Recent Federal Trade Commission data shows American consumers lost more than $10 billion to fraud in 2023 — the highest total ever recorded. And with fraudsters constantly switching their tactics and using AI to make their schemes more convincing, it’ll only get harder for consumers to spot red flags.
“Scams vary in scale and process, but all result in the victim's participation in a fraudulent operation,” said Alexander Hall, a former fraudster and trust and safety architect at Sift. “Typically, these operations are used to extract value in four forms: identity information, account information, payment information and authorized payments.”
