Home » Lifestyle » Consumers reported losing nearly $8.8 billion to scams in 2022: FTC
Consumers reported losing nearly $8.8 billion to scams in 2022: FTC
FOX Business Flash top headlines for February 23
Check out what’s clicking on FoxBusiness.com
The Federal Trade Commission (FTC) released data on Thursday that shows American consumers reported losing nearly $8.8 billion to fraud in 2022 – an increase of more than 30% compared to the prior year.
According to the FTC’s data, consumers lost the most money to investment scams, which fleeced investors of more than $3.8 billion last year. That amount is more than double what was lost to investment scams the prior year when fraudsters claimed more than $1.8 billion from American investors. Losses from imposter scams were also on the rise in 2022, with more than $2.6 billion reported lost to such schemes last year, which was an increase from $2.2 billion in 2021.
While Americans reported greater losses to scams last year, based on the FTC data, the number of fraud reports actually declined in 2022. There were 2.9 million fraud reports amounting to $6.1 billion in losses in 2021, compared to 2.4 million fraud reports and $8.8 billion in losses in 2022.
FTC WARNS OF JOB SCAMS AMID RECENT LAYOFFS IN TECH AND OTHER INDUSTRIES