NJ consumers lost $231M to fraud last year. Here are some tips to avoid becoming a victim

New Jersey consumers reported losing $231 million to fraud in 2022, according to the Federal Trade Commission, up 77% from 2021, when they reported being scammed out of over $130 million.

Federal data published Thursday shows that while the number of reported fraud cases year over year has gone down, the amount of money has skyrocketed.

There were 48,226 cases reporting over $231 million lost last year, compared with 2021, when there were 57,435 cases reporting $130 million lost to fraud. The median amount lost to fraud last year in New Jersey was $800, up from $508 the year before.

The most common type of fraud was imposter scams, accounting for a third of New Jersey fraud reports last year, according to federal data.

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In those types of scams, the person poses as another individual or group and convinces a victim to send them money.

“This is the most common form of fraud reported to the Federal Trade Commission,” AARP says.

Those between the ages of 18 and 59 typically lost around $500 to fraud — that shot up to $800 for those aged 70 to 79, and $1,500 for those over 80, according to FTC statistics.

How to avoid falling victim to fraud

Scammers will often pretend to be from an organization that you know, such as the Social Security Administration, the IRS or Medicare, the FTC said.

They’ll say there’s a problem or prize, that action needs to be taken immediately and that payment needs to be done in a specific way, such as wiring money or cryptocurrency.

The FTC says to block unwanted calls and text messages, and not to give out personal and financial information in response to unexpected calls.

You should also resist the urge to act immediately, as “honest businesses will give you time to make a decision,” the FTC said.

“Never pay someone who insists you pay with cryptocurrency, a wire transfer service like Western Union or MoneyGram, or a gift card. And never deposit a check and send money back to someone,” the FTC said. “Stop and talk to someone you trust. Before you do anything else, tell someone — a friend, a family member, a neighbor — what happened. Talking about it could help you realize it’s a scam.”

This article originally appeared on NorthJersey.com: Fraud in NJ up from 2021; how to avoid becoming a victim