Americans lost record $10 billion to fraud in 2023, FTC warns

Americans lost record $10 billion to fraud in 2023, FTC warns

February 9, 2024 at 10:24AM

The FTC reported over $10 billion losses to scammers in 2023, a 14% increase from the previous year. Ransomware payments also hit a record of over $1.1 billion. Imposter scams were the most reported fraud, with investment scams leading in losses. The FTC added 5.4 million consumer reports to their database, aiding law enforcement efforts.

Key takeaways from the meeting notes:

– The FTC reported a 14% increase in reported losses to scammers in 2023, with Americans losing over $10 billion.
– Ransomware payments reached over $1.1 billion in 2023, according to Chainalysis.
– Imposter scams were the most frequently reported fraud category, followed by online shopping scams, prizes/sweepstakes/lotteries, investment scams, and business/job opportunity schemes.
– Investment scams accounted for the highest reported loss amount in 2023, totaling over $4.6 billion.
– The FTC added 5.4 million consumer reports to its Consumer Sentinel Network, with over 1.1 million reports of identity theft.
– Most frauds are never reported, and victims can report incidents at ReportFraud.ftc.gov or file identity theft reports at IdentityTheft.gov.
– The reports in the Sentinel database are shared with law enforcement professionals to aid in tracking down fraudsters.
– A detailed breakdown of the reports received in 2023, including state and metropolitan area statistics, can be found on the FTC’s data analysis site (ftc.gov/exploredata).
– FTC’s Bureau of Consumer Protection Director, Samuel Levine, emphasized the impact of digital tools in targeting Americans and highlighted the importance of the released data.

Full Article