Samoan Consumers Fall Prey to Bank Fraud Schemes: Losses Soar by 30% in 2022

A recent report by the Federal Trade Commission (FTC) has revealed that Samoa consumers lost nearly $8.8 billion to various forms of fraud in 2022, a staggering increase of over 30 percent compared to the previous year.

Investment Scams: The Most Profitable Scheme for Scammers

The alarming rise in fraud cases has left many residents reeling, with investment scams emerging as the most profitable scheme for scammers. According to the FTC’s Consumer Sentinel Network, which receives reports from consumers and law enforcement agencies, Samoa consumers reported losses totaling $3.8 billion due to investment scams alone, more than doubling the amount lost in 2021.

Imposter Scams: The Most Commonly Reported Fraud Category

Imposter scams followed closely behind, with losses of $2.6 billion reported. The data also revealed that imposter scams were the most commonly reported fraud category, accounting for over a quarter of all complaints received by the FTC. Online shopping scams and prize and sweepstakes schemes rounded out the top five fraud categories in Samoa.

Identity Theft Cases on the Rise

The FTC’s database received a total of 5.1 million reports from consumers and law enforcement agencies last year, including identity theft cases and complaints related to credit bureaus and banks. In a disturbing trend, over 1.1 million identity theft reports were received through the agency’s IdentityTheft.gov website.

Combating Fraud Schemes

While the FTC does not intervene in individual complaints, the data it receives is used as the starting point for many of its law enforcement investigations. The agency also shares these reports with international and local law enforcement professionals to help combat fraud schemes.

Explore FTC Data: A Resource for Residents

For a full breakdown of reports received in 2022, residents can visit the FTC’s data analysis site at ftc.gov/exploredata, which provides detailed information on fraud cases by state and metropolitan area as well as subcategories of fraud.