Record $10 billion lost to fraud in 2023

Technology has made money transactions easier, but it has also increased the risk of scams. In 2023, Americans lost a record $10 billion to fraud, according to the Federal Trade Commission. Many scams are aimed at stealing personal information, especially during tax season when fraudsters impersonate IRS agents. Scammers often contact people via phone, text, or email, pretending to be from banks or the IRS. They claim there is fraudulent activity and ask for sensitive information like passwords or PINs. Anyone requesting this kind of information should raise immediate concern. Legitimate banks and the IRS do not ask for sensitive details through these methods. Common scams to watch for include claims that you owe taxes, missed package deliveries, or requests for help from online romantic interests. If someone asks for your personal information, it’s best to stop and think before responding. It's safer to verify directly with the official website of your bank or the involved organization. Phishing scams also pose significant risks. Scammers send fake emails that look real, hoping to obtain bank account numbers or Social Security information. If you receive such an email, do not click any links or provide personal information. Instead, delete it and go directly to the official website of your bank. To protect yourself online, create strong passwords. Use a mix of letters, numbers, and symbols, and make sure they are at least eight characters long. Regularly update your software and enable multifactor authentication on your accounts. Back up data and consider using security software for added protection. If you suspect you’ve been a victim of fraud, notify your bank immediately. You can also report it to the Federal Trade Commission. Always remember to keep sensitive information private, even if someone seems legitimate. Taking these precautions can help safeguard your finances.