In 2023, Americans Fell Victim to $10 Billion in Fraud, with Investment Schemes Leading the Losses. Federal Trade Commission data reveals that fraud costs Americans over $10 billion in 2023, with investment scams responsible for nearly half of these losses.

Compared to the previous year, overall losses surged by 14%, reaching $4.6 billion for investment scams, a staggering 21% increase.

Imposter scams came in as the second-highest reported loss category, totaling nearly $2.7 billion. Notably, bank transfers and cryptocurrency transactions surpassed all other methods combined in terms of reported losses.

The FTC registered fraud reports from 2.6 million Americans in 2023, a figure similar to that of 2022.

Imposter scams topped the list as the most frequently reported fraud category, followed by online shopping issues, prize-related scams, investment-related fraud, and business and job opportunity scams.

Email emerged as the predominant contact method for scammers, trailed by phone calls and text messages.