The Federal Trade Commission (FTC) issued a warning about the alarming rise in consumer fraud losses in 2023, urging Americans to be vigilant against scams. Bank transfers and cryptocurrency emerged as the most common methods used by scammers to defraud consumers, resulting in billions of dollars in losses.
The Federal Trade Commission ( FTC ), responsible for protecting American consumers, reported a significant increase in consumer fraud losses in 2023. Losses reached over $4.6 billion, a 21% jump from the previous year. The FTC highlighted that bank transfers and cryptocurrency were the leading methods for scammers to defraud consumers, surpassing all other methods combined. The median loss per person was approximately $500.
Email emerged as the primary contact method for scammers, with many posing as legitimate businesses or government agencies. Experts emphasize the importance of safeguarding Social Security Numbers (SSNs). Adam Levin, chairman and founder of CyberScout, stresses that individuals are ultimately responsible for protecting their SSNs. He advises consumers to exercise caution when asked to provide their SSNs, verifying the legitimacy of the request and considering alternative forms of identification. Levin also recommends negotiating with the requester and ensuring robust security measures are in place to protect personal information
Consumer Fraud Scams FTC Ssns Bank Transfers Cryptocurrency
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