The Federal Trade Commission (FTC) reports a 21% increase in consumer losses to scams in 2023, with over $4.6 billion stolen. Bank transfers and cryptocurrency emerged as the biggest culprits, surpassing all other methods. Email remains the primary contact for scammers, who often impersonate legitimate businesses or government agencies. The FTC emphasizes the importance of safeguarding Social Security Numbers (SSNs), urging consumers to be cautious and verify the legitimacy of requests before divulging sensitive information.
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…
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