FTC Reports $7 Billion in Fraud Costs to US Consumers, Up 5% from 2022. Before You Send Money, Watch For These Signs.
Fraud cost US consumers over $7 billion in the first three quarters of 2023, a 5% increase from 2022, according to the Federal Trade Commission. Scammers have advanced technology and scripts to reach more victims. Grandparent scams pose as a family member in need, often requesting money via untraceable means like gift cards. Romance scams involve fake online relationships leading to requests for money, often in cryptocurrency, which is hard to recover. Cryptocurrency scams promise high returns or claim a celebrity can multiply funds. Job scams require upfront payments or personal details for "background checks" by fake employers or third parties.
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00:00 It's Benzinga and here's what's on the block.
00:02 Fraud caused US consumers over $7 billion in the first three quarters of 2023,
00:07 a 5% increase from 2022 according to the Federal Trade Commission.
00:11 Scammers have advanced technology and scripts to reach more victims.
00:14 Grandparent scams pose as a family member in need,
00:16 often requesting money via untraceable means like gift cards.
00:20 Romance scams involving fake online relationships leading to requests for money,
00:23 often in cryptocurrency, which is very hard to recover.
00:26 Crypto scams promise high returns or claim a celebrity can multiply funds.
00:30 Job scams require upfront payments or personal details for background
00:33 checks by fake employers or third parties.
00:36 Tax account scams offer to help set up fraudulent IRS accounts
00:39 using a victim's confirmation for identity theft or sham tax returns.
00:42 For all things money, visit Benzinga.com.