Scammers Steal $492 Million from Bank Customers in 2023: FTC Report

US banks lost nearly half a billion dollars of their customers’ money to scammers in 2023, according to a report from the Federal Trade Commission (FTC).

The FTC tracked 11,950 reports of bank transfer and payment fraud last year, with banking customers losing a total of $492 million. These losses stem from scams that directly target bank accounts, including imposter scams, check fraud, and phishing attacks.

Overall, scammers stole $10 billion from Americans in 2023 using various techniques, both new and old, digital and analogue. Investment scams were the most lucrative for scammers, accounting for $4.6 billion in losses, a 21% increase over 2022. Imposter scams were next on the list, with scammers stealing $2.7 billion.

The FTC says the amount of money lost to fraud in the crypto markets last year was less than the banking system, with 11,671 cases of fraud reported and a total of $331 million stolen.

Emails are now the most successful medium for fraud, followed by phone calls and then text messages.

The FTC says it is taking a comprehensive approach to deterring consumer fraud, including cracking down on illegal telemarketing organizations, banning impersonator fraud, and pursuing cases against investment and business opportunity schemes.