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FTC releases fraud data for 2023
- Complaint numbers up a bit; losses jump 21% to over $10 billion
- Most money lost to “investments,” meaning crypto romance fraud, at $4.6 billion; a 21% jump
- Next most complained of were government/business imposters
- Largest amount of money lost by bank to bank transfers
- Those 20-29 years old lost money in 44% of complaints; those over 70 only 25%, though older group lost larger amounts
FinCEN sends alert to financial institutions warning of crypto romance “pig butchering” frauds