FTC Lists Down Top Scammer-Impersonated Companies—Best Buy Tops the List

By Giuliano De Leon

May 28, 2024 01:08 PM EDT

FTC listed down the top scammer-impersonated companies. In the list published by the Federal Trade Commission, Best Buy is the number one firm copied by malicious actors. Here are other companies impersonated by fraudsters.

FTC Lists Down Top Scammer-Impersonated Companies—Best Buy Tops the List
A Best Buy electronics store in Annapolis, Maryland, on May 25, 2023.
(Photo : JIM WATSON/AFP via Getty Images)

FTC Lists Down Top Scammer-Impersonated Companies

Via its official news release, the Federal Trade Commission said that the new list is based on the data it gathered from consumers in 2023. Specifically, the FTC relied on customers' reports regarding their experiences with scammers who impersonate big firms.

Here are the top scammer-impersonated companies on FTC's list:

  • Best Buy/Geek Squad: 52,000
  • Amazon: 34,000
  • PayPal: 10,000
  • Microsoft: 7,000
  • Publishers Clearing House: 7,000
  • Norton/Lifelock: 7,000
  • Apple: 5,000
  • Comcast/Xfinity: 4,000
  • Bank of America: 4,000
  • Wells Fargo: 3,000

However, being the most impersonated company doesn't mean the firm's consumers lost the most money. FTC stated that Microsoft's consumers are number one in money loss since scammers stole over $60 million from them. Publishers Clearing House followed the software giant, with its consumers losing $49 million.

Read Also: Mastercard Integrates AI Into Fraud-Prediction Technology to Find Compromised Cards Before Criminals Use Them

What FTC Suggests To Impersonated Companies

According to Fox Business, email and phone are the most common forms of scam messages. The Federal Trade Commission also reported a drastic increase in the use of social media platforms to manipulate victims.

To help companies protect their customers, the FTC offered guidance to make it difficult for scammers to impersonate them.

"At minimum, make it easier for customers to reach you to find out what communications are legit," said the agency.

"Of course, shifting responsibility onto your customers isn't the answer, so look to your workforce's ingenuity to deploy solutions that protect your loyal customers and your good name," it added.

Related Article: Scam Warning: This is the Most Common Time People Were Likely to Get Victimized

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