InfoBytes Blog
FTC says fraud cost consumers $8.8 billion in 2022
On February 23, the FTC released data showing 2.4 million consumers reported losing a total of nearly $8.8 billion to fraud in 2022—a more than 30 percent increase from the prior year. Investment scam losses totaled more than $3.8 billion (the most of any category in 2022 and double the amount of investment scam losses reported in 2021). Imposter scam losses came in at $2.6 billion, up from $2.4 billion in 2021. The FTC reported receiving more than 5.1 million reports directly from consumers, federal, state, and local law enforcement agencies, the Better Business Bureau, industry members, and non-profit organizations. In addition to fraud reports, the FTC received identity theft reports and complaints related to issues concerning problems with credit bureaus, banks, and lenders. Reports received through the FTC’s database serve as the starting point for many of the FTC’s enforcement investigations, the agency said, adding that reports are also shared with federal, state, local, and international law enforcement professionals. Full coverage of the reports received in 2022 can be accessed here.