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Scammers have continued to evolve their tactics, and 2022 saw a rise in the total amount lost by consumers and small businesses. The Federal Trade Commission (FTC) partnered with Ethnic Media Services to reveal the top five scams of 2022 and their economic impact, as well as how to spot and protect against them.

According to the FTC, while there was a decrease in the number of fraud reports received in 2022, the total amount lost by consumers and small businesses rose to $8.8 billion, the most ever reported. The top two frauds were imposter fraud and online shopping scams. Consumers reported losing $660 million to business imposters compared to $450 million the year before.

Investor fraud was the most lucrative for scammers, with consumers reporting a loss of almost $3.8 billion, with the majority in cryptocurrency scams. Scammers often entice consumers to invest in cryptocurrency through social media, presenting fake websites that show the consumer’s money growing. Social media was the contact method that had the highest aggregated dollar loss, with $1.2 billion.

The FTC experts also highlighted that scammers are targeting ethnic communities and speaking their language. For example, the Latino community filed a higher percentage of reports relating to problems with banks and lenders, related to debt collection, auto issues, and also business opportunities. Scammers also targeted Latinos with bogus business opportunities and work-at-home schemes. In contrast, the black community reported the largest number of reports about payday loan applications and student debt relief programs.

To help people spot and avoid scams, the FTC provides information in a dozen languages, including Amharic, Arabic, Chinese (both simplified and traditional), French, Hmong, Korean, Russian, Somali, Tagalog, Vietnamese, and Ukrainian. The FTC’s downloadable publication, Spotting, Avoiding and Reporting Scams: A Fraud Handbook for recent refugees and immigrants, helps people learn to spot some of the scams related to looking for a job, going through the immigration process, or just trying to figure out how things work in the US. There are also graphics in each language at the bottom of each page to share on social media, helping people in various communities know how to spot, avoid, and report fraud.

In conclusion, while the number of fraud reports decreased in 2022, scammers continue to evolve their tactics, with investor fraud and cryptocurrency scams being the most lucrative. The FTC recommends being aware of scams and provides resources in multiple languages to help people spot, avoid, and report fraud.

In today’s fast-paced world of technology, it’s not uncommon to see people of all ages embracing artificial intelligence (AI) and other advanced technologies. However, for some individuals, such as 60+ years old man, the idea of relying on AI can be somewhat unsettling. This was the case for John, a retired writer who recently visited his mentee, a successful author in his 30s, and was taken aback by his use of AI as an editor for his second book.

John had mentored his protege for several years and was proud of his progress and success in the writing world. However, when he saw that his mentee was using AI to edit his book, he was hesitant and upset. He had long-standing relationships with many experienced editors, and the thought of someone else, even if it was a machine, editing his work was difficult for him to accept.

John’s concerns stem from the fact that he believes that the human touch is essential in the editing process. He felt that a machine could never fully understand the nuances and subtleties of language, and as a result, could never do as good a job as a seasoned editor. Additionally, John was worried that the use of AI could lead to a loss of creativity and individuality in the writing process.

Despite his reservations, John was determined to have an open mind and listen to his mentee’s perspective. His mentee explained that using AI as an editor allowed him to save time and money, and that the machine was able to catch errors and inconsistencies that he may have missed. He also mentioned that the AI editor was able to suggest improvements and alternatives to his writing, which he found extremely helpful.

After much discussion, John came to understand the advantages of using AI in the editing process, but he still felt uneasy about it. He suggested that his mentee consider using his long-time editor friend, who was experienced and reliable. However, his mentee was hesitant to do so because the editor had demanded to charge double for the second book, which was something he could not afford.

In the end, John and his mentee reached a compromise. They agreed to try using the AI editor for a few chapters, and if they were not satisfied with the results, they would go back to using John’s friend. This solution satisfied both parties, and John felt that he had done his best to impart his wisdom and experience to his mentee.

The use of AI in the editing process can be a contentious issue for some, especially for those who are older and more set in their ways. However, it’s important to keep an open mind and consider the benefits of using technology, while also taking into account the importance of the human touch. In the end, the decision to use AI or a human editor is a personal one and should be based on individual needs and preferences.

Drop the FEAR and Focus on the FAITH

Di Tran’s new book “Drop the FEAR and Focus on the FAITH” encourages us to believe in ourselves and move forward with faith, as change is a constant and inevitable part of life. By embracing this philosophy, we can be mindful of ourselves and find peace in the midst of change. When we focus on our faith, rather than our fear, we open ourselves up to new opportunities and experiences that allow us to grow and evolve. Di Tran’s book reminds us that the journey of life is not always easy, but by having faith in ourselves and our abilities, we can overcome any obstacle and achieve our goals. So, let us drop the fear and focus on the faith, and experience the growth and fulfillment that comes with it.