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Why Americans are losing more to scams

Posted at 1:49 PM, Feb 28, 2023

It appears Americans are more prone to falling for scams. According to the Federal Trade Commission, $8.8 billion was lost in the U.S. in 2022 to scams, a 30% increase compared to 2021.

According to the FTC, consumers reported losing more money to investment scams — more than $3.8 billion — than any other category in 2022. The $3.8 billion figure is nearly double what was lost in 2021.

The FTC said it received 2.4 million reports of fraud in 2022.

The top five reasons people cited for being scammed were:

1. Imposter scams
2. Online shopping scams
3. Fake prizes, lotteries and sweepstakes
4. Fake investment reports
5. Business and job opportunities