In 2018, people reported losses of nearly $1.48 billion in fraud to the Federal Trade Commission (FTC.) That was a $406 million over what consumers reported losing in 2017. One in every 4 people who report fraud to the FTC suffer some monetary losses.
The FTC, which monitors fraud through its Consumer Sentinel Network, has collected tens of millions of consumer reports about fraud, identity theft, and other consumer protection topics over more than 20 years. In a recently issued report, The 2018 Consumer Sentinel Network Data Book (FTC), the FTC summarizes nearly 3 million consumer reports. Reports encompass both those in which money was lost, as well as those in which mo money was lost.
They sort consumer reports into 29 top fraud categories, and of those categories, in 2018, the three that topped the list of reports were:
- Imposter Scams -18%
- Debt collection – 16%
- Identity theft – 15%
Some other key fraud report findings include:
- Telephone was the method of contact for 69% of fraud reports with a contact method identified
- Wire transfers continue to be the most frequently reported payment method for fraud
- Those aged 20-29 reported losing money to fraud in 43% of reports, while people aged 70 – 79 reported losing money in 15% of their reports.
- People aged 70 and older reported much higher median losses than any other age group.
- States with the highest per capita rates of reported fraud in 2018 were Florida, Georgia, Nevada, Delaware, and Maryland.
- States with the highest reports of identity theft were Georgia, Nevada,California, Florida, and Texas
You can search the full report to find a breakdown of information on fraud by state – here are more highlights.
Reprinted from Renaissance Alliance – no usage without permission.