Each year the FTC receives millions of reports of fraud. Last year they got well over three million of them. They looked at those reports and here is what they found were the most common.
- Imposter scams were the number one fraud reported. People reported losing more than $667 million to imposters, who often pretended to be calling from the government or a well-known business, a romantic interest, or a family member with an emergency. When people lost money, they most frequently reported paying scammers with a gift card.
- Social Security imposters were the top government imposter scam reported. There were 166,190 reports about the Social Security scam, and the median individual loss was $1,500.
- Phone calls were the number one way people reported being contacted by scammers. While most people said they hung up on those calls, those who lost money reported a median loss of $1,000 in 2019.