The Federal Trade Commission (FTC) has released new data indicating that consumers in the United States lost almost $8.8 billion to scams and fraud in 2022, marking a 30% increase from 2021.
Rising Fraud and Scam Rates in the US
Americans only lost $3.5 billion to scams and fraud in 2020, including identity theft
FTC figures indicate a 30% increase from 2021, with consumers losing $8.8 billion to scams and fraud in 2022
According to Attorney General Merrick B. Garland, tackling fraud is a daunting task as these crimes are continually evolving and changing, making them hard to keep up with. The DOJ is, however, committed to fighting fraud, especially those that target older adults, who are often the primary victims.
Scam Reports Down, Individual Losses Up
Despite scam reports being down from 2.9 million to 2.4 million in 2022, individual losses were higher than ever before
The median loss from fraud in 2022 was $650, up from $500 in 2021
Investment scams accounted for the most significant losses, with losses exceeding $3.8 billion and a median loss of $7,144 per victim
Impostor scams were the second most expensive, with victims reporting losses of $2.6 billion and a median loss of $995 per person
Scams Targeting Older Adults
Older adults are often the primary targets of fraud crimes
Victims aged 70 and older had a median loss of over $1,000, compared to about $550 for individuals in their 20s
Impostor scams were the most common among older adults.
The "Fraudulent Five"
The "Fraudulent Five" scams include impostor scams, online shopping scams, lottery, sweepstake and prize scams, investment scams, and business and job opportunity scams
Impostor scams were the most common, followed by online shopping scams, lottery, sweepstake and prize scams, investment scams, and business and job opportunity scams
As fraud crimes continue to evolve, it's crucial for individuals to remain vigilant and cautious. The FTC recommends that consumers report any scams or fraud to the appropriate authorities promptly.