BBB reports Texans lost $10M to fraud in 2024

AUSTIN – KXAN reports that the Better Business Bureau reported on Monday it analyzed over 6,000 “BBB scam tracker” reports by Texans throughout 2024, according to a BBB press release. The analysis revealed Texans reported losing over $10 million to fraud, setting an all-time high since the “BBB scam tracker” was created in 2014. The BBB said that one-third of reports included an average loss of $150, a slightly higher average loss than in 2023.

Consumers between 45 years old and 54 years old were among those that reported the highest total losses at 2.8 million. Right behind that age group were consumers between 55 years old and 64 years old at 2.7 million lost, according to the press release. “Over the past few years, our data is showing a sharp increase in scam activity resulting in millions of dollars being lost,” said Heather Massey, vice president of communications and community relations at Better Business Bureau serving the Heart of Texas. “In just two years, scam reports have doubled, and losses have increased by more than 430 percent.” The BBB revealed the top five fraudulent reports that impacted Texans in 2024. Investment and cryptocurrency fraudulent reports were the costliest for Texans in 2024, the total loss was $3.1 million, according to the nonprofit organization.