Title: Record-Breaking $8.8 Billion in Fraud Reported to FTC in 2022: A 30% Increase over Previous Year

New data from the Federal Trade Commission (FTC) reveal a startling trend in reported fraud cases: a record-breaking $8.8 billion in consumer losses, marking a 30% increase from the previous year’s $6.8 billion.

Key Findings

• Consumer losses from fraud cases totaled $8.8 billion in 2022.
• This represents a 30% increase from the previous year’s reported $6.8 billion.

Types of Fraud Schemes

The FTC identified several types of fraud schemes that led to the steep increase in consumer losses.

Impersonation Schemes

• Scammers pretended to be representatives from banks, government agencies, or loved ones.
• These deceitful tactics tricked individuals into sharing sensitive information or money.

Telemarketing and Internet Schemes

• Consumers were targeted through unsolicited calls, emails, and messages.
• Scammers urging them to share personal and financial details or conduct fraudulent transactions.

The Impact of Fraud

Despite education campaigns and increased public awareness, fraud remains a significant concern. The FTC encourages consumers to take the following precautions to protect themselves.

• Stay informed about the latest fraud trends and scams.
• Maintain a healthy skepticism when interacting with unsolicited offers.
• Avoid sharing personal, financial, or sensitive information online.
• Only conduct financial transactions with reputable organizations.

A Call for Continued Vigilance

This alarming trend underscores the importance of continued vigilance and education in combating fraudulent activities. The FTC remains committed to collaborating with law enforcement agencies and industry partners to ensure the protection of consumers.