May 24, 2024 at 06:29PM
The Federal Trade Commission shared data on the most impersonated companies in 2023, with Best Buy, Amazon, and PayPal topping the list. Scammers made varying amounts depending on the impersonation, with Microsoft impersonators leading at $60 million and Comcast plus Xfinity scammers at the lowest with $2 million. Scammers use phone, email, and social media to contact victims and rely on various payment methods, including cryptocurrency, bank transfers, and gift cards. The FTC advises caution, emphasizing not trusting those asking for crypto or gift cards and always verifying the identities of those requesting payment.
Based on the meeting notes, here are the key takeaways:
1. The FTC shared data on the most impersonated companies in 2023, with Best Buy, Amazon, and PayPal topping the list. Best Buy and Geek Squad accounted for about 39% of scam reports among the top ten companies.
2. Despite being highly impersonated, the success of scams varied. Microsoft impersonators made the most money at $60 million, followed by Publishers Clearing House at $49 million, while Bank of America and Comcast/Xfinity scams were less successful.
3. Scammers predominantly used phone, email, and increasingly, social media as contact vectors. Social media was associated with the most costly scams.
4. Payment methods varied depending on the type of scam. Cryptocurrency and bank transfers were commonly used in investment scams, while gift cards were prevalent in most other types of scams. Notably, scammers also relied on traditional mail to receive payments.
5. The FTC provided three pieces of advice to prevent falling victim to modern scams: avoid those asking for cryptocurrency or gift cards, always verify the identities of those you interact with, and be wary of demands for specific payment methods.
These takeaways provide a comprehensive understanding of the current landscape of scams and the tactics used by scammers, as well as valuable tips for avoiding falling prey to fraudulent activities.