FTC: Fraud Losses Reached Record High in 2023

Last year U.S. consumers lost more than $10 billion due to fraud, with almost half being due to investment scams, according to newly released data from the FTC.

February 29, 2024
Source: ftc.gov

The FTC takes in reports from consumers about problems they experience in the marketplace. The reports are stored in the Consumer Sentinel Network (Sentinel), a secure online database available only to law enforcement. While the FTC does not intervene in individual consumer disputes, its law enforcement partners – whether they are down the street, across the nation, or around the world – can use information in the database to spot trends, identify questionable business practices and targets, and enforce the law.

Click image to see interactive data dashboard

Since 1997, Sentinel has collected tens of millions of consumer reports about fraud, identity theft, and other consumer protection topics. During 2023, Sentinel received over 5.4 million consumer reports, which the FTC has sorted into 29 top categories. The 2023 Consumer Sentinel Network Data Book (Sentinel Data Book) has aggregated information about what consumers told us last year on the full range of fraud, identity theft and other consumer protection topics. The Consumer Sentinel data is also available online in an interactive format at ftc.gov/exploredata, with updates provided quarterly. The Sentinel Data Book is based on unverified reports filed by consumers. The data is not based on a consumer survey. Sentinel has a five-year data retention policy, with reports older than five years purged biannually.

In addition to taking consumer reports directly from people who call the FTC’s call center or report online, Sentinel also includes reports filed with other federal, state, local, and international law enforcement agencies, as well as other organizations, like the Better Business Bureau. A full listing of data contributors is available in Appendices A3 and A4. Non-government organizations that contribute reports do not have access to Sentinel reports, as access is limited to law enforcement agencies.

Interactive data dashboards, with charts, data, and maps (Tableau Public)
Consumer Sentinel Network Data Book 2023 (PDF, 12.3 MB)
Data Files (Zip archive, CSV files; 108 KB)

For more information about the Consumer Sentinel Network, visit www.FTC.gov/Sentinel. Law enforcement personnel may join Sentinel at Register.ConsumerSentinel.gov.

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Levi Gwaltney

Levi Gwaltney is the Editor In Chief of Las Cruces Digest. The Editor makes editorial and posting decisions regarding content published on this site. In most cases, the Editor makes little if any contribution to content published, and takes no credit for the content of republished posts. If available, the source or author of posts is provided at the top of the article.