By RENAISSANCE ALLIANCE
In 2018, people reported losses of nearly $ 1.48 billion in fraud to the Federal Trade Commission (FTC). It was $ 406 million over what consumers reported losing in 2017. One in every four reporting fraud to the FTC suffered some monetary losses.
The FTC, which oversees fraud through its Consumer Sentinel Network, has collected dozens of millions of consumer fraud, identity theft, and other consumer protection reports for over 20 years. In a recent report, The 2018 Consumer Sentinel Network Data Book (FTC), the FTC summarizes nearly 3 million consumer reports. Reports include those that were lost, as well as those where the money was lost.
They sort consumer reports in 29 top fraud and in the categories 2018 the three topping the list of reports were:
- Imposter Scams -18%
- Debt value – 16%
- Identity theft – 15%
Related: Imposter fraud at the top of the 2018 consumer fraud complaint and fraud alert: This is (not) government calling.
Some other important fraud prevention errors include:
- Phone was the contact method for 69% of fraud prevention with a contact method identified
- Bank transfers are still the most frequently reported payment method for fraud
- The 20-29 years reported that they lost money to fraud in 43% of the reports, while people aged 70-79 reported that they lost money in 15% of their reports.
- People aged 70 and older reported very much her median losses than any other age group.
- States with the highest per capita reported fraud in 2018 were Florida, Georgia, Nevada, Delaware, and Maryland.
- States with the highest identity theft reports were Georgia, Nevada, California, Florida and Texas
You can search the entire report to find a breakdown of state fraud information. Here are more highlights.