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The SIA Report Q1 2024

By Gene Balas, CFA®
Investment Strategist

Scams – And How to Avoid Falling for Them

Investment scams raked in more than $4.6 billion—more than any other category – in 2023. That amount represents a 21% increase over 2022. The second highest reported loss amount came from imposter scams, with losses of nearly $2.7 billion reported.

And in 2023, consumers reported losing more money to bank transfers and cryptocurrency than all other methods combined. These data are from the Federal Trade Commission’s Consumer Sentinel Network, the tool the FTC uses to track scam reports. (The FTC compiles data on scammers but doesn’t prosecute scammers itself; it refers cases to the FBI.)
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