By Amaka Watson
The Federal Trade Commission (FTC) recently released data highlighting the companies most frequently impersonated by scammers in 2023. The report sheds light on concerning trends and serves as a warning to consumers to be vigilant against deceptive tactics.
According to the FTC, Best Buy/Geek Squad topped the list with over 52,000 reported impersonation attempts, followed by Amazon at 34,000 and PayPal at 10,000. These findings suggest scammers are targeting well-known tech support and online retail brands to exploit consumer trust.
While the number of impersonations is concerning, the financial losses paint an even worse picture. The report reveals that consumers lost a staggering $60 million to scams impersonating Microsoft and $49 million to those impersonating Publishers Clearing House.
The FTC recently finalized a new rule specifically targeting government and business impersonation scams. This rule empowers the FTC to take stronger legal action against perpetrators, seeking to recover lost funds for consumers and impose penalties on violators.
The FTC data spotlight also delves into the preferred methods scammers use to steal money. While cryptocurrency and bank transfers rank high, particularly for investment scams, the report identifies gift cards as another prevalent method. Interestingly, Apple and Target gift cards were the most commonly reported by victims.
How to Protect Yourself:
The FTC emphasizes consumer education as a key defense against scams. Here are some crucial points to remember:
- The FTC will never demand money, threaten you, request money transfers, or promise prizes.
- Be wary of unsolicited calls, emails, or text messages claiming to represent a legitimate company.
- Always verify information directly with the company through their official channels.
- Never provide personal or financial information to suspicious sources.
Consumers can learn more about protecting themselves from scams by visiting or reporting fraud at . By staying informed and adopting cautious practices, consumers can significantly reduce their risk of falling victim to these deceptive schemes.
