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Americans lost $8.8 billion to scams in 2022: report

Americans $8.8 billion scams
Source: Unsplash

According to a new report, consumers in the United States lost nearly $8.8 billion to scams in 2022, an increase of more than 30% from the previous year.

Consumers reported losing more money to investment scams than any other category in 2022, according to the Federal Trade Commission (FTC).

This amount more than doubles the reported loss in 2021.

Furthermore, imposter scams caused the second-highest loss amount, $2.6 billion, up from $2.4 billion in 2021, according to the report.

The top five fraud categories included prizes, sweepstakes, lotteries, investment-related scams, and business and job opportunities.

According to the report, nearly 2.4 million consumers reported fraudulent activity on their accounts last year, with imposter scams being the most common, followed by online shopping scams.

The FTC issued a similar report earlier this month, claiming that romance scammers received a sizable payout last year, involving 70,000 victims who lost a total of $1.3 billion.

According to the report, romance scammers frequently use dating apps to target people looking for love.

Nearly 40% of those who lost money to a romance scam last year said the contact began on social media, while 19% said it began on a website or app.

Many people reported that the scammer quickly switched the conversation to WhatsApp, Google Chat, or Telegram.


About the author

Brendan Byrne

While studying economics, Brendan found himself comfortably falling down the rabbit hole of restaurant work, ultimately opening a consulting business and working as a private wine buyer. On a whim, he moved to China, and in his first week following a triumphant pub quiz victory, he found himself bleeding on the floor based on his arrogance. The same man who put him there offered him a job lecturing for the University of Wales in various sister universities throughout the Middle Kingdom. While primarily lecturing in descriptive and comparative statistics, Brendan simultaneously earned an Msc in Banking and International Finance from the University of Wales-Bangor. He's presently doing something he hates, respecting French people. Well, two, his wife and her mother in the lovely town of Antigua, Guatemala.

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