AARP Virginia Fraud Alert: Fraud in 2023 By the Numbers

The numbers are in and last year was yet another historic year for fraud. The Federal Trade Commission released its annual compendium of fraud reports from 2023, and the news is shocking. For the first time ever reported theft through fraud topped $10 billion. The total is 14% higher than what was reported in 2022 and 5 times greater than the reported losses in 2019. Key takeaways from the report include:

More money, $4.6 billion, was stolen through investment scams than any other type of fraud. Many of the investment scams were tied to cryptocurrency where consumers reported $1.4 billion stolen. The most frequently reported scams were impostor scams, where the criminal pretends to be a person, company or government agency you trust. The average victim of an impostor scam had a staggering $7,000 stolen from them, according to the report. Lastly, the most popular method for criminals to reach their victims in 2023 was email, surpassing text messages and phone calls which led in previous years.

While all these numbers are eye-opening the sad reality is that we are only seeing the tip of the iceberg because the vast majority of fraud goes unreported.

Be a fraud fighter! If you can spot a scam, you can stop a scam. 

Report scams to local law enforcement. For help from AARP, call 1-877-908-3360 or visit the AARP Fraud Watch Network at www.aarp.org/fraudwatchnetwork.

With about 1 million members in Virginia, AARP is the largest organization working on behalf of people age 50-plus and their families in the Commonwealth. To learn more about how AARP Virginia is working in your community, like us on Facebook at www.facebook.com/aarpvirginia and follow @AARPVa on X at www.X.com/aarpva.

AARP is the nation's largest nonprofit, nonpartisan organization dedicated to empowering people 50 and older to choose how they live as they age. With a nationwide presence, AARP strengthens communities and advocates for what matters most to the more than 100 million Americans 50-plus and their families: health security, financial stability and personal fulfillment. AARP also produces the nation's largest circulation publications: AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org/about-aarp/, www.aarp.org/español or follow @AARP, @AARPenEspañol and @AARPadvocates on social media.