New Mexicans filed 10,638 fraud complaints with the Federal Trade Commission last year, reporting a combined $50.7 million in losses, according to state officials. The number underscored the increasing toll of scams and investment fraud across the state.
Regulators said the losses indicate the increasing sophistication of technology-driven schemes, including those involving cryptocurrency and other digital assets. The Securities Division said it is relentless in monitoring brokers and investment advisers to ensure compliance with securities laws, pursue enforcement actions against violators, and expand fraud prevention efforts across the state.
“An informed and protected investor is essential as financial markets evolve and digital assets continue to develop,” Benjamin Schrope, acting director of the New Mexico Securities Division, said in a statement. “With New Mexicans losing millions each year to fraud, National Consumer Protection Week is a great time to review what you know about fraud and learn how to avoid becoming a victim to today’s sophisticated, technology-driven scams.”
The division holds educational events in English and Spanish, joins interagency roundtables, and provides forums to civic and community groups on how to detect and report scams. Officials urged residents to verify the registration and background of financial professionals through FINRA’s BrokerCheck or by contacting the Securities Division, and to be wary of unsolicited investment offers.
Authorities also told consumers to protect their personal and financial information from phishing and cyber scams.
The data were highlighted in connection with the observance of National Consumer Protection Week from March 1 to 7. The Federal Trade Commission led the annual event, which brings together federal, state, and local agencies, as well as nonprofit and private partners.