The top frauds of 2017 [As reported by FTC.gov]
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March 1, 2018 by Monica Vaca, Associate Director, Division of Consumer Response and Operations
The numbers are in, the counts have been made, and today the FTC announced what we heard from you during 2017. Here are some highlights:
This year’s top fraud is again Imposter Scams, with nearly 350,000 reports. Nearly 1 in 5 people who reported an imposter scam lost money – a whopping $328 million lost to someone pretending to be a loved one in trouble, a government official, tech support, or someone else who’s not who they say they are, but who wants your money.
We heard from nearly 2.7 million people last year. There were fewer debt collection reports in 2017 (23% of all reports), but it’s still the top category by a wide margin, followed by identity theft (14%), which overtook imposter scams (13%) for the number two slot in 2017.
For everyone who reported identity theft, credit card fraud tops the list, and continues to grow. Reports of tax fraud are down 46%, but it was still reported by nearly 63,000 people.
Of the more than 1.1 million people who reported fraud, 21% told us they lost a total of more than $905 million. That’s an increase of $63 million from 2016.
People reported that scammers mostly contacted them by phone, and they mostly paid for frauds – once again – by wire transfer. But check out the $74 million in losses on credit cards, which are charges that could potentially be disputed and recovered, if done in time.
Median losses tell an interesting story: for all fraud reports in 2017, the median loss was $429. Compare that to a $500 median loss to imposters, a $720 median fraud loss to scams that come in by phone, a $1,710 median loss related to travel, vacations and timeshares. Among military consumers, median losses were higher than the general population — $619.
More younger people reported losing money to fraud than older people – but when people aged 70 and older had a loss, it was a much higher median loss than other groups.
And, based on reports per 100,000 population, the top states for fraud reports were Florida, Georgia and Nevada. For identity theft, it’s Michigan, Florida and California.
Have you spotted any scams? If so, tell the FTC – and then come back this time next year to hear what happened during 2018.
Tagged with: credit card, identity theft, imposter, military
Money & Credit
Santa Fe, NM – State Auditor Wayne Johnson [recently] released the final audit of a $10.5 million federally-funded project meant to bring broadband connectivity to communities across northern New Mexico. The audit found nearly $1,000,000 in expenses that can’t be accounted for, 12.12 miles of missing fiber optic cable worth nearly $200,000, and a lack of financial controls to ensure compliance with laws, regulations, policies, and grant agreements.
Johnson’s office continues to look for missing documentation and has served several subpoenas on contractors and vendors who received significant payments from the broadband project.
The entire audit can be found here: https://www.saonm.org/media/audits/821_North_Central_NM_Economic_Development_District_REDI_Net_March_2018.PDF
For more information contact: Enrique C Knell at 505-551-2407.