Consumers lost nearly $16 billion to fraud and scams in fiscal year 2025, according to the Federal Trade Commission — and that number is likely much higher because many victims never file a report.
"Fraud in general is underreported," said Rachel Walden, vice chair of the Arizona Corporation Commission.
The Securities Division of the Arizona Corporation Commission is working to change that.
"They shouldn't be embarrassed or ashamed. They really need to report what's happened, so that the ACC could try to get restitution for any funding that's been lost and go after somebody. So, that this stops and we can put an end to the fraud," Walden added.
Once an investigation and settlement process is complete, victims may have an opportunity to recover some of what they lost. Last year alone, the division ordered $5.8 million in restitution on 25 decisions.
In 2024, the Commission ordered $13.8 million in restitution involving 43 Decisions for violations of the Arizona Securities Act and the Investment Management Act.
"If you have lost money, you know, after the process has been completed for the investigation and settlement, if there's restitution ordered, there's an opportunity that they may be able to get money back to the investor or the person that was scammed," Walden explained.
The Securities Division can also help people identify a potential scam before it is too late.
"It's so important to pause and do your research and verify," Walden said.
Whether the concern involves a suspicious letter received in the mail, job offer, voicemail, email, or text message, the ACC Securities Division has a phone number residents can call or an email address they can use to ask questions and report suspicious activity.
"You can call and you can email, and you can ask questions," Walden said.
"If you think something sounds suspicious, you can report that too, for the ACC to look at," Walden added.
You can file a report with the ACC Securities Division by calling 602-542-0662 or emailing SecuritiesDiv@azcc.gov. Reports can be taken via email, phone call, mail, or in person. Their address is 1300 W. Washington St, Phoenix, AZ 85007.
To learn more about the ACC Securities Division, visit their website azcc.gov/securities.
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