NEW YORK’S STATEN ISLAND – According to a recent report by the Federal Trade Commission (FTC), New Yorkers lost a total of $397,753,483 to fraud, theft, and other forms of illegal scamming in 2022.
Reports can be submitted to the FTC’s Consumer Sentinel Network database by consumers themselves, as well as by federal, state, and local law enforcement agencies, the Better Business Bureau, industry members, and non-profit groups.
Reports of fraud, identity theft, and other crimes are compiled from all around the country, not just in New York.
In spite of the fact that the FTC does not become involved in individual complaints, the Sentinel reports are an important element of the FTC’s law enforcement mandate.
The FTC has stated that it uses consumer protection concern reports as a basis for investigations into potentially illegal practices and, when appropriate, refunds to affected consumers.
Over 250,936 New Yorkers reported being defrauded in 2022, according to the Federal Trade Commission. It stated that each New Yorker lost an average of $700 due to fraudulent fraud.
Most Popular Frauds
Identity theft, credit reporting agencies, information providers, and users, imposter scams, online retailers, bad product reviews, and financial institutions were the most often reported problems by New York residents to the Federal Trade Commission.
According to reports, American consumers have lost roughly $8.8 billion since 2021, up from $5.8 billion.
Investors lost almost $3.8 billion in reported scams last year, more than any other type of fraud the FTC keeps tabs on. A deficit of $3.8 billion in 2021 is more than double the amount reported in 2020.
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Imposter schemes were responsible for $2.6 billion in losses in 2018, up from $2.3 billion in 2021, according to a report by the Federal Trade Commission.
The FTC received 2.4 million fraud reports in total; the most often reported type of fraud was impostor schemes, followed by reports of fraudulent online shopping, prizes, sweepstakes, lotteries, investments, and business and career opportunities.
