaling $2 billion in losses, followed by cryptocurrency scams at $1.4 billion.
Younger consumers in Iowa and across the country were more likely to fall victim to fraud, with people aged 20-29 reporting losses at higher rates than older adults. However, those aged 70 and older lost significantly more per incident than any other age group.
The FTC urges consumers to report scams at ReportFraud.ftc.gov to help track fraud trends and aid enforcement efforts.
For more details, the FTC’s full 2024 Data Book provides a breakdown of fraud trends in Iowa and across the nation.
