Americans Lose $5 Billion in Largely Digital Scams

Security.org's yearly credit card report found that around 52 million Americans saw fraudulent charges on their credit or debit cards in 2023.

Americans are losing more than $5 billion each year in largely digital scams, a new security report found on Monday.Security.org's yearly credit card report found that around 52 million Americans saw fraudulent charges on their credit or debit cards in 2023. Of these, only 7 percent of the losses were due to stolen or lost credit cards, with the vast majority of the credit card data being stolen online.

'Most scammers use data to see how consumers are using their financial account information online and the easiest ways of obtaining it. Through passwords, hacking entire databases, or incredibly authentic-looking messages, scammers are able to find the weak point of people and benefit from it.

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