Americans Lose $5B in Digital Scams

( – Digital scams cost Americans over $5 billion per year, according to’s yearly credit card report released on June 3.

In 2023, the report shows that fraudulent charges were seen on the credit or debit cards of 52 million Americans, with most of the victims reporting that their data was stolen online. Only seven percent of the fraudulent charges resulted from a lost or stolen card.

Over the past two years, the average per fraud charge has increased by 26 percent to $100.

According to the report, at least once, 60 percent of those surveyed had been the victim of a credit card scam. While many of the victims of credit card scams did not report the fraud to police, 96 percent did contact their bank or card provider and got their money back.

Though credit card scammers can copy card information from point-of-sale (POS) terminals or by hacking your computer when using public Wi-Fi, they usually use phishing tactics, such as sending false texts and emails, to get ahold of their victims’ information.

The Director of Corporate Partnerships & Engagement at the National Council of Aging, Genevieve Waterman, said with people making more transactions online, the issue of digital credit card scams is rising.

A financial literacy instructor at the University of Tennessee at Martin, Alex Beene, noted that the scammers become “smarter and savvier” as technology advances.

There are steps consumers can take to help protect their data.

Consumers should check their credit card accounts regularly. Turning on spending alerts can make consumers aware of fraudulent activity immediately.

Not using the same password for multiple accounts can help protect your data. Beene also added that entering your card number every time you log in to a website and not saving the card number can help protect your data.

Using a credit card for online purchases instead of a debit card can offer more protection to consumers. Waterman also encouraged consumers to “be vigilant about using safe websites” and avoid “engaging in conversations with strangers online.”

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