In its latest annual report, the Federal Trade Commission (FTC) announced that Americans collectively lost $12.5 billion to fraud in 2023. This substantial figure underscores the growing threat of fraudulent schemes across the country and highlights the urgent need for vigilance and enhanced consumer protections.
The report, based on data collected from consumer complaints and law enforcement investigations, reveals that several major types of fraud contributed to the overall loss. These included imposter scams, online shopping fraud, investment scams, and identity theft, among others. Imposter scams remained the most common and costly, with criminals often posing as government officials, business representatives, or even family members to trick victims into sending money or divulging sensitive personal information.
FTC officials emphasized that the total losses may be even higher, as many instances of fraud often go unreported due to shame, confusion, or lack of awareness among victims. The agency continues to advocate for public education campaigns aimed at helping citizens recognize the warning signs of fraud and take preventive measures.
“The $12.5 billion lost last year is a troubling reminder that fraud isn’t just a personal threat—it’s a public concern that affects all of us,” said Samuel Levine, Director of the FTC’s Bureau of Consumer Protection. “We’re urging consumers to stay informed and report any suspicious activity they encounter.”
The FTC has also outlined steps to help the public avoid becoming victims of fraud. These include safeguarding personal information, verifying requests for money or information, and using tools like the agency’s online complaint assistant to report suspect activity. In addition, the agency works in partnership with local and federal law enforcement to investigate and prosecute perpetrators.
As fraud continues to evolve with technology, including the rise of scams involving cryptocurrency and digital platforms, the FTC has pledged to increase its efforts to protect consumers and hold offenders accountable. They encourage individuals to visit their official website to learn more about current scams and preventive strategies.
The full FTC report is available to the public and includes a detailed breakdown by state, type of fraud, and demographic data, providing vital insight to policymakers, businesses, and advocacy groups working to reduce the impact of fraud on American society.
Source: https:// – Courtesy of the original publisher.
