The FTC is analyzing 2022 data. Learn where scammers continue to deceive consumers.

There are prime numbers, irrational numbers, and Fibonacci numbers, but from a consumer protection perspective, no number is more sobering than the number of dollars people reported losing to fraud in 2022. According to the latest data from the FTC, this figure is almost $8.8 billion, a 30% increase from the previous year.

The Consumer Sentinel Network Data Book reflects reports received through the Consumer Sentinel Network, a repository of direct consumer reports and reports from federal, state and local law enforcement agencies, the Better Business Bureau, industry groups and Information repository for nonprofits. 2022 data shows some troubling trends in the behavior of scammers.

• Reported fraud losses increased. The Consumer Sentinel Network received 2.4 million fraud reports in 2022, down from 2.9 million in 2021. But losses reported in 2022 totaled nearly $8.8 billion, exceeding the $6.1 billion in 2021.
• Imposter scams rank among the top five scams. In terms of the number of fraud reports received, imposter scams ranked first, followed by online shopping in third, prizes, sweepstakes and lotteries in third, investing in fourth, and business and job opportunities in fifth. .
• Losses from business impostors surge. Imposters reportedly lost $2.6 billion in 2022, up from $2.4 billion the previous year.A significant trend with Business Imposter – A scammer who falsely claims to be associated with a well-known company. In 2020, business impostors reported losses of $196 million. That number rose to $453 million last year and soared to $660 million in 2022.
• Investment scams are on a disturbing rise. Doubling in just one year might sound like good news for a business, but not if that business is an investment scam. In 2022, Consumer Reports said this form of fraud cost nearly $3.8 billion, more than any other category. This number is more than double the losses reported by consumers in 2021 from investment scams.
• Hustlers go social. In 2022, losses through social media platforms totaled $1.2 billion, although phone scams caused the highest losses per capita, with a median loss of $1,400.

Posting these numbers may seem like an odd time to say “thank you,” but it’s definitely appropriate. The FTC and the approximately 2,800 federal, state, local and international law enforcement professionals who have access to Consumer Sentinel data thank consumers for taking the time to submit these 2.4 million fraud reports in 2022. This information has proven valuable in helping consumer protection professionals spot trends, investigate, warn people about new forms of fraud, and ultimately bring scammers to justice.

Why should businesses care about these statistics? Because fraudsters pocketed $8.8 billion, that means consumers spent $8.8 billion less on goods and services provided by honest businesses. Additionally, the rise of business imposters should be particularly disturbing because what the scammers are stealing could be your company’s good reputation. These dollar figures do not take into account the immeasurable loss of consumer confidence in the market.

Looking for more information by state, department and subcategory? Please visit the FTC’s data analysis website at ftc.gov/exploredata. If you see a scam or questionable business practice in 2023, please report your experience at ReportFraud.ftc.gov.