Cyber crooks stole $10.3 billion from consumers in 2022, a 49% increase from 2021, according to analysis by security experts at Social Catfish, according to FBI and Federal Trade Commission data. Teenagers experienced the largest increase in monetary losses. Teenagers will see the largest increase in money lost to online fraud between 2021 and 2022, at a whopping 107%.
The study also said the United States is the most defrauded country in the world. The top ten states with the most scams are California, Florida, New York, Texas, Georgia, New Jersey, Illinois, Pennsylvania, Alabama and Arizona.
Of the total loss of $10.3 billion, the FBI IC3 Asset Recovery Team recovered only $433 million. In other words, only 4.2% of stolen funds were recovered.
Only 4.2% of defrauded funds in the United States were recovered in 2022. How to protect yourself from online fraud?
So, how do you protect yourself from online scams?
The golden rule is to never transfer money or give out personal information to someone you haven't met in person.
When shopping online, you should only interact with trusted, verified merchants.
Watch out for "romance scams" and red flags, such as poor grammar and potential dates refusing to video chat.
Also, always be wary of anyone asking for payment in gift cards or cryptocurrency. According to Social Catfish, 25% of monetary losses are attributable to crypto scams.
Finally, don't invest in anything without doing thorough research and contacting a financial advisor.
