Money Matters - Cost of Scams

 A new report reveals just how costly fraud has become: 28% of Americans were scammed in the past year, losing an average of $730. The study from IPX1031 found over their lifetimes, that figure jumps to $5,256.

 

With October marking Cybersecurity Awareness Month, the findings come at a critical time. Key takeaways:

 

• 51% of Americans have been scammed, 31% have been victims of identity theft
• Most common scams: imposter, online shopping, and business and job opportunities
• 52% don’t regularly update passwords; over 1 in 5 don’t use two-factor authentication 

 

The report also highlights how AI is making scams more sophisticated and harder to spot.