US: Latest Reports Reveal Over $10 Million Were Lost To Fraud in 2023

February 14, 2024

Last year, fraud losses in the US surpassed $10 billion. A 14% increase from 2022. This is according to the recently released Federal Trade Commission Data.

Reportedly, more than $4.6 billion were lost to investment scams – an increase of 21% from 2022 to 2023.  Imposter scams were the second highest category, with reported losses of approximately $2.7 billion. According to respondents, they lost more money to cryptocurrency and banks than other methods combined.

According to the Director of the  FTC’s Bureau of Consumer Protection, Samuel Levine, targeting legitimate consumers has been made more easy than ever for scammers thanks to emerging digital tools.
The FTC reportedly received fraud reports from over 2.6 million consumers last year alone.

Other reported fraud categories include online shopping issues, followed by bogus sweepstakes, lotteries and prizes, investments, and even business or job opportunities. The form of communication scammers preferred in 2023 was email – a change from 2022, the year of text messages and 2021, when phone calls were most popular for this sort of delinquency.

Last year, phone calls were the second most used communication method by scammers, followed by text messages.

The FTC’s Consumer Sentinel Network is a database that receives reports directly from consumers, as well as from federal, state, and local law enforcement agencies, the Better Business Bureau, industry members, and non-profit organizations. More than 20 states contribute data to Sentinel.

A whopping 5.4 million reports were issued to Sentinel in 2023, 1 million of these being identity theft reports.

The FTC uses the reports it receives through the Sentinel network as the starting point for many of its law enforcement investigations, and the agency also shares these reports with approximately 2,800 federal, state, local, and international law enforcement professionals.


Sentinel reports are important for the FTC’s “law enforcement mission” – even though they cannot oversee each case individually, the trends found in reports can help warn consumers of any latent fraud trends.

We invite you to take a look at a full breakdown of the reports, where you can see information categorized by state and metropolitan area, and much More.

 

It’s important for consumers and businesses to be aware of the latest trends to help prevent the leak of important data that could lead to monetary losses or even identity theft.

Want to learn more? Check out Payments Cards and Mobile’s full write-up here.

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