A Federal Trade Commission report released recently has shed light on the alarming rise of scams targeting Iowans, resulting in financial losses exceeding $50 million in the past year alone. The report highlighted that nearly 14,000 fraud reports were filed by Iowa consumers in 2024, with the median loss per individual hovering around $400 and the total sum of losses reaching almost $52 million.
The data revealed that the most prevalent scams reported by Iowans fell into categories such as business and government imposter schemes, online shopping fraud, and scams related to prizes, sweepstakes, and lotteries. Despite the category of victims aged 80 and above being one of the smallest, it accounted for the highest losses, averaging approximately $2,000 per person.
Among the various fraudulent activities, phony investment schemes emerged as one of the most financially damaging, duping Iowans out of nearly $20 million. Following closely behind were romance scams, which stripped victims of nearly $8 million.
Protecting Yourself Against Scams
As the threat of scams looms large over the residents of Iowa, it is crucial to remain vigilant and educated to protect oneself from falling victim to these deceitful practices. Experts recommend a few key strategies to safeguard against potential scams:
1. **Educate Yourself**: Stay informed about the latest scam tactics and be cautious when sharing personal information online or over the phone.
2. **Verify Legitimacy**: Before investing money or engaging in financial transactions, thoroughly research the legitimacy of the company or individual involved to avoid falling prey to fraudulent schemes.
3. **Report Suspicious Activity**: If you encounter any suspicious behavior or believe you have been targeted by a scam, report it promptly to the appropriate authorities to prevent further financial loss.
Seeking Help and Reporting Fraud
In the wake of increasing fraudulent activities, Iowans are encouraged to report any instances of fraud, scams, or unethical business practices to the Federal Trade Commission or the Consumer Protection Division of the Iowa Attorney General’s Office. By promptly reporting such incidents, individuals not only protect themselves but also contribute to the larger effort of combating fraudulent activities and safeguarding the community against financial exploitation.
Iowans can report fraud, scams, or bad business practices at ReportFraud.ftc.gov, or call the Consumer Protection Division of the Iowa Attorney General’s Office at 888-777-4590. Remember, staying informed and proactive is key to combating scams and protecting yourself and your loved ones from financial harm. Stay vigilant, stay safe, and stay informed in the face of evolving fraudulent tactics.
