Americans are losing more to fraud than ever before. According to the data presented by the Atlas VPN team, based on the numbers provided by the Federal Trade Commission, consumers in the United States lost an unprecedented $8.8 billion to various scams in 2022 — a 43% rise from the previous year.
While fraud losses increased, the number of fraud cases dropped by a fifth from 2.9 million in 2021 to 2.4 million in 2022.
Fraudsters utilize a range of techniques and scams to cash in from unsuspecting victims. However, some scams are more lucrative than others.
Investment-related fraud hurt consumers the most, with reported losses reaching $3.8 billion in 2022, up 116% from $1.8 billion in 2021. Funds lost to investment fraud alone constituted nearly half the total losses to fraud in the US last year. Overall, there were 104,703 investment fraud cases recorded in 2022.
While US citizens lost the most money to investment fraud, imposter scams were the most prevalent, with 725,989 cases reported in 2022. Together they cost US consumers $2.7 billion — 11% more than the previous year.
The third spot on the list is occupied by business and job opportunities fraud. US consumers reported 92,723 such fraud instances, totaling $367.4 million in losses. Compared to 2021, losses to business and job opportunities fraud increased by 76%.
Other fraud types that caused US consumers significant losses include online shopping and negative reviews scams ($358.1) and prizes, sweepstakes, and lottery scams ($301.9 million).
Cybersecurity writer at Atlas VPN, Ruta Cizinauskaite, shares tips on how to avoid falling victim to fraud:
“While fraudsters continuously find innovative ways to deceive victims, there are some general rules you can follow to protect yourself from falling victim to fraud. Be wary of unsolicited calls, emails, or messages, try to verify the identity of the person or organization contacting you, and take the time to think through any requests or offers before making a decision. Most importantly, don’t share your personal information, such as your social security number, bank account information, or credit card details, unless you are absolutely sure it is necessary and legitimate.”
To read the full article, head over to:
https://atlasvpn.com/blog/americans-lost-a-record-8-8-billion-to-fraud-in-2022
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This entry was posted on March 8, 2023 at 10:59 am and is filed under Commentary with tags Atlas VPN. You can follow any responses to this entry through the RSS 2.0 feed.
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Guest Post: Americans lost a record $8.8 billion to fraud in 2022
Americans are losing more to fraud than ever before. According to the data presented by the Atlas VPN team, based on the numbers provided by the Federal Trade Commission, consumers in the United States lost an unprecedented $8.8 billion to various scams in 2022 — a 43% rise from the previous year.
While fraud losses increased, the number of fraud cases dropped by a fifth from 2.9 million in 2021 to 2.4 million in 2022.
Fraudsters utilize a range of techniques and scams to cash in from unsuspecting victims. However, some scams are more lucrative than others.
Investment-related fraud hurt consumers the most, with reported losses reaching $3.8 billion in 2022, up 116% from $1.8 billion in 2021. Funds lost to investment fraud alone constituted nearly half the total losses to fraud in the US last year. Overall, there were 104,703 investment fraud cases recorded in 2022.
While US citizens lost the most money to investment fraud, imposter scams were the most prevalent, with 725,989 cases reported in 2022. Together they cost US consumers $2.7 billion — 11% more than the previous year.
The third spot on the list is occupied by business and job opportunities fraud. US consumers reported 92,723 such fraud instances, totaling $367.4 million in losses. Compared to 2021, losses to business and job opportunities fraud increased by 76%.
Other fraud types that caused US consumers significant losses include online shopping and negative reviews scams ($358.1) and prizes, sweepstakes, and lottery scams ($301.9 million).
Cybersecurity writer at Atlas VPN, Ruta Cizinauskaite, shares tips on how to avoid falling victim to fraud:
“While fraudsters continuously find innovative ways to deceive victims, there are some general rules you can follow to protect yourself from falling victim to fraud. Be wary of unsolicited calls, emails, or messages, try to verify the identity of the person or organization contacting you, and take the time to think through any requests or offers before making a decision. Most importantly, don’t share your personal information, such as your social security number, bank account information, or credit card details, unless you are absolutely sure it is necessary and legitimate.”
To read the full article, head over to:
https://atlasvpn.com/blog/americans-lost-a-record-8-8-billion-to-fraud-in-2022
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This entry was posted on March 8, 2023 at 10:59 am and is filed under Commentary with tags Atlas VPN. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.