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

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.

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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.

READ MORE: Scams on the rise in the DC area, police say

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.