American Consumers LOST $5.8BN to Fraud Last Year – Jump of 70% from 2020
Almost 2.8mn consumers filed a fraud report to the Federal Trade Commission (FTC) in 2021, an annual record since records began in 2001.
About 25% of the scams reported to the FTC’s Consumer Sentinel Network led to a financial loss, with a typical person losing $500, the commission revealed Tuesday.
The true toll is almost certainly higher since incidents likely weren’t reported to the agency. The figures do not include identity theft with some 1.4mn Americans also reportedly falling victim to identity fraud in 2021.
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