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FTC Reports Over $118 Million in Losses Due to Coronavirus-Related Fraud

August 26, 2020

Since the beginning of the pandemic, the Federal Trade Commission (FTC) has received over 175,000 consumer reports related to Covid-19 scams, totaling a whopping $118.81 million in losses.

So far, the top fraud reports relate to:

  • Online shopping, with 26,792 reports
  • Travel and vacations, with 21,674 reports
  • Credit cards, with 6,063 reports
  • Banks, savings, loans and credit card unions, with 4,717 reports
  • Healthcare, with 4,109 reports

Online shopping was the number one fraud complaint, causing $16 million in losses, according to the latest report. However, COVID-19 complaints related to fraud, identity theft, Do Not Call, and other consumer protection problems were also noted as a troubling trend.

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