19 Scam Alert: Best Buy, Amazon, PayPal Top List of Impersonated Companies in Scams

CLEVELAND, Ohio (WOIO) - Best Buy’s Geek Squad, Amazon, and PayPal were the most frequently impersonated companies in scams during 2023, according to data released by the Federal Trade Commission (FTC).

Consumers reported 52,000 instances of scammers posing as Best Buy or Geek Squad, 34,000 as Amazon, and 10,000 as PayPal.

While these brands were targeted most often, scams impersonating Microsoft and Publishers Clearing House resulted in the highest losses, totaling $60 million and $49 million, respectively.

In response, the FTC has finalized a new rule strengthening its ability to deter, prosecute, and recover funds from scammers impersonating government agencies and businesses.

The report also highlighted common payment methods used by scammers, including cryptocurrency, bank transfers, payment apps like PayPal, CashApp, and Zelle, and gift cards from Apple and Target.

Consumers are urged to remain vigilant and report any suspicious activity to ReportFraud.ftc.gov.

For more information on consumer protection, visit consumer.ftc.gov.