USAA and the Federal Trade Commission Report an 80% increase in cases over two years
SAN ANTONIO, Feb. 13, 2023 /PRNewswire/ -- Members of the United States military are increasingly finding themselves the victims of identity theft and subjects of romance and imposter scams.
In 2021, the FBI received more than 25,000 reports of romance fraud complaints. The FTC announced that in the last five years, people have reported losing a staggering $1.2 billion to romance scams—more than any other FTC fraud category. Both USAA and the FTC say that the trend is rapidly expanding and have cited an 80% increase in the number of cases since 2020.
"Unfortunately, the military is somewhat of an easy target for these kinds of scams," said Stacey Nash, senior vice president and head of fraud management and central operations at USAA Federal Savings Bank. "Because they're often stationed overseas, it's very easy for the scammers to explain why they might need money or why they can't meet in person."