Business for scammers is booming. The most recent Federal Trade Commission data from 2022 shows that reported consumer losses to fraud totaled $8.8 billion. That's a 30 percent increase from 2021. The biggest losses were to investment scams, including cryptocurrency schemes, which cost people more than $3.8 billion. Younger adults ages 20-29 reported losing money more often than older adults ages 70-79. But when older adults did lose money, they lost more. With the rise of the digital economy, scammers now reach targets by social media and text, as well as phone and email. Online payment platforms, apps, and marketplaces have also increased opportunities for fraudsters.
