AARP Virginia Fraud Alert: Reported Scams Grow by $2 Billion

The numbers are in and 2022 was a doozy. While total reported scams to the Federal Trade Commission dropped by 1 million, the total reported amount lost grew by $2 billion for a total of $8.8 billion lost to scams and fraud. And this is just what’s reported – we know fraud is severely under-reported. Fueling the growth were dramatic increases in investment schemes and scams asking for cryptocurrency as a form of payment.

Investment scams were the single biggest type of scam last year with victims losing $3.8 billion. That in part explains the growth in cryptocurrency related losses which doubled from 2021 levels. However, many scams have evolved to seek crypto as a form of payment  – due largely to the ease of accessing crypto ATMs in retail locations.

Be wary of any “can’t miss” investment opportunities especially if they come from the internet or new contacts that you’ve never met in person.

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

Visit the AARP Fraud Watch Network at www.aarp.org/fraudwatchnetwork  or call the AARP Fraud Watch Helpline at 1-877-908-3360.