People Lost More Than $10B to Scams Last Year — What To Know
Investment and imposter fraud topped the list of scams in 2023, a new FTC report shows.


People lost more than $10 billion to scams last year, an increase of 14% from 2022 and a new record, according to a recent Federal Trade Commission (FTC) report.
Most people lost the most money to investment scams, the report shows, but imposter scams were the most-reported fraud category to the FTC. The report precedes by a few days a February 15 warning from FTC Chair Lina Khan about fraudsters posing as government officials. The warning followed reports of a magazine columnist being scammed by someone posing as a CIA agent seeking a bank transfer.
"Being the victim of a scam can be devastating," Khan said in a thread to the tweet. "A reminder that nobody from @FTC will ever give you a badge number, ask you to confirm your Social Security number, ask how much money you have in your bank account, transfer you to a CIA agent or send you texts out of the blue."

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The FTC received 2.6 million fraud reports from consumers in 2023, an increase of about 8% from the 2.4 million reported in 2022. One in four people reported losing money, with a median loss of $500 per person, the agency said in the report.
Last year, scams cost consumers $8.8 billion, which was an alarming 30% increase over 2021's total of $6.1 billion.
In both 2023 and 2022, investment scams accounted for the most losses, causing more than $4.6 billion in losses last year — a 21% increase over $3.8 billion in 2022. The FTC definition of investment scams includes fraud that persuades people to invest in financial markets, cryptocurrency, real estate or other assets that claim you’ll make a lot of money quickly with little to no risk.
Imposter scams racked up the second-highest total loss at $2.7 billion, a 4% increase over the $2.6 billion lost in 2022.
Top frauds by category
The FTC’s Consumer Sentinel Network tracks all consumer fraud complaints by category. Here are last year's top-five fraud categories, ranked by total complaints and percentage of overall reports filed:
Category | Number of Reports | Total $ Loss | Median $ Loss |
---|---|---|---|
Imposter Scams | 853,935 | $2,668.1M | $800 |
Online Shopping | 368,379 | $392.2M | $125 |
Prizes, Sweepstakes and Lotteries | 157,520 | $337.9M | $878 |
Investment Related | 107,669 | $4,641.9M | $7,768 |
Business and Job Opportunities | 107,134 | $490.7M | $2,137 |
How to protect yourself
To protect yourself from scams, the FTC advises that you never give your private information to someone who calls you claiming to be from your financial institution, be skeptical of online shopping sites with very low prices, watch out for scam job listings and never share your passwords, social security number, credit card information or bank account information.
You can also try to avoid robocalls from scammers by adding your phone number to the National Do Not Call Registry by registering it at www.donotcall.gov or by calling (888) 382-1222.
To learn more about how to spot, avoid and report scams, or on steps to help you recover money you’ve lost to a scammer, visit ftc.gov/scams. And if you spot a scam, you can report it to the FTC at ReportFraud.ftc.gov.
Related Content
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.
-
Berkshire Hathaway's in the 100,000% Return Club. No Surprise Here
Warren Buffett's fascination with the insurance industry has helped Berkshire Hathaway's stock return snowball.
By Louis Navellier Published
-
4 Turnaround Stocks to Consider – and 2 More to Keep an Eye On
A turnaround stock is a struggling company with a strong makeover plan that can pay off for intrepid investors.
By Nellie S. Huang Published
-
Facing a Layoff? Ask Your Employer These Questions Now
If you're being laid off or forced into early retirement, don't make any decisions without proper guidance — and that starts by asking some key questions.
By Ben Maxwell, ChFC®, AAMS® Published
-
How to Fly Private Without Breaking the Bank
Luxury travel, redefined—discover how to fly private for less.
By Brittany Leitner Published
-
I Thought St. Patrick’s Day Was the Best Time to Visit Ireland — Then I Went in May
Explore Ireland with confidence: Essential travel tips, currency insights and must-visit destinations.
By Carla Ayers Published
-
5 of the Best Places to Celebrate St. Patrick's Day
We take a look at some of the most popular destinations to celebrate St. Patrick’s Day. Did your favorite make the list?
By Brittany Leitner Published
-
These Four Books Explore How to Leverage Our Outrage Positively
The authors offer some powerful tools to help us find solutions to discord rather than remaining silent or blowing up in anger.
By H. Dennis Beaver, Esq. Published
-
Financial Pitfalls to Avoid in Your 30s, 40s and 50s
As you pass through each decade of working life and build wealth for retirement, watch out for the financial traps that can hinder your progress.
By Julia Pham, CFP®, AIF®, CDFA® Published
-
Trump's Tariffs Could Spike Gas Prices: Here’s How to Save
President Donald Trump's tariffs against Canada could lead to higher prices at the pump. Here are ways to save.
By Sean Jackson Published
-
Borrowing Against Your Life Insurance: How It Works and What to Consider
Unlock quick access to cash by borrowing against your life insurance policy — without credit checks or strict repayment terms.
By Dori Zinn Published