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Stock impact report

Americans lost $5.7 billion to investment scams in 2024, FTC says. Here's how to protect yourself [CNBC]

Western Union Company (The) (WU) 
Last western union company (the) earnings: 2/11 04:05 pm Check Earnings Report
Company Research Source: CNBC
“Pig-butchering scams” are a common investment fraud whereby scammers develop a relationship with victims, entice them to invest money and then swindle them. There are three common signs of fraud that can help people avoid being duped. Consumers lost $5.7 billion to in 2024 — more than in any other type of fraud and up 24% from 2023, to new data from the Federal Trade Commission. Investment scams generally involve claims that a consumer will get big returns by investing in a hot new moneymaking scheme, to the FTC. Most people — 79% — who reported an investment scam to the FTC lost money, with the typical victim losing more than $9,000 on average, the agency said. Since FTC data is based on consumer reports of fraud, the true scope of investment fraud is likely much higher after factoring in people who don't step forward. “These scams are becoming a really huge problem for consumers,” said John Breyault, the National Consumers League's vice president of public policy, tele Show less Read more
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