Reported Fraud Losses Hit $12.5 Billion in 2024—How to Protect Yourself
Fraud continues to be a growing threat as reported losses skyrocketed to $12.5 billion in 2024, a massive increase from the previous year. This alarming trend highlights the importance of staying vigilant and proactive in protecting your financial assets.
At Grant Capital, we understand how critical it is to safeguard your hard-earned money. To help you stay secure, here are some essential tips to reduce your vulnerability to fraud:
Be cautious with unsolicited messages — Whether it’s a suspicious email, text, or phone call, take extra care before clicking on links or sharing any personal information. Scammers often use urgent language to pressure victims into acting quickly.
Monitor your accounts regularly — Keep a close eye on your bank accounts, credit card statements, and financial transactions. Reporting any unusual activity early can prevent further losses.
Use strong, unique passwords — A weak password can make it easy for fraudsters to gain access to your accounts. Use a combination of uppercase and lowercase letters, numbers, and special characters, and ensure each account has a unique login.
Enable two-factor authentication (2FA) — Adding an extra layer of security to your accounts can make it significantly harder for fraudsters to gain access. Always enable 2FA whenever it's available.
Be cautious with public Wi-Fi — Cybercriminals often exploit unsecured public Wi-Fi networks to steal information. Avoid accessing sensitive accounts or making transactions when connected to public networks, or use a VPN for added protection.
Verify sources before sharing personal information — If someone asks for your personal details, confirm their credibility. Contact the company or organization directly using verified contact information rather than relying on links or numbers provided in unsolicited messages.
Educate yourself about common scams — Staying informed about the latest fraud schemes can help you recognize red flags and avoid falling victim. Regularly review resources from trusted organizations that track and report on scams.
Shred sensitive documents — Properly dispose of documents containing personal or financial information by shredding them to prevent identity theft.
Staying informed is key to fighting back against this surge in fraud. For the latest data and insights from the Federal Trade Commission (FTC), check out their report here: https://www.ftc.gov/news-events/news/press-releases/2025/03/new-ftc-data-show-big-jump-reported-losses-fraud-125-billion-2024
Fraud prevention starts with awareness, and by taking the right precautions, you can significantly reduce your risk. At Grant Capital, we remain committed to helping you protect both your finances and peace of mind. Stay secure, stay cautious, and remember—fraud can only succeed if we overlook the warning signs.