Skip to Content

People are losing more money to scammers than ever before. Here’s how to keep yourself safe

KIFI

By CORA LEWIS and ADRIANA MORGA
Associated Press

NEW YORK (AP) — Business for scammers is booming. The most recent Federal Trade Commission data from 2022 shows that reported consumer losses to fraud totaled $8.8 billion. That’s a 30 percent increase from 2021. The biggest losses were to investment scams, including cryptocurrency schemes, which cost people more than $3.8 billion. Younger adults ages 20-29 reported losing money more often than older adults ages 70-79. But when older adults did lose money, they lost more. With the rise of the digital economy, scammers now reach targets by social media and text, as well as phone and email. Online payment platforms, apps, and marketplaces have also increased opportunities for fraudsters.

Article Topic Follows: AP National

Jump to comments ↓

Author Profile Photo

Associated Press

BE PART OF THE CONVERSATION

KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content