In tandem, Chainalysis has reported that ransomware groups had a lucrative year, with ransom payments surpassing $1.1 billion in 2023.

Approximately 2.6 million consumers submitted fraud complaints to the FTC in the previous year, a figure mirroring that of 2022. Notably, imposter scams dominated the reported fraud cases, with noticeable increases in instances of business and government impersonation. Following closely were online shopping scams, trailed by reports related to prizes, sweepstakes, lotteries, investment scams, and business or job opportunity schemes.

According to the FTC, consumers reported the highest financial losses to investment scams, totaling over $4.6 billion in 2023, representing a 21% hike from 2022. Imposter scams accounted for the second-highest reported loss amount, nearing $2.7 billion. In 2023, consumers cited losing more money to bank transfers and cryptocurrency transactions than through all other methods combined.

The FTC added 5.4 million consumer reports to its secure online database, the Consumer Sentinel Network (Sentinel), in the previous year. Identity theft complaints, exceeding 1.1 million, were received through the agency's IdentityTheft.gov website.

Nevertheless, the FTC's data only scratches the surface of the extensive damage inflicted by scammers in 2023, as many fraud cases go unreported.

Victims of fraud are encouraged to report incidents on ReportFraud.ftc.gov or file identity theft reports on IdentityTheft.gov. These reports, upon inclusion in the FTC's Sentinel database, are accessible to approximately 2,800 law enforcement professionals, aiding in tracking down fraudsters, identifying trends, and raising public awareness to thwart scam attempts.

Samuel Levine, Director of the FTC's Bureau of Consumer Protection, emphasized the growing threat facilitated by digital tools, underscoring the importance of the released data in understanding and combating fraudulent activities targeting hard-working Americans.