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A new study estimates that scams could be costing people in the United States about $119 billion each year.
The research frames the figure as an annualized estimate of consumer losses tied to fraudulent schemes.
Researchers said the estimate reflects the broad reach of modern scams and the difficulty of measuring losses across channels.
The findings add to ongoing efforts to quantify the economic impact of fraud and improve prevention strategies.
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Scams could now be costing Americans an estimated $119 billion per year, according to a new study released on March 12 that attempts to quantify the annual financial toll of fraud on consumers in the United States.
The study’s estimate, presented as an annual figure, underscores the scale of consumer exposure to fraudulent schemes and the challenges researchers face in measuring losses that can occur through many different channels. The report characterizes the $119 billion figure as a nationwide cost borne by individuals, reflecting money sent to scammers or otherwise lost through deceptive practices.
Researchers said the estimate is intended to capture the broad landscape of scams affecting consumers, rather than a single category of fraud. In recent years, scam activity has increasingly spanned phone calls, text messages, email, social media, online marketplaces, and payment apps, complicating efforts to track losses consistently.
The study’s release comes amid continued public warnings from government agencies, financial institutions, and consumer advocates about fraud tactics that rely on impersonation, urgency, and manipulation. While the new estimate focuses on the economic impact, researchers also noted that financial losses are only one dimension of harm, which can include stress, time spent resolving issues, and longer-term effects on credit or financial stability.
## Measuring a moving target
Quantifying scam losses at a national level is difficult because many incidents are never reported, and reporting systems vary in what they count as a scam, fraud, or identity-related crime. The study’s authors said their approach aims to provide a clearer picture of the overall burden by translating observed patterns into an annualized estimate.
Researchers described the $119 billion figure as a measure of consumer losses, not a tally of attempted scams. Attempts can be far more numerous than successful incidents, and the gap between attempts and losses can shift as scammers change tactics and as consumers and platforms adopt new safeguards.
The study also highlights that scam losses can be distributed unevenly across the population. Exposure can depend on factors such as how people communicate, shop, and pay, as well as how frequently they receive unsolicited messages. The researchers did not frame the estimate as a prediction for any individual, but as a broad measure of national impact.
## How scams spread across channels
The study points to the way scams now operate across multiple communication and payment pathways. A single scheme may begin with a message or call and then move to other platforms, including requests for payment through transfers, gift cards, or other methods that can be difficult to reverse.
Researchers said the cross-channel nature of scams can make them harder to detect and disrupt. Fraudsters may use one platform to initiate contact, another to build credibility, and a third to collect money. This fragmentation can also complicate consumer reporting, since victims may be unsure which company or agency should receive the complaint.
The study’s findings align with broader scientific and technical work on fraud prevention that emphasizes the role of behavioral manipulation. Many scams rely on social engineering—techniques designed to persuade targets to act quickly, share sensitive information, or bypass normal verification steps.
The report also notes that scam tactics can adapt rapidly. As consumers become more familiar with one approach, scammers may shift to new narratives, impersonate different institutions, or exploit emerging technologies and trends. The study does not attribute the estimated losses to any single technology or platform, but treats adaptability as a key feature of the current scam environment.
## Implications for prevention and consumer protection
Researchers said that putting a dollar figure on scam losses can help policymakers, regulators, and industry groups assess the scale of the problem and evaluate interventions. An annual estimate can also be used to track whether prevention measures are reducing harm over time.
The study’s release is likely to add urgency to ongoing discussions about consumer education, stronger authentication practices, and improved coordination among platforms that handle communications and payments. Researchers emphasized that prevention often depends on reducing opportunities for impersonation and making it easier for consumers to verify requests before sending money or sharing information.
The report also highlights the importance of reporting mechanisms that are accessible and consistent. Better reporting can improve measurement and help identify patterns, including which scam narratives are spreading and which payment methods are most commonly used in successful fraud.
While the study focuses on the United States, researchers said the underlying dynamics of modern scams—rapid adaptation, cross-platform movement, and reliance on social engineering—are not unique to any one country. The $119 billion estimate, they said, is meant to clarify the scale of losses in the U.S. and support efforts to reduce the financial and personal harm caused by scams.
