Phone Scams Bilked Americans Out Of $30 Billion in 2020

Apparently, the best advice in 2021 is “just let it ring.” Americans lost a record $29.8 billion to phone scams in 2020 — $10 billion more than in 2019, according to a new report. Scammed From Home Last year, Americans…

Jennifer
Image Credit: iStock, chinnapong
Sign up for insightful business news.

Apparently, the best advice in 2021 is “just let it ring.”

Americans lost a record $29.8 billion to phone scams in 2020 — $10 billion more than in 2019, according to a new report.

Scammed From Home

Last year, Americans locked down under pandemic rules were pestered with an average of 30.7 spam calls — 21.5 of them robocalls — and 16.9 spam text messages every month, according to research firm Truecaller. And 23% of Americans fell for at least one scam, which meant a lucrative year for virtual grifters:

  • The average reported loss was a record $502 per scam, well up from $350 in 2019.
  • 59% of scam victims were men, according to the report. And despite the cliché of older folks being easy to scam, younger Americans were actually more prone to phone scams.

“Just a friendly reminder here, according to the Federal Trade Commission, any robocall trying to sell you something is illegal,” Truecaller said in its report, noting that robocalls actually fool 60% of their recipients. “The only exception is if the caller has written permission, directly from you, to call you in this way.”

Topical: Last year, 59% of Americans were hit with spam calls or texts related to COVID-19.

Analysis more

Tale of the Tape: Warren Buffett and Cathie Wood

Farm Strong: Understanding Agriculture as an Investment

Recent News

Consumer Confidence Rises in Spite of Challenged Conditions

Wall Street’s WhatsApp Habit Could Cost it $2 Billion in Penalties

Hertz and BP Partner to Install Thousands of EV Chargers; Gov’t Funds Its Own Network

175 Offshore Gambling Operations in the Philippines are About to Be Shut Down

[subscribe-form listid="1ebbb697aaa44fb1971fe0a3c42ff841" source="organic" medium="organic" redirect-url="https://thedailyupside.com/thank-you/"]
<form action="" class="subscribe-form "> <input type="text" name="subscribe_form_email" placeholder="Enter your email"> <input type="text" name="subscribe_form_name" placeholder="Enter your name" value="" class="c-subscribe-from_field"> <button class="c-btn" id="subscribe-form-submit" type="submit">Subscribe</button> <div class="subscribe-form-message"></div> <div class="subscribe-form-vars"> <input type="hidden" class="subscribe-form-param" name="params[listid]" value="1ebbb697aaa44fb1971fe0a3c42ff841"> <input type="hidden" class="subscribe-form-param" name="params[source]" value="organic"> <input type="hidden" class="subscribe-form-param" name="params[medium]" value="organic"> <input type="hidden" class="subscribe-form-param" name="params[redirect_url]" value="https://thedailyupside.com/thank-you/"> </div> </form>