By Doug Whiteman
Every year, millions of Americans report they've been cheated by fraudsters. Scams sucked $905 million out of consumers' wallets last year, the Federal Trade Commission says.
The median, or typical, loss per person was $429. That's probably as much as you spend on feeding your family for a couple of weeks.
Don't become a fraud statistic! Watch out for these 10 rip-offs that steal the most money from Americans. Our countdown includes the most current FTC fraud data, from 2017.
10. Telephone and wireless scams
Hello? You've been conned! These can include mystery charges that show up on your phone bill, text-message fraud or even scammy apps that steal your money.
- Total losses: $16.9 million
- Typical loss: $223
- Reports: 149,600
- How victims were usually contacted: Text message
9. Foreclosure and debt relief rip-offs
Scammers have no qualms about kicking people when they're down. If you're facing foreclosure or dealing with a mountain of debt, they'll offer to save your house or get you a better deal from your lender. For a big fat fee, of course.
- Total losses: $17.2 million
- Typical loss: $1,200
- Reports: 9,000
- How victims were usually contacted: Phone call
8. Internet services fraud
These rip-offs can involve malware, online games and even social media. There's also phishing: You get an email that looks like it comes from a company you do business with, but click on it and you'll be whisked to a site operated by fraudsters.
- Total losses: $19.4 million
- Typical loss: $183
- Reports: 45,100
- How victims were usually contacted: Consumer contacted the scammer
7. Foreign money offers/counterfeit checks
This includes the classic "Nigerian letter" scam: A "foreign official" offers to share a fortune with you if you'll help get it out of his country. All you have to do is pay a fee or provide your bank account number. What could go wrong?
- Total losses: $34.3 million
- Typical loss: $1,008
- Reports: 32,000
- How victims were usually contacted: Mail
6. Travel, vacation and timeshare schemes
It's the vacation of a lifetime, and so incredibly cheap! So you pay, and then say bon voyage — to your money. Maybe there's no trip, or maybe your "four-star accommodations" are squalid and bedbuggy.
- Total losses: $38.5 million
- Typical loss: $1,710
- Reports: 22,300
- How victims were usually contacted: Phone call
5. Phony business and job opportunities
They tell you that you can make serious money working from home, or that there's a can't-miss franchise opportunity, or that they'll get you a job — guaranteed! So you give the scam artists money, and they get a payday. But you never do.
- Total losses: $46.9 million
- Typical loss: $1,063
- Reports: 18,700
- How victims were usually contacted: Email
4. Investment scams
Included in this category are the new cryptocurrencies, penny stocks, pyramid schemes and other investments that sound too good to be true — because they are.
- Total losses: $47.7 million
- Typical loss: $400
- Reports: 15,100
- How victims were usually contacted: Consumer contacted the scammer
3. Shop-at-home rip-offs
Shopping by computer is easy and convenient, but you don't always get what you pay for — or what you think you're paying for. For example, shoppers wanting Pandora Jewelry last year got scammed by a knockoff site, Pandorapick.com.
- Total losses: $94.1 million
- Typical loss: $261
- Reports: 126,400
- How victims were usually contacted: Email
2. Prize and sweepstakes schemes
"You've won a fabulous prize!" these fraudsters tell you. But to collect, you'll need to pay the taxes, or a bogus "handling charge." Oh, and they'll need your bank account information, too.
- Total losses: $95.1 million
- Typical loss: $511
- Reports: 142,900
- How victims were usually contacted: Phone call
1. Imposter scams
Imposter scams steal more money from consumers than any other type of fraud. That's because we think we know the scammer, who pretends to be an IRS official, a loved one in trouble or someone else we'd be willing to hand money over to.
- Total losses: $328.4 million
- Typical loss: $500
- Reports: 347,800
- How victims were usually contacted: Phone call
