(NewsNation) — Americans lost a record $10 billion to fraudsters in 2023 and email was the most common method scammers used, according to new data from the Federal Trade Commission (FTC).
Last year’s losses were 14% higher than in 2022 and investment scams accounted for roughly half of the total, more than any other category.
“Digital tools are making it easier than ever to target hard-working Americans, and we see the effects of that in the data we’re releasing today,” Samuel Levine, Director of the FTC’s Bureau of Consumer Protection said in a statement.
Over 690,000 people were tricked into giving money to fraudsters in 2023 with a median loss of nearly $500. That amount was much higher for those aged 80 and older, $1,450. Nearly 100,000 people reported losing more than $10,000 last year.
Email became the most popular way for scammers to reach consumers in 2023, surpassing text messages which held the top spot in 2022, according to consumers’ reports.
In terms of total losses, social media scams were the most dangerous — nearly 70% of those fraud reports involved money being lost. By comparison, 11% of email fraud reports included an actual loss.
Imposter scams were the most commonly reported scam category, leading to nearly $2.7 billion in losses. Those are the types of scams that include people pretending to be a distressed family member or a romantic interest. Last year saw a significant increase in reports of both business and government impersonators, the FTC noted.
As far as how people moved funds, consumers reported losing more money to bank transfers ($1.86 billion) and cryptocurrency ($1.41 billion) than all other methods combined.
The state with the highest per capita rate of reported fraud last year was Georgia, followed by Florida, Nevada, Delaware and Maryland.
The FTC highlighted several efforts to address fraud in its report, including the largest-ever crackdown on illegal telemarketing calls that involved more than 100 federal and state law enforcement partners nationwide.
The federal agency said it’s in the final stages of a rulemaking process aimed at business and government impersonation scams.