According to the U.S. Federal Trade Commission, Americans reported losing more than $2 billion to scams that originated on social media in a single year. The Global Anti-Scam Alliance estimates that scams now cost consumers more than $1 trillion annually worldwide.

Well-supported — high-quality sources agree

What we can confirm

FTC data confirm that Americans reported losing just over $2 billion to scams that originated on social media in a recent single year, and the Global Anti-Scam Alliance has published estimates that aggregate global scam losses at around $1 trillion annually, though this latter figure is based on broad survey/extrapolation rather than official worldwide statistics.

Sources

Checked June 30, 2026