AI scams surged in 2024, costing $16.6 billion and targeting Americans through deepfakes and voice cloning.

AI-powered scams are surging in the U.S., with cybercrime losses reaching $16.6 billion in 2024—a 33% increase from 2023—driven by deepfakes, voice cloning, and personalized fraud on social media and digital platforms. Lawmakers warn that scams targeting seniors, small businesses, and individuals are becoming more sophisticated, often bypassing financial institutions by exploiting online channels. Despite heightened awareness, 40% of Americans reported experiencing fraud in the past year, with 10% losing money. Experts urge stronger federal coordination, improved data sharing, consumer education, and safeguards in digital payments and AI use to combat evolving threats.