The Federal Trade Commission (FTC) is sounding the alarm about a surge in consumer losses to scams. In 2022, Americans lost over $4.6 billion to scammers, a 21% increase from the previous year. The FTC reports that bank transfers and cryptocurrency scams caused the highest losses. Email remains the most common contact method for scammers, who often impersonate businesses or government agencies to steal money. Cybersecurity experts emphasize the importance of protecting your Social Security Number (SSN).
The Federal Trade Commission is the government body tasked with protecting American consumers. The FTC sounded the alarm last year when it, with more than $4.6 billion of their money handed over unknowingly. It was a 21% increase from the year before. “The second highest reported loss amount came fromIt added that in 2023, consumers lost more money to bank transfers and cryptocurrency than all other methods combined.. And it put the median loss at around $500 per person.
never hand over your SSN blindly. But rather, do the following if anyone ever asks for that information… Levin also suggests negotiating with the person who asked. You could instead offer your driver’s license or account number as a form of identification.
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