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The Federal Trade Commission (FTC) released new data Feb. 23 showing consumers reported losing nearly $8.8 billion nationally to fraud last year.

In New Jersey in 2022, consumers reported 48,226 fraud cases, resulting in $231 million lost, for an $800 median loss per victim.

Notably, the number of cases last year fell quite a bit from the 57,435 that were reported in 2021, but the losses were significantly greater than the $130 million total and $508 median losses reported for that year.

The most prevalent types of fraud here in New Jersey last year were:

• imposter scams — 14,705 cases reported
• online shopping and negative reviews — 7,161 cases reported
• internet services — 3,004 cases reported

Nationally, the FTC received fraud reports from 2.4 million consumers last year with imposter scams being the most common, followed by online shopping scams; prizes, sweepstakes and lotteries; investment related reports; and business and job opportunities.

The FTC said reported fraud losses in 2022 marked a more than 30% increase over 2021, with consumers losing more money to investment scams ($3.8 billion) than any other category last year. New Jersey had 1,963 investment-related scams reported in 2022.

The data was compiled through the FTC’s Consumer Sentinel Network, which receives reports directly from consumers as well as from federal, state, and local law enforcement agencies; the Better Business Bureau; industry members; and nonprofit organizations.

“The FTC uses the report it receives through the Sentinel network as the starting point for many of its law enforcement investigations, and the agency also shares these reports with approximately 2,800 federal, state, local, and international law enforcement professionals,” the FTC said in a press release. “While the FTC does not intervene in individual complaints, Sentinel reports are a vital part of the agency’s law enforcement mission.”

NJBIZ has extensively chronicled a number of fraud stories here in the Garden State. The release of these latest, eye-popping figures comes on the heels of an announcement last month by the New Jersey attorney general to establish an Office of Securities Fraud and Financial Crimes Prosecutions (OSFFCP). According to that office, the move will enhance existing efforts to fight crimes that undermine the fairness and integrity of financial systems or exploit and prey on New Jerseyans.

“If you harm our residents and violate our financial and securities laws, you will be held accountable, no matter how powerful you are,” Attorney General Matthew Platkin said in a January statement. “Our new Office is laser focused on identifying, investigating, and prosecuting financial predators of all types, and joining the impressive, existing work of our civil and criminal teams in this area.”

OSFFCP is being led by Assistant Attorney General Pablo Quinones, who said he was honored and excited by the opportunity to lead the important effort to combat financial crimes and protect vulnerable victims in New Jersey.

“I look forward to serving the residents of New Jersey and helping to ensure that those who dare to defraud New Jersey businesses and individuals of their hard-earned financial resources are held accountable without fear or favor,” said Quinones in a January statement.