FTC Data Shows Text-based Bank Impersonation is Most-Reported Scam; Agency Head Khan Warns of AI ‘Turbocharging’ Scams

A new analysis from the Federal Trade Commission shows that bogus bank fraud warnings were the most common form of text message scam reported to the agency, and that many of the most common text scams impersonate well-known businesses.  In a newly issued data spotlight, the FTC ranks the top five types of text message scam reported in 2022, with examples of each showing the ways that scammers craft messages designed to deceive consumers. Consumers reported losing $330 million to text message scams in 2022, more than doubling what was reported in 2021.