A newly-released report from the Federal Trade Commission shows that consumers lost more than $10 billion to fraud schemes in 2023. That’s an increase of 14% from 2022.
Fake investments were the biggest culprit, with people losing about $4.6 billion to various scams, the report said.
Consumer protection agencies on the local and national level have been sounding the alarm that digital tools like artificial intelligence and social media are making it easier than ever for scammers to swindle folks out of their money.
The Better Business Bureau also released a similar report, focusing on the riskiest scams of the last year.
Monday on the “Sound of Ideas,” we’ll discuss what the biggest scams were from 2023, and look ahead to how consumers can protect themselves this year.
We’ll learn about how traditional scams like fake robocalls and check fraud continue to play out, and how newer technologies like cryptocurrencies are becoming more popular.
Later in the hour, we’ll hear from the Canadian Minister of Innovation, Science, and Industry, Francois-Philippe Champagne. The minister recently visited Cleveland as part of a U.S. tour to promote and highlight the importance of our country's relationship with Canada, including the fact that Canada is Ohio and other states' top import and export destination.
He spoke with host Jenny Hamel about the importance of green technologies like electric vehicles, as well as preserving the Great Lakes, an asset our countries share. And, he recounted some of his time spent in Cleveland as he was getting a masters in law from Case Western Reserve University.
Federal Trade Commission - Consumer Advice
Better Business Bureau Website
Cuyahoga County - Scam Squad
Guests:
- Sue McConnell, President and CEO, Better Business Bureau
- Jon Miller Steiger, Director, Federal Trade Commission – East Central Division
- Sheryl Harris, Director, Cuyahoga County Department of Consumer Affairs
- François-Philippe Champagne, Canadian Minister of Innovation, Science and Industry
