The U.S. Treasury Department’s Office of Cybersecurity and Critical Infrastructure Protection (OCCIP) issued an advisory to consumers recently warning about a surge in cyber-enabled scams and online fraud.
As digital transactions and online shopping grow, so do risks, the office said. The Treasury Department said it is urging consumers to stay vigilant, be proactive and respond quickly if they feel they are being targeted. Fraud losses, the department said, have reached unprecedented levels and have cost tens of billions of dollars each year. Scammers are also leveraging advanced technologies, including AI to impersonate trusted individuals and businesses, to automate outreach and to make fraudulent schemes more convincing and harder to detect.
“As cyber-enabled fraud reaches unprecedented levels, the U.S. Department of the Treasury is urging consumers to be on high alert this holiday season,” Cory Wilson, Deputy Assistant Secretary for OCCIP, said. “Scammers are exploiting digital platforms and emerging technology in increasingly sophisticated ways. Financial losses from fraud and scams are in the billions and underscore just how serious this threat has become. Treasury is committed to combating fraud, and consumers play a critical role as well. We encourage consumers to stay aware, question unexpected messages or offers, and take the simple protective steps outlined in this advisory. A few moments spent verifying information or consulting a trusted friend or family member can prevent significant harm and help all of us fight back against fraud.”
According to the Federal Trade Commission (FTC) imposter and impersonation scams were the top category reported to Consumer Sentinel in 2024. In those scenarios, scammers impersonate a trusted brand and promote products at unusually low prices. Social media ads often direct to fake online stores that trick consumers into purchasing goods that are never delivered. According to a recent AARP survey, 39 percent of consumers filed fraud claims after purchasing something from a social media ad, up from 35 percent last year. Non-delivery and non-payment scam reports cost consumers more than $785 million in 2024, officials said.