Top 10 Scams
Cryptocurrency investment scams are growing alarmingly
The number of complaints involving cryptocurrency-related schemes in 2023 has increased alarmingly, and consumers should remain vigilant about any temptation involving cryptocurrency. The proportion of complaints received by the relevant departments about cryptocurrency-related scams has more than doubled year-on-year, accounting for nearly one-tenth (9.03%) of the complaints received. The median loss caused by such scams is $20,000, which is also much higher than other types of fraud. Consumers usually first learn about these scams through the Internet (41% of complaints) or text messages (37%).
Fake prizes and fake goods are still the main types of scams
The top three scam categories reported to the relevant departments in 2023 have not changed compared with 2022, with fake prize/lottery/gift scams topping the list, followed by online product scams and phishing/spoof scams. These three types of scams together accounted for more than 60% of all complaints in 2023.
Offline scams show surge in pre-paid and charity scams
Consumers reported encountering scammers offline, with a notable increase in pre-paid scams, a scam that tricks consumers into paying to get a promised payment (such as a loan) that never materializes. The percentage of complaints involving this type of fraud jumped 46.47% compared to 2022. Equally concerning, the percentage of complaints involving fake offline charity solicitations more than tripled, many of which were related to fake rescue operations.
Scammers Diversify Payment Techniques
Credit cards and bank account debits remain the two most reported payment methods. However, scammers are reverting to old ways of getting consumers' money, with wire transfer complaints up 69% and "old-fashioned" cash and cashier's check scams up 78.8% compared to 2022.
When in doubt, report it!
This year's Top 10 Scams report is compiled from more than 2,700 complaints filed by consumers. No matter what scam consumers encounter, we always recommend reporting it. We share complaints with our network of more than 200 law enforcement and consumer protection agency partners. These partners use complaint data to spot trends, identify policy gaps, and build cases against scammers. When in doubt, report it!
Learn about scams
Take a look at the most common scams:
Advance fee loans, credit arrangements
False promises of business or personal loans, charging fees even if credit is bad
Impersonating family/friends
Scammers call or email, claiming a friend or family member is in trouble (in jail, hospital, etc.) and needs financial help
Fake check scams
Consumers are asked to cash a fake check, then send the proceeds to the scammer before the check clears
Friendship and romantic partner scams
Scammers cultivate online relationships, build trust, and convince victims to send money
Home repairs
Fake or invalid home warranties, home protection devices or services, and contractor fraud
Investments (Including Cryptocurrency)
Consumers deceived into paying for fake cryptocurrency investments
Internet: General Merchandise Sales (Not Auctions)
Items purchased were either never delivered or were misrepresented
Prizes/Sweepstakes/Free Gifts
Payment requested to claim a fake prize, lottery winnings, or gift
Phishing/Spoofing
Emails pretending to be from a reputable source asking consumers to enter or confirm personal information
Scholarships/Grants
Offering false "guaranteed" scholarships or grants in exchange for advance payment or personal information
If you have any questions about a potential scam, or think you may be a victim of a scam, please contact us immediately. Many scam victims remain silent due to embarrassment or fear of friends and family discovering the crime. Only by speaking out can we give law enforcement the tools they need to bring these criminals to justice. And at the same time, we can better help the victims.