Scammers posing as workers at big-name brands stole more than $660 million in 2023

Scammers duping people by posing as workers at big-name brands like Best Buy’s Geek Squad, Amazon and PayPal stole more than $660 million through business-impersonation scams in 2023, according to a report released by the Federal Trade Commission. 

Such scams have become more prevalent since the pandemic. For example, in the first three months of 2020, the FTC received about 26,000 complaints related to business-impersonation fraud. Complaints of business imposters peaked at roughly 130,000 between July and September 2023, and these type scams remain the most common type of imposter scam today.

While reported FTC complaints are helpful to determine the most popular types of imposter scams, they are just a fraction of the actual number of people who are victims of fraud. 

The most complaints reported in 2023 were regarding Best Buy/Geek Squad, with 52,000 complaints, while the highest amount of theft reported was related to scams involving Microsoft at $60 million. Here is a rundown of the 10 most commonly impersonated businesses in 2023, according to the FTC. 

Best Buy/Geek Squad: 52,000 complaints resulting in $15 million in theft

Amazon: 34,000 complaints; $19 million theft

PayPal: 10,000 complaints; $16 million theft

Microsoft: 7,000 complaints; $60 million theft

Publishers Clearing House: 7,000 complaints; $49 million theft

Norton/Lifelock: 6,000 complaints; $11 million theft

Apple: 5,000 complaints; $17 million theft

Comcast/Xfinity: 4,000 complaints; $2 million theft

Bank of America: 4,000 complaints; $8 million theft

Wells Fargo: 3,000 complaints; $11 million theft

One of the most common fraud scenarios involves fake Geek Squad emails convincing people to renew a service they never signed up for; pop-up security alerts seemingly from Microsoft that prompt someone to call a hotline for help; and phone calls from someone pretending to be from Publishers Clearing House alerting someone that they are a (fake) sweepstakes winner, but need to pay a fee in order to collect their prize.

Scammers use a variety of schemes to steal money.In addition to posing as familiar businesses, imposters also frequently pretend to be a family member, a friend, a government worker or an online love interest and most commonly request payments via PayPal, Cash App or Zelle or gift cards from Apple, Target or eBay.

Tips from the FTC to avoid becoming a victim of scams:   

Never click on links or respond to unexpected messages. If you think a story is legitimate, contact the company or agency using a trustworthy phone number or website. Don’t use the information in the message.

Don’t believe anyone who says you need to buy gift cards, use a Bitcoin ATM, or move money to protect it or fix a problem. Real businesses and government agencies will never do that.

Slow down. Scammers want to rush you, so before you take any action, talk with someone you trust. Anyone rushing you into paying or giving information is almost certainly a scammer.

The FTC received more than 850,000 imposter scam complaints in 2023, resulting in a loss of at least $2.7 billion. According to a new Data Spotlight released in April by the FTC, scammers still use the phone, but are increasingly using text or email as a way to get their foot in the virtual door. According to reports, their preferred payment methods are shifting to bank transfers and cryptocurrency. Their methods are getting more complex and convincing. For example, the person who contacts the consumer may say they’re with a well-known company, but then claims to “transfer” the consumer to what turns out to be a fake bank, a fake FBI agent, or even a fake FTC staffer.