SPOKANE, Wash. — Millions of people have fallen victim to scams, and knowing the red flags in a transaction could save someone from spending more than they bargained for.
According to the Federal Trade Commission (FTC), there were 2.6 million fraud reports in 2023, racking up a total loss of $10 billion. The top frauds reported were tracked to imposter scams, fake online shopping, and negative reviews. According to the FTC, $1.8 billion was lost due to victims transferring money from their bank to the scammer and $1.4 billion was given to scammers through Cryptocurrency.
Technological advances make it easier for scammers to get creative when pretending to be a trustworthy person or business. The FTC reported that in 2023, the highest per-person reported losses through a phone call averaged $1,480. Scams through social media are also becoming more common, with a total loss of $1.4 billion in 2023.
According …