Fraud: Part 1 — Scams in 2023

The Federal Trade Commission (FTC) said people lost more than $10 billion to consumer fraud in 2023. That’s a 14% rise from losses in 2022 and the first time those losses have topped $10 billion.

Investment scams topped the list with over $4.6 billion lost. That’s a 21% jump over the losses in 2022. Imposter scams were second with losses hitting $2.7 billion. Online shopping scams with the most common fraud followed by prizes, sweepstakes, lotteries.

Business and job opportunities are in there, too.

The FTC said consumers lost more money from bank transfers and cryptocurrency than all other scams combined, however, the number of people scammed remained the same from 2022 to 2023. That figure is 2.6 million.

For the first time email was the number-one method used by scammers to reach consumers. In the past it was phone calls. They placed second in 2023. Text messages are third.

About PIA Western Alliance

The Professional Insurance Agents Western Alliance is a membership organization promoting and enhancing the success of independent agencies seeking to grow, learn and be heard within the industry.


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