Texting Fraud

Cost of texting fraud rises fivefold in three years

The official cost of texting fraud in 2022 rose to $330 million, representing a fivefold increase since 2019, with an average cost of $1,000 to the victims concerned. But the US Federal Trade Commission (FTC), which issued the figures, acknowledges that this is only the tip of a gigantic cybercrime iceberg, as most phone scams go unreported.