The FBI's Internet Crime Complaint Center (IC3) recorded $12.5 billion in reported fraud losses in 2024, up 33% from the year before. Phone-based scams accounted for the largest share. Here are the categories driving the increase, ranked by total losses.
1. Pig butchering ($4 billion+ in losses)
The fastest-growing category and now the largest by dollar volume. The Chinese name sha zhu pan — "killing pig plate" — describes the metaphor: scammers fatten the victim emotionally and financially before slaughtering them.
How it works: It starts with a wrong-number text. "Hi James, are we still on for dinner Thursday?" When you reply that they have the wrong number, the scammer apologizes politely and strikes up a conversation. Over the following weeks, they build rapport, share photos (stolen from real social media accounts), and eventually mention their "uncle who taught them crypto trading."
They guide you to a slick-looking trading platform. Your first few small investments show profits. They congratulate you. You invest more. Eventually you try to withdraw — and that's when the platform demands "tax fees," "verification deposits," and other fictional charges to release your money. The money is gone the moment it leaves your account.
Where it comes from: Industrial-scale compounds in Myanmar, Cambodia, and Laos, often staffed by trafficked workers forced to scam under threat of violence.
Red flags: Stranger texts you wrong-number style. Conversation pivots to crypto. Pressure to "act now" on investment opportunities.
2. Tech support scams ($2 billion+ in losses)
A pop-up appears on your computer warning you of a "virus" with a phone number to call. Or a cold call from "Microsoft Support." The caller asks you to install remote-access software like AnyDesk or TeamViewer. Once they're in, they either install malware or convince you to log into your bank account "to verify the refund."
Targets: Disproportionately people over 60. Median victim age is 67.
Red flags: Any unsolicited tech support contact. Microsoft, Apple, and Google never call you. Browser pop-ups warning of viruses are not real virus scanners.
3. Government impersonation ($1.5 billion+ in losses)
The classic "IRS calling about back taxes" scam, plus newer variants impersonating Social Security, Medicare, the Department of Health and Human Services, and immigration enforcement.
The script is always urgency + threats: arrest warrant, deportation, suspended Social Security number, account frozen. The "fix" is always the same: pay immediately via gift cards, wire transfer, or cryptocurrency.
Red flags: Any government agency asking for payment by gift card. The IRS, Social Security, and immigration do not call about debts — they send mail. They do not demand immediate payment.
4. Romance scams ($1.3 billion in losses)
A long con. The scammer matches with you on a dating app, builds an emotional connection over weeks or months, then introduces a "crisis" requiring money — a stuck shipment, a medical emergency, a business deal gone wrong. Once you send money, the requests escalate.
Geography: Heaviest from Ghana (+233), Nigeria (+234), and Côte d'Ivoire (+225). Scammers often claim to be US military deployed overseas, oil rig workers, or international businesspeople.
Red flags: Refuses to video chat. Photos look like stock images. Quickly declares strong feelings. Always has an excuse for why they can't meet in person. First financial request is always "small."
5. Lottery and prize scams ($300 million+ in losses)
The Jamaican lottery scam from +1-876 numbers is the most famous variant, but it operates from many other locations now. Caller tells you you've won a sweepstakes or lottery you didn't enter, demands fees to release the prize.
Targets: Almost exclusively elderly, isolated people. Jamaica scammers often work the same victim for months, sending small "winnings" to build trust.
6. Wangiri (one-ring) scams
Premium-rate callback fraud. Scammers call once and hang up, waiting for curious callbacks to expensive international numbers. Costs typically $5-25 per call.
See What Is the Wangiri Scam? for the full breakdown.
7. Package delivery scams (rising rapidly)
A text message claiming a package can't be delivered, with a link to "reschedule." The link leads to a fake USPS, FedEx, or UPS page that captures your credit card details. Often paired with a follow-up call to "verify" your information.
8. Bank impersonation
A call claiming to be from your bank's fraud department, warning of suspicious activity. The caller asks you to "verify" the charge by logging in or sharing a one-time code. The code is actually a 2FA token they're using to log into your real account.
Red flag: Real banks will never ask you to share a verification code. If you're worried, hang up and call the number on the back of your card.
9. Charity fraud
Spikes after natural disasters. Cold calls soliciting donations for victims of hurricanes, earthquakes, or war. Often impersonating real charities (Red Cross, UNICEF) or invented ones with legitimate-sounding names.
Defense: Never donate via cold call. Donate directly through the charity's official website.
10. Job offer scams
A recruiter calls about a "remote work-from-home opportunity." Sounds great, until they ask you to pay for training materials, equipment, or background checks. Real employers do not charge employees for hiring.
What's growing fastest
Pig butchering and AI-voice scams (where the caller uses cloned audio of a relative claiming to be in trouble) are growing fastest. AI voice scams target families — the scammer claims to be your son or grandchild and asks for emergency bail money.
What to actually do
The defense is the same across all categories:
- Do not engage with unknown callers. Let voicemail screen them.
- Never pay with gift cards, crypto, or wire transfer to anyone who called you.
- Verify identities independently. Hang up and call back via the official number.
- Talk to elderly relatives about specific scams. Awareness is the strongest protection.
- Report it. File complaints at reportfraud.ftc.gov and ic3.gov.
The phone scam economy moved $12 billion in 2024. Most of that was preventable. The single most powerful habit: assume any call you didn't initiate is probably a scam, until proven otherwise.