Report: DC area residents lost more than $300 million from fraud last year

DMV residents lost more than $300 million from fraud

Residents of D.C., Maryland, and Virginia reported losing more than $300 million in 2022 due to fraud, according to new data released by the Federal Trade Commission. FOX 5's Josh Rosenthal spoke to people in Bethesda about dealing with scams.

BETHESDA, Md. (FOX 5 DC) - Residents of D.C., Maryland, and Virginia reported losing more than $300 million in 2022 due to fraud, according to new data released by the Federal Trade Commission.

Nationwide, the agency said consumers reported losing $8.8 billion in 2022. That’s a 30% increase over the previous year.

Officials said Americans lost more money due to investment scams than any other category.

"They say that they have a great investment, especially with cryptocurrency. We hear this a lot lately, and that all you need to do is invest some money, and you can make a great, great amount," explained FTC Attorney Rosario Mendez, who added that most scams started on social media.

Mendez also noted that it wasn’t just older Americans being hit.

"For a few years now, we have seen that younger adults, ages 20-29, are reporting losing money more often than older adults," she said.

Protecting yourself from investment scams

North American Securities Administrators Association President Andrew Hartnett joined us with tips to protect yourself from investment scams.

Most people who spoke to FOX 5 Friday in Bethesda said they weren’t surprised by the new numbers.

"You might think it’s a friend, but it’s not. It’s a scam caller," said Deborann Saphyr, who added that she gets those types of calls on a daily basis.

The FTC is urging victims to report fraud when it happens, saying it can help law enforcement in their efforts to stop the crimes.

For a state-by-state breakdown of the fraud, you can click here.