Fraud Losses by Payment Method
How reported fraud losses break down by payment method — bank transfer, cryptocurrency, gift card, and others — based on FTC and FBI IC3 data.
Last reviewed: 1 June 2026
Scammers direct victims to specific payment methods that are difficult to reverse or trace. Bank transfers and cryptocurrency dominate total reported losses because of the large sums involved, while gift cards remain common in lower-value impersonation schemes.
All figures below come from named official reports. Payment method data captures only reported cases; actual losses are higher.
Key figures
Bank transfers and cryptocurrency combined exceeded all other payment methods combined in 2024
Total losses paid by bank transfer or cryptocurrency vs all other methods (FTC)
Source: FTC Consumer Sentinel Network Data Book 2024 (2024)
$1.42 billion in 2024
Reported losses paid by cryptocurrency (FTC)
Source: FTC Consumer Sentinel Network Data Book 2024 (2024)
$9.3 billion across nearly 150,000 complaints in 2024 — a 66% increase on 2023
Total cryptocurrency-related fraud losses (FBI IC3)
Source: FBI Internet Crime Complaint Center (IC3) 2024 Annual Report (2024)
$5,400 in the first half of 2024 — compared to $447 across all payment methods
Median individual loss when cryptocurrency was the payment method (FTC)
Source: FTC Consumer Sentinel Network Data Book 2024 (2024)
Government impersonation, family impersonation, tech support, and business impersonation scams (2024)
Gift cards: top scam types where gift cards are most commonly requested
Source: FTC Consumer Sentinel Network Data Book 2024 (2024)
Key takeaways
- Bank transfers and cryptocurrency together accounted for more reported losses than all other payment methods combined in 2024 (FTC data).
- The FBI IC3 recorded $9.3 billion in cryptocurrency-related fraud losses in 2024, a 66% jump from 2023.
- Victims who paid scammers via cryptocurrency reported a median loss of $5,400 — more than ten times the median for all fraud reports.
- Gift cards are still heavily used in impersonation scams, particularly those targeting older adults.
Frequently asked questions
Why do scammers prefer cryptocurrency and bank transfers?
Both methods are difficult to reverse once a transfer is completed. Cryptocurrency transactions are pseudonymous and cross borders without traditional banking controls. Wire transfers, once settled, can rarely be recalled. This makes recovery of lost funds extremely difficult, which is exactly why scammers favour them.