The Federal Trade Commission (FTC) released data revealing that consumers lost over $10 billion to fraud in 2023, at 14% increase from 2022.
Consumers reported losing more money to investment scams — more than $4.6 billion — than any other category in 2023. That amount represents a 21% increase over 2022. 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.