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FTC Releases Alarming Fraud Data and Trends

The Federal Trade Commission (FTC) just released its 2023 Consumer Sentinel Network Data Book, revealing a rise in fraud affecting both consumers and businesses nationwide. As a trusted member of your community, you have the power to protect yourself and your customers from these deceptive tactics. The report highlights concerning trends, including a surge in imposter scams and online shopping fraud, with Texans losing millions in 2023 alone.

2023 Fraud Trends

The latest Consumer Sentinel Network Data Book unveils concerning trends for businesses, and Texas independent automobile dealers are not immune. This year, consumers reported losing a staggering $10 billion to scams, marking an alarming rise from 2022.

While imposter scams topped the list, costing victims $2.7 billion, online shopping and negative review scams also pose significant threats. Even more concerning, investment scams saw the highest losses at $4.6 billion, highlighting the vulnerability of even savvy business professionals.

Protect Yourself and Your Customers

  1. Educate Employees: Train your staff to recognize imposter scams, regardless of whether they appear as emails, calls, texts, or even impersonate colleagues. Encourage them to be cautious before sending money, sharing personal information, clicking links, or downloading software.

  2. Adapt to Shifting Scams: Scammers are increasingly using email and social media, so tailor your communication and payment methods accordingly. Remember, scammers mimic legitimate marketing tactics, so stay vigilant.

  3. Be Aware of Your Target: Fraudsters know businesses hold valuable assets. Don't underestimate their tactics, even if they involve seemingly attractive investment opportunities or job offers. Educate yourself and your employees about these schemes.

  4. Empower Your Community: Share your knowledge. Warn friends, family, and customers about common scams, especially those targeting vulnerable individuals. Encourage them to report suspicious activity to the FTC.

Stay Ahead of the Curve

By staying informed and taking proactive steps, you can safeguard your business and empower your community to combat these ever-evolving threats. Remember, TIADA is here to support you with resources and guidance. Together, we can build a safer marketplace for everyone.

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