FTC Warns of Record $15.9 Billion Fraud Surge in Congressional Testimony

Federal Trade Commission official Lois Greisman delivered a sobering report to Congress this week, revealing that consumer fraud losses have surged to a record $15.9 billion.

Representing the FTC’s Bureau of Consumer Protection, Greisman emphasized that the agency’s commitment to combating these crimes remains steadfast even as the scale of the threat reaches unprecedented levels. Data from the Consumer Sentinel Network shows that of the 30 million fraud reports filed since 2020, three million occurred in 2025 alone. This represents a significant jump from the previous year, which saw 2.6 million reports and $12 billion in losses.

The financial toll on Americans has escalated dramatically, with reported losses rising nearly 430% since 2020. Greisman highlighted a troubling trend in high-value theft, noting a sharp increase in victims reporting individual losses exceeding $100,000. However, the official figures likely represent only the tip of the iceberg. Because many victims do not report their losses to authorities, the FTC estimates the true economic impact of fraud in 2024 may have reached as high as $195.9 billion.

While imposter scams remain the most common category with one million reports, investment scams have emerged as the primary driver of financial devastation. Accounting for approximately half of all reported losses in 2025, investment fraud cost consumers $7.9 billion, with the average individual losing over $10,000. Scammers are increasingly utilizing text messages and social media to initiate contact, while directing victims to move funds via bank transfers, cryptocurrency, or credit cards.

In response to the escalating crisis, President Trump issued an Executive Order earlier this month targeting Transnational Criminal Organizations (TCOs) involved in cyber-enabled extortion and fraud. The order mandates the creation of a specialized targeting cell within the National Coordination Center. This new unit is designed to streamline and deconflict federal efforts to dismantle the international syndicates responsible for these predatory schemes.