US consumers lost a record $10bn to fraud in 2023, representing a 14 per cent increase from the previous year’s reported losses, according to recently updated data from the Federal Trade Commission. The data was aggregated from the 2.6mn fraud reports submitted by consumers to the FTC last year — a figure comparable to the 2.4mn reports received in 2022 — and supplemented by intelligence provided by US law enforcement.
Investment scams were the top fraud category in terms of reported consumer losses, surpassing all others at more than $4.6bn. The amount represents a 21 per cent increase from the $3.9bn reported in 2022. Imposter scams, the most frequently reported type of fraud, followed with reported losses nearing $2.7bn.
