Americans faced over $10 billion in fraud losses in 2023, with investment scams responsible for nearly half of these losses, according to Federal Trade Commission data.
Total losses for the year saw a 14% increase compared to 2022, while losses from investment scams rose by 21%, exceeding $4.6 billion. Imposter scams ranked second, with reported losses approaching $2.7 billion. Notably, consumers reported losing more money through bank transfers and cryptocurrency than through all other methods combined.
In 2023, the Federal Trade Commission received fraud reports from 2.6 million Americans, almost identical to the previous year’s figures. The most frequently reported scam types were imposter scams, followed by issues related to online shopping, prizes, sweepstakes, lotteries, investment-related scams, and business and job opportunity scams. Email emerged as the primary method for contact, followed by phone calls and text messages.