This week’s OSIN presents the Federal Trade Commission’s Data Book
According to newly released data from the Federal Trade Commission (FTC), consumers reported losing almost $8.8 billion to fraud in 2022, a significant increase of over 30% compared to the previous year. Investment scams were the most costly, with losses exceeding $3.8 billion, more than double the amount reported in 2021. Imposter scams followed closely with reported losses of $2.6 billion, up from $2.4 billion in 2021. The FTC’s Consumer Sentinel Network, which compiles reports from various sources, including consumers and law enforcement agencies, received over 5.1 million reports in 2022, encompassing fraud, identity theft, and other consumer-related issues. The FTC uses this data to initiate law enforcement investigations and collaborates with thousands of professionals in the field to combat fraud effectively.