Consumer Fraud Losses Top $10 Billion
The Federal Trade Commission (FTC) recently released data showing that consumers reported losing more than $10 billion to fraud in 2023. This marks a 14% increase over reported losses in 2022. Fraud data came from 2.6 million consumers last year, nearly the same as 2022. Consumers reported to the FTC that they lost more money to investment scams – more than $4.6 billion – than any other category in 2023. The second highest loss category was imposter scams with losses of nearly $2.7 billion.
The following is a breakdown of the top frauds reported:
– Imposter scams (in business and government impersonators)
– Online shopping scams
– Prizes, sweepstakes and lottery scams
– Investment scams
– Business and job opportunity scams
The method scammers reportedly used to reach consumers most commonly was via email, which has displaced text messages. Phone calls are now the second most reported contact method. LEARN MORE
Guard Well Identity Theft Solutions exists to provide you, your family, and your employees from the damages of identity theft. If you have any questions or concerns, please contact our Member Services team immediately. We are always available for you 24/7/365 at 888.966.4827 (GUARD).
