New data from the FTC reveals that Americans lost $8.8 billion to fraud last year, with investment scams accounting for almost half of the figure. The consumer protection agency reported that investment fraud surged by over 100% from 2021. The report echos findings of a recent FBI advisory that found fraudsters profited roughly $t.5 billion in 2021, making it the second highest of any cybercrime type.
The second highest monetary volume came from imposter scams, accounting for roughly $2.8 billion. The FTC reported that losses to business imposters were especially high. Additionally, social media accounted for the highest overall reported loses. There were 5.2 million reports of fraud in 2022, the FTC says, with most of the complains concerning identity theft.
Read More: Investment Scams Drive $9bn in Fraud in 2022
