FTC Announces Impersonation Rule Goes into Effect Today

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Summary:

The Federal Trade Commission (FTC) has issued new data on government and business impersonation scams, revealing that reported losses have reached over $1.1 billion for the year. The top five most common scams reported include copycat account security alerts, phony subscription renewals, fake giveaways, bogus problems with the law, and made-up package delivery issues. The FTC has also introduced a new rule to combat and deter scammers who impersonate government agencies and businesses, enabling the FTC to file federal court cases and seeking to get money back to injured consumers. The agency is accepting public comments until April 30, 2024, on a supplemental notice of proposed rulemaking that would prohibit the impersonation of individuals and providing scammers with means to execute such scams.

Key Findings:

Reported losses to government and business impersonation scams have reached over $1.1 billion for the year.
The top five most common scams reported include copycat account security alerts, phony subscription renewals, fake giveaways, bogus problems with the law, and made-up package delivery issues.
Reports of text messages and email are trending up as phone calls decline.
Bank transfers account for about 40 percent of reported losses to government and business impersonators in 2023, followed by cryptocurrency at 21 percent.

Action Items:

Report fraud, scams, and bad business practices at ReportFraud.ftc.gov.
Follow the FTC on social media, read consumer alerts and the business blog, and sign up to get the latest FTC news and alerts.
Visit consumer.gov for consumer protection basics, plain and simple.
Visit militaryconsumer.gov for financial readiness tools for servicemembers.

Contact Information:

FTC Consumer Response Center: 877-382-4357
Office of Public Affairs: 202-326-2656
* https://reportfraud.ftc.gov