November 17, 2021

Americans lost $29.8 billion to phone scams over the past year

Nearly 1 in 3 Americans say they’ve fallen victim to a phone scam in the past year, like the ones where someone calls pretending to be from the IRS or from a company inquiring about an expiring warranty on your vehicle.

That’s according to a new report from Truecaller that finds roughly 59.4 million Americans have lost money to phone scams over the past year. About 19% fell victim more than once, according to the report, which was undertaken in partnership with The Harris Poll in March 2021.

Not only is the number of victims on the rise, the expense of these scams is also up. The average reported loss was about $502 per person, the highest amount on record since Truecaller began tracking this data in 2014 and up significantly from the average loss of $351 reported in 2020. 

“It’s very disappointing to me, and alarming that people are getting convinced to send criminals money,” says…

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