FTC warns of record $3.5 billion in losses to imposter scams

7 minutes ago
2 min read

This past weekend I got a phone call from a blocked phone number. It was of course, a scammer, who legitimately sounded like a police officer. He told me that I had missed a court date and needed to send him crypto or I would be arrested. Yes, I get these calls too 😅

These imposter scams have become more common, compelling and expensive than ever before. In a report released this week by the Federal Trace Commission, Americans lost over $3.5 billion last year to scammers pretending to be banks, government agencies or legitimate businesses. That's way up, nearly three times the amount reported back in 2020.

These scams should sound familiar. They start with phone call, text, email, or social media message. You receive a fake security alert claiming that your bank account is at risk, instructing you to transfer money to “protect” it. You have an outstanding traffic ticket and need to pay a fine. You have "Microsoft" calling, claiming that your computer is infected and they'll clean it up for a fee. The list goes on and on...

The Takeaway

If you're contacted unexpectedly and are getting pressured to send money or provide personal information, stop and verify the request first. Here are three tips to protect yourself:

Never transfer money based on an unexpected message or call.
Yes, even if you know who it is. AI has gotten pretty good at cloning people on the phone or even a video call.
Contact the organization directly using a trusted phone number or website.
When in doubt, go direct. The company being impersonated may not even know it's happening to them.
Be suspicious of urgent requests, threats, and demands for secrecy.
Red flag, red flag, red flag. I don't respond well to urgency, being threatened or told to be quiet or ashamed of something someone claims I did wrong. Neither should you.