A recent report from AARP Research dives into survey results that examine U.S. adults’ sentiments about fraud and fraud victims in our society, their experiences with fraud, and what they are currently doing to protect themselves.

Theft through fraud has risen exponentially over the last five years. A recent report from the Federal Trade Commission (FTC), found that fraud losses topped $12.5 billion in 2024, a 25 percent increase over the prior year. However, most scams and fraud are not reported. The FTC recalculated their 2023 figures and stated that actual losses could be as high as $158.3 billion due to underreporting. So, the actual losses in 2024 likely exceeded $158.3 billion.

The AARP study finds that many people are at an elevated risk due to:

• Answering phone calls, texts or friend requests from people that they don’t know–
  • While most adults rarely or never answer phone calls, texts, or friend requests from people they don’t know, more than a third (36%) of adults often do one or more of these actions at least half the time. That’s an estimated 95.4 million people.
  • Criminals will seize any opportunity to manipulate their target’s emotions and lower their resistance. Not engaging on these platforms with people that we don’t know may reduce our risks of victimization.
• Not maintaining the security of their devices and online accounts.
  • Most adults (an estimated 203 million) do not have multifactor authentication (MFA) set up for all their online accounts where it is available. MFA adds an extra layer of protection beyond just passwords.
  • Most adults (an estimated 170 million) do not use distinctly different passwords on all their accounts. (A hack on one account puts the others at risk.)
  • Most adults (an estimated 168 million) do not use a VPN when on public wi-fi, which poses a risk to their personal information and privacy.– Most adults (an estimated 141 million) download free apps and/or take online quizzes on social media (which poses a risk of exposure to malicious software).

The study also shows some good news:

• An estimated 221 million adults use a passcode or password, facial identity, or fingerprint recognition to unlock their electronic devices (e.g., smartphone, tablet, computer).
• An estimated 209 million adults recognize that being asked to buy gift cards or convert cash to bitcoin to handle urgent financial matters are common scam tactics.
• An estimated 208 million adults have not accepted friend requests from people they don’t know.– An estimated 183 million adults use protective software, such as anti-virus, anti-spyware, a firewall, or a call- or popup blocking feature or app.
• An estimated 154 million adults have not used their social media account as a login for other online accounts.
• An estimated 151 million adults have automatic updates set up or promptly update their device’s operating system or protective software after receiving notification that a security patch or update is available (often to address known vulnerabilities).

The survey also shows that an estimated 156 million adults are worried about fraud, which perhaps reflects the significant growth of this crime over a short period of time. As businesses, law enforcement, and policy makers work to address the problem, it is equally important to share experiences about fraud encounters and losses, and report fraud when it occurs, to help mitigate risk.

More information is available in the full report here.