According to the Federal Trade Commission (FTC), Americans lost a whopping $88 billion to fraud last year. This represents a 30 per cent increase in total FTC losses reported in 2021, indicating that fraudsters’ tactics are becoming more sophisticated.
According to the report, the most common types of fraud reported to the FTC were imposter scams, in which fraudsters pose as government agencies or businesses in order to steal personal information or money. With over 1.5 million reports of imposter scams in 2022, these scams accounted for 22 per cent of all FTC reports.
In 2022, consumers reported losing more money to investment scams than any other category, totaling more than $3.8 billion. This amount more than doubles the reported loss in 2021. Imposter scams had the second highest reported loss amount, with $2.6 billion reported, up from $2.4 billion in 2021.
Identity theft was another common scam, accounting for 19 per cent of all FTC reports. Personal information, such as Social Security numbers, are stolen and used to open new accounts, apply for loans, or make fraudulent purchases in this type of fraud.
According to the report, younger people were more likely than older generations to report fraud, with those aged 20-29 reporting the highest number of fraud complaints. This could be because younger people are more likely to use online services, which are frequently targeted by fraudsters.
The sources for this piece include an article in BleepingComputer.