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Fraud reports to Better Business Bureau (BBB) continue to climb each year, according to data collected by BBB Scam Tracker, as scammers use new tools and techniques to steal consumers’ money and their identities.
Reports to BBB’s Scam Tracker total more than 485,000 since 2015. That includes various scams like phishing, investment, online shopping, cryptocurrency and more. And while many believe they are unlikely to be scammed, some frauds result in monetary losses almost 90% of the time.
Education remains the best defense against becoming a victim of fraud.
For Fraud Prevention Month, BBB answers some of the most-asked questions about scams to help consumers protect themselves from fraud.
What types of scams are most common?
Online purchase, phishing and employment scams are some of the most common and costly scams. Over half of all scams reported to BBB since 2015 fall under these three categories. Consumers report losing money in almost 80% of online purchase scams reported to BBB, and employment scams can be costly with the median report showing losses of $1,400.
How do fraudsters contact people?
Scammers blast consumers with phone calls, text messages and emails, casting a wide net across North America to find targets. Scam websites are also a common ruse used in fraud as well. BBB is warning consumers to be careful of unexpected contact over social media, a common outreach tactic in investment scams.
Where can I learn more about scams before they happen to me?
BBB International Investigations Initiative’s Scam Studies page has the latest information on scams, tactics, news and prosecutions against fraudsters. There, you can find the latest numbers on scams, easy to digest infographics and real-life examples and screenshots of scams to better prepare yourself against fraud.
BBB’s Scam HQ provides a broad look at scams, features the latest BBB publications and provides access to BBB’s Scam Tracker Risk Report, a data dive into the reports BBB receives.
Do scams happen to businesses?
Yes. Businesses are at high risk of running into scams in-person and online, and they should be prepared. Business email compromise scams cost business owners millions each year, and fraudsters continually adopt new topics to fool unsuspecting targets.
What should I do if I believe I have been scammed?
Report scams to BBB Scam Tracker, the Federal Trade Commission’s Consumer Sentinel Network and the Federal Bureau of Investigation’s Internet Crime Complaint Center. If the scam involves a bank, financial institution or other sensitive account, contact that business right away as well using a phone number you know is legitimate.
BBB also offers several specialized tips for those who believe they have been scammed, including a Scam Survival Toolkit.
Visit BBB.org to check out a business or register a complaint, BBB Scam TrackerSM to report a scam and BBB.org/scamstudies for more on this and other scams.
