As Nationwide Fraud Losses Top $10 Billion in 2023, FTC Steps Up Efforts to Protect the Public

Summary:

The Federal Trade Commission (FTC) has released data showing that consumers reported losing over $10 billion to fraud in 2023, a 14% increase from 2022. Investment scams led the way, with reported losses of over $4.6 billion, a 21% increase from 2022. Imposter scams came in second, with losses of nearly $2.7 billion reported. The FTC received 2.6 million fraud reports in 2023, with email being the most commonly used method for scammers to reach consumers. The agency is combating fraud through various initiatives, including a crackdown on illegal telemarketing, a proposed ban on impersonator fraud, and increased enforcement of CAN-SPAM Act violations. The FTC also expanded its ability to receive consumer reports in multiple languages through the Consumer Sentinel Network, which received 5.4 million reports in 2023.