2020 was a busy year for fraud. The Federal Trade Commission (FTC) received more than 2.2 million reports about fraud and reported nearly $3.3 billion in losses. The top scams of last year:
· Imposter Scams: Fraudsters pretending to be government officials, businesses, family and friends ware atop the list in 2020. The FTC received 500,000 reports of imposter scams and reported losses of $1.2 billion. Fraudsters also made good use of COVID-19 and stimulus payment news to make their scams effective.
· Online Shopping: The pandemic increased our online shopping habit, and there were many reports of sellers never delivering their promised goods. The FTC reported 350,000 cases and losses of more than $245 million.
· Phone Scams: Both calls and texts remain the top method fraudsters use to reach their victims. Many of these scam calls were pandemic-related, including promises of economic relief, stimulus payments and small business loans.
The Village Bank is committed to keeping its customers safe. If you have spotted or fallen victim to a scam contact The Village Bank immediately at (617) 969-4300 and report it to the FTC here.