The Companies and Banks, Scammers Are Most Likely to Impersonate

According to new data from the Federal Trade Commission (FTC), scammers are most often impersonating Best Buy and its Geek Squad tech support brand, Amazon, and PayPal. Additionally, Bank of America and Wells Fargo were also frequently impersonated, ranking ninth and tenth on the list.

Key Findings

The FTC’s latest data spotlight reveals that in 2023, consumers submitted around 52,000 reports of scammers impersonating Best Buy or Geek Squad, followed by approximately 34,000 reports of Amazon impersonators. PayPal was the third-most impersonated company, with around 10,000 consumer reports.

“When it comes to the amount lost, though, consumers reported losing far more money to scammers impersonating Microsoft and Publishers Clearing House than any other companies,” the FTC noted. Consumers reported losses of $60 million to Microsoft impersonation scams and $49 million to Publishers Clearing House impersonation scams.

New Rule to Combat Scammers

The FTC has recently finalized a new rule targeting government and business impersonation scams. This rule aims to provide the FTC with more robust tools to combat and deter scammers. Specifically, the agency will now be able to file federal court cases to seek restitution for affected consumers and impose civil penalties on violators.

Payment Methods and Trends

The FTC’s spotlight also highlighted various findings related to payment methods used by scammers:

This comprehensive data from the FTC underscores the ongoing threat of impersonation scams and the need for consumers to remain vigilant. By understanding the common methods and targets of scammers, individuals can better protect themselves from falling victim to these schemes.