Amboy Bank News

Incidents of Consumer Fraud Reach All Time High

Federal Trade Commission (FTC) data shows in 2023 consumers reported losing more than $10 billion to fraud, a benchmark number highlighting the ongoing, and growing, challenges facing monetary consumer losses due to scams.

Of the $10 billion losses in 2023, more than $4.6 billion were reported investment scams, followed by $2.7 billion reported losses from imposter scams. The significant increase in reports is partially attributed to the widespread use of digital tools, according to the FTC, which is making it easier to target consumers.

Consumers are reminded to never give out sensitive information to unverified sources and Amboy clients are urged to always visit or call their Amboy branch if there is ever a question about suspicious account-related activity.

Amboy Bank is a New Jersey-based bank with 135 years in the local communities. FDIC insured up to the legal maximum, Amboy Bank will continue to successfully prioritize the best interests of the customers first. Please continue to check our Security Center for updates and tips, and if you experience any security related activity with any of your Amboy Bank accounts, please contact us immediately at 877-222-6269 or reportfraud@amboybank.com.