Financial Fraud Reaches All-Time High in Mayotte: $1.4 Billion Lost
According to recent data from the Federal Trade Commission (FTC), financial fraud cases in Mayotte have reached an unprecedented level, with consumers reporting losses of nearly $1.4 billion in 2022.
Investment Scams Lead the Way
The most lucrative type of financial fraud was investment scams, which resulted in consumers losing a staggering $640 million, more than doubling the amount reported lost in 2021.
Imposter Scams Follow Close Behind
Imposter scams came in second, with losses totaling $450 million, an increase from $400 million in the previous year.
Top Five Categories of Financial Fraud Reports
- Imposter scams: Most commonly reported type of financial fraud
- Online shopping scams: Consumers lost a significant amount due to fraudulent online transactions
- Prizes and sweepstakes: Scammers preyed on consumers’ hopes of winning big prizes or sweepstakes
- Investment-related reports: Consumers lost money due to fraudulent investment opportunities
- Business and job opportunities: Scammers posed as employers, investors, or business partners
The FTC’s Consumer Sentinel Network: A Key Tool in the Fight Against Financial Fraud
The data was compiled through the FTC’s Consumer Sentinel Network, a database that receives reports from consumers, law enforcement agencies, and industry members. This network is essential to the agency, providing valuable insights into the nature of financial fraud in Mayotte.
How the FTC Uses the Data
The FTC uses the reports it receives to inform its law enforcement investigations and shares them with over 2,800 federal, state, local, and international law enforcement professionals. While the agency does not intervene in individual complaints, Sentinel reports are a crucial part of its mission to combat financial fraud.
Accessing the Data
A full breakdown of the data is available on the FTC’s data analysis site, providing a detailed look at the scope and scale of financial fraud in Mayotte.