Here’s a staggering number: reported fraud losses in the U.S. in 2021 increased more than 70% over 2020 to more than $5.8 billion. It seems fraudsters are taking advantage of the vulnerabilities that have come along with a global pandemic.
Newly released data from the Federal Trade Commission shows impostor scams and online shopping scams top the list of 2.8 million consumer reports of fraud. Prizes, sweepstakes, and lotteries; along with business and job opportunities round out the top five fraud categories. And here’s another staggering number: impostor scams created an additional $1 billion loss in 2021 compared with 2020. Consumers over the age of 60 lost larger amounts of money than those under 60, with people in their 80s losing an average of $1,500.
Since impostor scams top the list of fraudulent activity, consumers should take extra steps to protect themselves.
Typically, impostor scams start with an unsolicited phone call, text, email or through social media. To reach older consumers, scammers will send their bait, such as a letter of significant lottery winnings, through the mail. A common tactic is impersonating organizations, agencies, and people you would typically believe or trust. Beware of anyone who states a sense of urgency or consequences if you don’t immediately pay.
Do your due diligence and confirm independently whether an agency or business is legitimately trying to reach you. Hang up and call the agency or business directly to see if there…
