US to See 1.5 Trillion Scam Ads a Year by 2031

The Financial Technology Association and Revolut have released a report projecting that fraud originating on social media and telecom platforms will cost American consumers more than $5.1 billion by 2031, a 65% increase from 2026. The report, Stopping Scams at the Source: The Case for a Whole-of-Ecosystem Approach, says losses will keep rising unless those platforms take stronger action.

Federal Trade Commission data shows total fraud losses topped $16 billion in 2025, up 25.5% from the year before. Scams that began on social media or through text messages accounted for 35% of fraud attempts and 38% of losses. Juniper projects that by 2031:

• Scam ads will reach nearly 1.5 trillion impressions a year. That is more than 440 a month for the average US social media user, up from over 340 today.
• Social media scam losses will hit $4 billion. That is up from $2.3 billion in 2026.
• Fraudulent texts will nearly double to 28 billion. The 2026 figure is expected to be 14.8 billion.
• Messaging fraud losses will reach $1.15 billion. They are projected to pass $1 billion by 2028.

“Banks and fintechs are often the last line of defense against fraud, but we can’t be the only ones,” said Penny Lee, president and CEO of FTA. Logan Wyatt, US head of government affairs at Revolut, said fintechs are “fighting a downstream battle.”

The report says financial firms’ fraud tools act late in a scam’s lifecycle. Its recommendations include:

• Social media platforms should strengthen advertiser verification, adapt quickly to new scam tactics, and remove scam advertisers.
• Telecom operators should expand network-level blocking, device-level scam filters, and user reporting.
• Policymakers should advance bipartisan proposals for a Treasury-led interagency scam task force and more law enforcement resources. The FTC’s pending rulemaking on impersonation scams is open for comment through November 30, 2026.

In an interview with Financial Narrative at Money20/20 in Las Vegas, Sarah Mamula, head of government affairs at FTA, said fraud prevention is an issue where fintechs and traditional banks agree. 

She said FTA wants a national approach that combines information sharing among government, regulators, industry, and law enforcement, and expects fraud to remain a top policy issue in 2027.
Watch the interview here >>>

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