Online fraud is a $150 billion nightmare for Americans, but most crimes go unreported

A Consumer Federation of America report says U.S. online fraud losses may total about $148.2 billion a year, far above official FBI complaint figures.

The group says the FBI’s Internet Crime Complaint Center data likely undercounts losses because most victims never report scams.

Cryptocurrency scams account for more than half of reported losses, and older adults are being hit especially hard.

Scammers are heavily using Meta platforms such as Facebook, Instagram and WhatsApp, while AI-generated scams are adding to the damage.