In 2023, the United States saw a record high in financial losses due to fraud, with victims losing a total of $10 billion, an increase from the $8.9 billion in losses incurred the previous year, according to Federal Trade Commission data.
The number of victims rose to approximately 690,000 from 624,000 in 2022. Impostor scams were the most reported, but investment scams led to the highest financial losses, exceeding $1.1 billion. Business impostor scams also increased by 18% compared to the previous year.
The majority of international scams originated from Canada, the United Kingdom, China, India, and Australia. Fraud cases and losses varied by age, with those aged 30-39 reporting the highest number of incidents, while individuals over 80 suffered the greatest financial losses. Romance scams, according to the Washington Examiner, significantly impacted the 40-69 age group, whereas investment scams were common across all ages, except for those over 80, who were mainly targeted by prize and lottery scams.
Nick Koutsobinas ✉
Nick Koutsobinas, a Newsmax writer, has years of news reporting experience. A graduate from Missouri State University’s philosophy program, he focuses on exposing corruption and censorship.
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