how scams work
How Much Does Consumer Fraud Cost?
Scamming takes its toll on consumers in many ways. Victims are likely to experience anger, sorrow, and lose faith in their community and the people they hold close. Their misplaced trust may also lead to financial ruin as well. How much money do scams cost Americans each year?
- More than $100,000
- More than $1 million
- More than $1 billion
“C” is the best answer. According to the Consumer Sentinel Network, nearly one million victims filed fraud complaints in the last year. These victims paid more than $1.5 billion. The median cost per victim was $537. Some, such as those who lost their retirement funds to investment scams, lost considerably more.