Scam Losses May Be 4X Higher Than Federal Data Show

Americans may be losing far more money to scammers than federal data capture. Many victims report scams to their banks but do not report them to federal authorities.

New research from Gallup estimates that 6% of Americans say they were personally scammed last year. The total financial losses adults in the U.S. incurred from those scams amounted to roughly $68 billion, according to Gallup.

Gallup’s estimate is more than four times the $15.9 billion in fraud losses consumers reported to the Federal Trade Commission (FTC) in 2025, although the figures come from different methodologies.

The study, funded by companies including AT&T and JPMorgan Chase and groups such as the American Bankers Association Foundation, also highlighted that the effects of scams may be felt more acutely by households with lower incomes.

Subprime consumers can have thinner savings cushions than those with higher incomes, making it more challenging for them to recover from financial losses they didn’t see coming.

Gallup conducted a survey of more than 5,100 adults in the U.S. to inform its research. Just shy of half of those who participated in the survey (46%) said their household experienced financial hardship that was at least moderate as a result of a scam.

And more than 20% of those respondents said the hardship was severe.

Among households with lower incomes, 28% said a scam led to severe financial hardship, while another 30% indicated it caused moderate hardship.

While periods of moderate and severe financial hardship can upend one’s life, the emotional impact of being victimized by a scam can also pose problems.

“Nearly three-quarters of individuals who say they or their household experienced a scam in 2025 say it had a negative impact on their mental health or wellbeing,” the study’s authors wrote. “Qualitative interviews indicate that many individuals felt the emotional impacts outweighed the financial ones.”

Next Steps for Scam Victims 

One of the first thoughts someone may have after discovering they have been the victim of a financial scam likely revolves around how they can recover any funds they lost. The Gallup study indicated that most scams are reported to financial institutions, even if federal agencies or law enforcement groups never catch wind of them.

People may not report a scam to groups outside of their bank because they don’t think it will help them recover their money. But they also may not be sure exactly who they should report a scam to. Almost 60% of survey respondents who did not report a scam said they fell into that group.

According to the FTC, people who encounter scams or are targeted by illegal business practices should report them on the organization’s website. 

For consumers who lost money to a scammer and hope to get it back, time is of the essence.

Consumers should contact their bank or payment provider immediately because it may be possible to stop or reverse the transaction, depending on how they paid.

Those who make a payment to a scammer via a credit or debit card should contact the company that issued their card, according to guidance from the FTC. The issuing bank may be able to reverse the transaction or otherwise help the victim get their money back.

“If you paid a scammer, your money might be gone already,” the FTC advises on its website. “No matter how you paid, it’s always worth asking the company you used to send the money if there’s a way to get it back.”

Stopping Fraud Before It Starts

Reporting a scam quickly is one strategy consumers can pursue to get their money back in the event of a scam. But doing everything possible to avoid getting caught in a scam may be a more effective way to avoid financial losses.

After all, in 66% of the scams reported to Gallup, the victim wasn’t able to get back any of the funds they lost.

Following a few simple guidelines can help people keep their money out of scammers’ hands.

The FTC advises consumers who receive a phone call telling them to move money from their account to protect it not to do so. In all likelihood, the person requesting that they transfer funds is a scammer, the FTC says.

Consumers shouldn’t share verification codes with people who call them and claim to be bank representatives.

In addition, consumers should not share verification codes with others, including individuals claiming to be representatives of a bank or other financial company.

People who suspect they’re being called by a scammer impersonating a bank representative can end that call and contact their bank directly using its verified phone number.

In addition to government agencies, many banks also provide resources that can help consumers spot attempts to defraud them. Payment networks Mastercard and Visa have also recently taken more steps to help prevent scams. 

Ken Musante from Napa Payments and Consulting recently told Payments Dive why the networks are ramping up the fight against fraud.

“There’s a lot of concern that’s coming out of Washington about consumers being scammed, and if you think about authorized transactions, where a consumer was fraudulently induced to engage in that transaction, that’s one of the things that the networks are concerned about,” Musante said.