The Federal Trade Commission (FTC) has recently published its findings on the companies that were most impersonated in 2023. The purpose of releasing this information is to help potential customers and victims protect themselves against such scams. In this report, the FTC identified Best Buy and its subsidiary, Geek Squad, as the most-spoofed company, with a staggering 52,000 impersonation scam reports. These scams resulted in total losses of approximately $15 million.
The second and third most impersonated companies were Amazon, with 34,000 complaints, and PayPal, with 10,000 reports. When looking at the top 10 most impersonated companies, there were a total of 132,000 instances of impersonation scams. This number is likely only a fraction of the actual instances, as many scams go unreported or unnoticed.
While Best Buy and Geek Squad had the highest number of recognized impersonation scams, their financial losses put them in sixth place. The $15 million in losses were overshadowed by the $60 million in losses associated with scams related to Microsoft, despite Microsoft having significantly fewer recorded instances (7,000).
The difference in financial losses becomes even more apparent when comparing the average cost per attack. Best Buy/Geek Squad scams had an average cost of $288 per attack, while Microsoft scams had an average cost of $8,571 per attack.
In response to these concerning findings, the FTC has shared information about common tactics used by scammers. These tactics include service renewal fees, fake security pop-ups, and fees to claim non-existent prizes. The FTC also noted the rise of social media platforms as attack vectors, in addition to the traditional methods of email scams and fraudulent gift cards.
To help customers avoid becoming victims of these scams, the FTC advises vigilance when it comes to payment methods. Customers are encouraged to question and challenge anyone requesting payment through specific methods, such as gift cards or cryptocurrency. It is also crucial that victims report scams through ReportFraud.ftc.gov. This allows the FTC to gather valuable insights into fraudulent activity and take necessary measures to prevent future attacks.
Overall, the FTC’s report highlights the prevalence of impersonation scams targeting popular companies. These scams not only result in financial losses for victims but can also have a significant impact on a company’s reputation. It is important for individuals to stay informed and educated about these scams to protect themselves from falling victim to impersonation fraud.
In conclusion, impersonation scams are a growing threat in today’s digital world. The FTC’s report sheds light on the most targeted companies and provides valuable insights on common tactics used by scammers. By staying vigilant and reporting any suspicious activity, individuals can play an active role in combating these scams and protecting themselves and others from becoming victims.
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