According to the most recent Federal Trade Commission-led “Consumer Sentinel Network (Sentinel),” Americans, including small businesses, filed 1.4 million fraud reports in 2018. The research was carried out in 2018 and published in 2019. The reports came from over 50 federal, state and non-governmental agencies. Below are some of the findings from those 1.4 million filings. (See also, the SmallBusiness.com Guide to Business Computer and Tech Security.)
$1.5 billion | People reported losing $1.5 billion (yes, that is with a ‘b’) to fraud last year – an increase of 38% over the 2018 report.
3 most common fraud report fillings | Imposter scams, fake debt collection, and identity theft.
Younger people reported losing money to fraud more often than older people. | Let that sink in. It’s what the data has been revealing for a while, but it’s hard for some people to grasp as it goes against conventional wisdom.
43% | The percentage of reports that were filed by individuals in the 20s
5% |The percentage of reports that were filed by individuals in the 70s.
However, when the fraud victims were in their 70s, the amount stolen were higher
$751 | Average amount of money lost by victims in their 70s
$400 | Average amount of money lost by victims in their 20s.
Scammers prefer wire transfers
$423 million | Wire transfer was the most used means of money transfer
Florida, Georgia and Nevada | The worst three states for fraud and fraud reports (per 100,000 population)
Check out what happened in your state.