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Yahoo
11 hours ago
- Business
- Yahoo
Newest FTC Data Reveals Americans Lost Billions to Fraud in 2024 — Here Were the Most Expensive Scams
Scams and fraud impact millions of people every year, and falling for a scam can mean losing thousands of dollars. Be Aware: Try This: The Federal Trade Commission (FTC) reported that in 2024, 2.6 million U.S. consumers reported a whopping $12.5 billion as lost to fraud — a figure 25% higher than in 2023. To protect yourself, it helps to know how to spot a scam. Data from the FTC indicated that the two most damaging types of fraud last year came in the form of investment and imposter scams. Read Next: Investment scams outpaced any other category of fraud targeting U.S. consumers in 2024, with reports of $5.7 billion in losses — an uptick of 24% in total value lost from 2023. These sorts of scams typically see fraudsters enticing victims to invest money into fraudulent assets, and when the transfer is complete, the cash disappears — along with the criminal who defrauded the victim. Imposter scams, on the other hand, accounted for $2.95 billion in losses coming from American checkbooks. These scams involve a fraudster pretending to be someone trustworthy or an authority figure, like a representative of a bank or government. They use this feigned authority and the urgency of dire consequences to convince victims to give them personal information, like a Social Security Number, or send them money. One striking fact: Last year, consumers reported losing more money to scams wherein they paid off the fraudsters with bank transfers or cryptocurrency than all other payment methods combined. And a second: While the FTC took in fraud reports from 2.6 million consumers in 2024 — and that number nearly matches the figure from 2023 — the total sum of money lost was much larger. Further, growth in particular subsets of scams was in evidence. Government imposter scams, a scenario in which a fraudster pretends to be a government official seeking monetary restitution or payment of some sort, saw consumer losses total $789 million, or about $171 million higher than in 2023. Business and job opportunity fraud, where hopefuls might pay false recruiters or hiring agencies for a way into their desired careers, accounted for $750.6 million in losses — up $250 million from 2023's figure. Christopher Mufarrige, director of the FTC's Bureau of Consumer Protection, said, 'Scammers' tactics are constantly evolving. … The FTC is monitoring those trends closely and working hard to protect the American people from fraud.' The pace of these reports does not appear to be slowing, either. A separate FTC data sheet indicated that for 2025, year-to-date, 75,458 reports of government imposter scams have been recorded. The scammers represent themselves as collecting tolls or representing the Social Security Administration, Medicare or even the FTC themselves. Most payments this year have been made by gift card — never a valid payment method for government-owed debt — and most scammers called their victims via phone. More From GOBankingRates The New Retirement Problem Boomers Are Facing 9 Downsizing Tips for the Middle Class To Save on Monthly Expenses This article originally appeared on Newest FTC Data Reveals Americans Lost Billions to Fraud in 2024 — Here Were the Most Expensive Scams Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21 hours ago
- Business
- Yahoo
How to get a $500 Georgia Tax Rebate Check
Some good news could be coming to your mailbox or via direct deposit this week. The Georgia Department of Revenue announced this week that it will begin issuing $500 rebate checks to all eligible taxpayers in the state. Gov. Brian Kemp announced his intention to issue a rebate back in April when he signed House Bill 112 into law. This is the third time that Georgia has issued a tax rebate, with the previous amounts being released in 2022 and 2023. The $1 billion rebate comes as a result of the $16 billion surplus Georgia announced at the end of fiscal year 2024. $250 for individuals filing as single or married filing separately $375 for those filing as head of household $500 for couples filing jointly Taxpayer must have filed Georgia income tax returns for both 2023 and 2024 Taxpayer may not be claimed as a dependent on someone else's 2023 return Taxpayer must be a full-time Georgia resident for tax purposes If a taxpayer is set up to get their refunds through direct deposit, the money will be wired into their bank account. If a taxpayer directed their refund to be sent through the mail, a physical check will be issued. The Georgia Department of Revenue began issuing the surplus rebate checks in late May. According to House Bill 112, refunds are not taxable for Georgia individual income tax purposes but could be taxable on federal returns. 'Our Department is ready to get this third round of refunds out the door efficiently and securely,' said State Revenue Commissioner Frank O'Connell. 'We appreciate the continued partnership with the Governor and the General Assembly in making this happen.' According to a press release from the Department of Revenue, taxpayers can check their eligibility using the Surplus Tax Refund Eligibility Tool, available through the Georgia Tax Center, by inputting their tax year, Social Security Number or Tax Identification Number, and Federal Adjusted Gross Income. For more details on the 2025 tax rebate distribution and to track the status of your rebate check, visit: The post How to get a $500 Georgia Tax Rebate Check appeared first on Capital B News - Atlanta.
Yahoo
2 days ago
- Business
- Yahoo
Newest FTC Data Reveals Americans Lost Billions to Fraud in 2024 — Here Were the Most Expensive Scams
Scams and fraud impact millions of people every year, and falling for a scam can mean losing thousands of dollars. Be Aware: Try This: The Federal Trade Commission (FTC) reported that in 2024, 2.6 million U.S. consumers reported a whopping $12.5 billion as lost to fraud — a figure 25% higher than in 2023. To protect yourself, it helps to know how to spot a scam. Data from the FTC indicated that the two most damaging types of fraud last year came in the form of investment and imposter scams. Read Next: Investment scams outpaced any other category of fraud targeting U.S. consumers in 2024, with reports of $5.7 billion in losses — an uptick of 24% in total value lost from 2023. These sorts of scams typically see fraudsters enticing victims to invest money into fraudulent assets, and when the transfer is complete, the cash disappears — along with the criminal who defrauded the victim. Imposter scams, on the other hand, accounted for $2.95 billion in losses coming from American checkbooks. These scams involve a fraudster pretending to be someone trustworthy or an authority figure, like a representative of a bank or government. They use this feigned authority and the urgency of dire consequences to convince victims to give them personal information, like a Social Security Number, or send them money. One striking fact: Last year, consumers reported losing more money to scams wherein they paid off the fraudsters with bank transfers or cryptocurrency than all other payment methods combined. And a second: While the FTC took in fraud reports from 2.6 million consumers in 2024 — and that number nearly matches the figure from 2023 — the total sum of money lost was much larger. Further, growth in particular subsets of scams was in evidence. Government imposter scams, a scenario in which a fraudster pretends to be a government official seeking monetary restitution or payment of some sort, saw consumer losses total $789 million, or about $171 million higher than in 2023. Business and job opportunity fraud, where hopefuls might pay false recruiters or hiring agencies for a way into their desired careers, accounted for $750.6 million in losses — up $250 million from 2023's figure. Christopher Mufarrige, director of the FTC's Bureau of Consumer Protection, said, 'Scammers' tactics are constantly evolving. … The FTC is monitoring those trends closely and working hard to protect the American people from fraud.' The pace of these reports does not appear to be slowing, either. A separate FTC data sheet indicated that for 2025, year-to-date, 75,458 reports of government imposter scams have been recorded. The scammers represent themselves as collecting tolls or representing the Social Security Administration, Medicare or even the FTC themselves. Most payments this year have been made by gift card — never a valid payment method for government-owed debt — and most scammers called their victims via phone. More From GOBankingRates Clever Ways To Save Money That Actually Work in 2025 25 Places To Buy a Home If You Want It To Gain Value This article originally appeared on Newest FTC Data Reveals Americans Lost Billions to Fraud in 2024 — Here Were the Most Expensive Scams
Yahoo
2 days ago
- Business
- Yahoo
Governor's office said it will start issuing special tax refund checks this week
The governor's office said it will start issuing one-time, special tax refunds this week. The bill passed earlier this year will mean money back in your pocket. Here is the breakdown: $250 for single filers and married individuals filing separately $375 for head of household filers $500 for married individuals filing jointly 'Because we've managed our state's resources wisely, we're again able to return money to hardworking Georgians who know how best to use it,' Gov. Brian Kemp said. 'Along with our acceleration of the largest income tax rate cut in state history, this latest refund is just one more way we're working to support the people of our state, their families, and their businesses, because that's not the government's money, it's theirs!' Taxpayers can check their eligibility using the Surplus Tax Refund Eligibility Tool, available through the Georgia Tax Center, by inputting their tax year, Social Security Number or Tax Identification Number, and Federal Adjusted Gross Income. TRENDING STORIES: 'Real Housewives of Atlanta' star Dwight Eubanks diagnosed with stage 4 prostate cancer Drivers caught racing on busy Duluth road Person found 'slumped' over in U-Haul leads to discovery of stolen IDs, fentanyl
Yahoo
17-05-2025
- Yahoo
The Real ID deadline is here. What you need to board your next flight
The long-awaited Real ID deadline is finally here but those without the federal identification may still be able to board their flights. Homeland Security secretary Kristi Noem said Tuesday that fliers without their Real IDs will "have an extra step" but will ultimately be permitted to fly for now. While things have reportedly been going smoothly at airports throughout this morning, passengers are still encouraged to pad their travel time in case of delays. Here's what you need to know: The Real ID Act was passed by Congress in 2005 to establish minimum security standards for state-issued identification cards and driver's licenses. It's designed to help prevent fraudulent identification, according to the Department of Homeland Security. The Real ID is not mandatory for Pennsylvania residents but you will now need federal identification to board domestic flights and enter federal facilities. There's still plenty of time to get a Real ID in Pennsylvania as the state will continue processing applications for the foreseeable future. PennDOT is also holding another Real ID day on May 12 to process as many applications as possible. You will need to produce several other pieces of identification, including proof of citizenship, proof of residency and valid Social Security Number when applying for a Real ID. A checklist for all of the documentation required to obtain a Real ID is available on the PennDOT website. When you apply for the Real ID, you must pay the license renewal fee in addition to $30 for the Real ID. It costs $39.50 to renew a four-year non-commercial license and $42.50 for a photo ID, according to PennDOT. You'll then be issued a Real ID with an additional four years added onto the expiration date that was listed on your drivers license. Lacey Latch is the development reporter for the Bucks County Courier Times and The Intelligencer. She can be reached at LLatch@ This article originally appeared on Bucks County Courier Times: Real ID deadline is here. What to know before heading to the airport
