Utah residents lost more than $55 million to financial scams in 2023, according to LendingTree, a loan-finding marketplace.
Reid Tepfer, Southwest region attorney for the Federal Trade Commission, said they received fraud reports from 2.6 million people last year. The most commonly reported were "impostor" scams.
"When I say impostor scams, I mean people who are pretending to be your bank's fraud department, the government, maybe a relative in distress or a well-known business, even an IT support expert," Tepfer explained.
Tepfer pointed out investment-related scams were the fourth most-reported fraud category, with people losing more than $4.6 billion in 2023, the most of any category.
Tepfer cautioned if something sounds too good to be true, it likely is. He added a scammer will often demand payment by a money transfer or gift card, and will pressure you to act now. A list of warning signs is online at consumer.ftc.gov.
As technology becomes more advanced, so do the scams. Tepfer noted it is a scam when someone tries to get you to move your money to protect it, such as asking you to transfer or withdraw funds from a bank or investment account. He stressed you should always take the time to do your research before making any financial decision, which is exactly what scammers try to discourage.
"The reason why they want to create this false sense of urgency is, they don't want you to be able to take a step back and look at the situation with a clear head and realize that something isn't right," Tepfer emphasized.
Tepfer advised if you are concerned or want to inquire about a financial account, contact the responsible financial institution using the phone number on your financial statement. He added if you are scammed, it is also important to file a report with the FTC. You can do so online at ReportFraud.ftc.gov or by calling 877-382-4357.