People are losing more money to scammers than ever before ajc.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ajc.com Daily Mail and Mail on Sunday newspapers.
Business for scammers is booming. The most recent Federal Trade Commission data from 2022 shows that reported consumer losses to fraud totaled $8.8 billion. That's a 30 percent increase from 2021. The biggest losses were to investment scams, including cryptocurrency schemes, which cost people more than $3.8 billion. Younger adults ages 20-29 reported losing money more often than older adults ages 70-79. But when older adults did lose money, they lost more. With the rise of the digital economy, scammers now reach targets by social media and text, as well as phone and email. Online payment platforms, apps, and marketplaces have also increased opportunities for fraudsters.
With the help of technology, scammers are tricking Americans out of more money than ever before. But there are steps you can take to keep your money and