New data from the Federal Trade Commission (FTC) reveals that Best Buy/Geek Squad, Amazon, and PayPal are the companies most frequently impersonated by scammers. According to a newly released data spotlight, consumers in 2023 submitted approximately 52,000 reports about scammers impersonating Best Buy or its Geek Squad tech support brand. This was followed by around 34,000 reports of scammers impersonating Amazon. PayPal was the third-most impersonated company with about 10,000 consumer reports.
However, when considering financial losses, consumers reported losing significantly more money to scams involving Microsoft and Publishers Clearing House impersonations than any other companies. Specifically, consumers reported losing a total of $60 million to Microsoft impersonation scams and $49 million to Publishers Clearing House impersonation scams.
The FTC recently finalized a new rule on government and business impersonation. This rule provides the agency with stronger tools to combat and deter scammers who impersonate government agencies and businesses. It enables the FTC to file federal court cases seeking restitution for injured consumers and civil penalties against violators.
The spotlight also highlights the most common payment methods used by scammers in 2023. Scammers employed various methods including cryptocurrency and bank transfers, which were predominantly used by investment scammers according to the data spotlight. Other frequently reported payment methods included payment apps or services and gift cards. The top payment apps and services reported were PayPal, CashApp, and Zelle, while Apple and Target gift cards were the most commonly mentioned.
The Federal Trade Commission aims to promote competition while protecting and educating consumers. The FTC emphasizes that it will never demand money, make threats, instruct individuals to transfer money, or promise prizes. More information on consumer topics can be found at consumer.ftc.gov. Fraud, scams, and bad business practices can be reported at ReportFraud.ftc.gov. Follow the FTC on social media for consumer alerts and updates on their latest news.
