Security News > 2024 > February > Americans lost record $10 billion to fraud in 2023, FTC warns
The U.S. Federal Trade Commission says Americans lost over $10 billion to scammers in 2023, marking a 14% increase in reported losses compared to the previous year.
Imposter scams emerged as the most frequently reported fraud category, with notable upticks in business and government impersonation reports.
"The second highest reported loss amount came from imposter scams, with losses of nearly $2.7 billion reported. In 2023, consumers reported losing more money to bank transfers and cryptocurrency than all other methods combined."
The FTC added 5.4 million consumer reports to its Consumer Sentinel Network secure online database last year, with more than 1.1 million reports of identity theft received through the agency's IdentityTheft.
The data shared today by the FTC reflects just a fraction of the actual harm inflicted by scammers in 2023 since most frauds are never reported.
A full breakdown of reports received in 2023, including state and metropolitan area stats, can be found on the FTC's data analysis site at ftc.