People are losing more money to scammers than ever before. Here's how to keep yourself safe

abcnews.go.com:

Business for scammers is booming

NEW YORK — With the help of technology, scammers are tricking Americans out of more money than ever before. But there are steps you can take to keep your money and information safe.

In 2022, reported consumer losses to fraud totaled $8.8 billion — a 30 percent increase from 2021, according to the most recent data from the Federal Trade Commission. The biggest losses were to investment scams, including cryptocurrency schemes, which cost people more than $3.8 billion, double the amount in 2021.

Younger adults ages 20-29 reported losing money more often than older adults ages 70-79, the FTC found. But when older adults did lose money, they lost more. Many retirees have assets like savings, pensions, life insurance policies or property for scammers to target.

With the rise of the digital economy, scammers now reach targets by social media and text, as well as phone and email. Online payment platforms, apps, and marketplaces have also increased opportunities. Still, many of their tactics and strategies are similar.

“The first thing they'll do is get you into a heightened emotional state, because we can’t access clear thinking when we’re in that state," said Kathy Stokes, director of fraud prevention for the AARP’s Fraud Watch Network. «It could be fear, panic, or excitement — ‘I just won a million dollars from Publishers Clearing House.'”

Once the sense of urgency is established, the target's defenses are down.

“When approached with urgency, give it an extra three-second pause,” said Amanda Clayman, a financial therapist who works with digital payment network Zelle around issues of fraud. “When someone is trying to get us to take action quickly, that’s usually a red flag indicating we should