Online scams cost Americans almost $150B last year – 7x more than reported

The Consumer Federation of America (CFA) estimates that online scams cost Americans almost $150 billion last year – seven times the amount reported to the FBI. The organization says that the number of cyber scams is increasing dramatically, and that most victims never report their losses to law enforcement …

A new estimate suggests reported losses reveal only a fraction of the damage, as crypto, AI and social media make fraud easier to spread.