The Federal Trade Commission (FTC) has unveiled eye-opening data on the most impersonated companies of 2023, with Best Buy and its repair arm Geek Squad topping the charts with a staggering 52,000 reports. Amazon and PayPal follow closely with 34,000 and 10,000 reports respectively. Collectively, these top three accounted for 72% of all scammers impersonation reports, with Best Buy and Geek Squad alone making up 39%.
Despite their high impersonation rates, these companies did not see the highest financial losses. Microsoft impersonators took the crown, swindling $60 million from unsuspecting victims. Publishers Clearing House impersonators were not far behind, amassing $49 million. In contrast, Best Buy and Geek Squad, Amazon, and PayPal scams generated $15 million, $19 million, and $16 million respectively.
Visa aims to prevent fraud by analyzing financial transactions with the artificial intelligence technology it has started using.
The FTC’s report highlights that while phone and email remain popular scamming tools, social media scams are becoming increasingly lucrative. Cryptocurrency and bank transfers are favored by investment scammers, while gift cards are a common choice for various other scams. Surprisingly, some scammers still use traditional mail to deceive their victims.
To protect yourself and your loved ones, the FTC advises: avoid anyone requesting payment via cryptocurrency or gift cards, always verify the identity of the person you’re communicating with, and be wary of anyone demanding a specific payment method.
