Thanks, AI: A new study by the Consumer Federation of America is once again reminding everyone that internet users are losing significant amounts of money to online scams. In fact, the losses are so substantial that the "official" figures provided by the FBI's Internet Crime Complaint Center (IC3) significantly underestimate the true damage inflicted on the US economy.
According to official IC3 data, US internet users reported losing around $20.9 billion to all types of online scams and cybercrimes in 2025 alone. Losses grew by 25% year over year, but they still represent only a fraction of a much broader – and far more troubling – picture. CFA applied a 7.1x multiplier to official IC3 reports, estimating that the true cost of online fraud could reach around $148.2 billion.
CFA based its methodology on an underreporting analysis from a 2017 Bureau of Justice survey. The survey found that only around 14% of financial fraud victims actually contacted federal authorities. The 7.1x multiplier applied to official IC3 data is even considered a conservative estimate, CFA said, as other studies suggest reporting rates could be much lower (around 4 – 5%) and that the real financial impact could be 20 to 25 times higher.
In any case, CFA's report contains several interesting figures about online crime and the people affected by it. More than half of all reported losses are related to cryptocurrency-based fraud, a figure that is 21.9% higher than in 2024. IC3 data reports $11.4 billion in crypto-related losses, while CFA estimates that the true cost could exceed $80 billion.
Senior internet users (those aged 60 or older) are the most common targets of online scammers, accounting for 60% of reported losses, while the under-20 age group appears to be much safer – at least for now. However, younger internet users saw a massive 198% increase in reported losses in 2025 compared with 2024.
CFA identified Meta-owned social networks as the most popular platforms abused by scammers to find and target victims. In particular, Facebook, Instagram, and WhatsApp allegedly account for 57%, 22%, and 8% of all reported fraud cases, respectively.
The consumer organization also highlighted how generative AI services are making scams easier to organize and execute. The FBI began tracking "AI-enabled" crime cases in 2025, recording $893 million in reported losses. By applying its 7.1x multiplier, CFA estimates that the total cost associated with fake voice messages, fake videos, and other AI-generated scams could instead reach $6.3 billion.