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Record-Breaking $10B Stolen In Scams in 2023

via ABC24 Memphis
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The United States saw record high losses to financial fraud in 2023 according to an FTC report.

Victims lost $10 billion total, up from $8.9 billion the previous year, with around 690,000 victims compared to 624,000 in 2022.

Impostor scams were most commonly reported but investment scams caused the greatest losses at over $1.1 billion.

Business impostor scams also increased 18%. Most international scams originated from Canada, the UK, China, India, and Australia.

Younger groups reported more fraud incidents while those over 80 suffered highest losses, with romance scams heavily impacting ages 40-69 and investment scams spanning all ages except over 80 targeted by prize/lottery scams.

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