US Banks Lose $492,000,000 of Customer Funds in One Year As Successful Scams Skyrocket: Report

US banks failed to stop scammers from stealing nearly half a billion dollars of their customer’s money in 2023, according to a new report from the Federal Trade Commission (FTC).

In an overview on the state of scamming, the FTC says It tracked 11,950 reports of bank transfer and payment fraud in 2023, with banking customers losing a whopping $492 million.

The losses stem from scams that directly target bank accounts, including imposter scams, check fraud and phishing attacks.

Overall, $10 billion was stolen by scammers last year through various techniques new and old, digital and analogue.

The number one way people lost their money is through investment scams. The category accounts for $4.6 billion in losses, representing a 21% increase over 2022.

Imposter scams are next on the list, accounting for $2.7 billion in stolen funds.

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’s taking a “comprehensive approach” to deterring consumer fraud, highlighting a push to crack down on illegal telemarketing organizations, ban impersonator fraud and pursue cases against investment and business opportunity schemes.

Generated Image: Midjourney