Fraud and Identity Theft By the Numbers
Who is at Risk of Fraud?
The Federal Trade Commission (FTC) releases an opens in a new windowannual fraud report through the Consumer Sentinel Network. This report is filled with fraud facts and statistics that help consumers understand the current trends. We’ve gone ahead and identified several key stats, as well as fraud facts in VA, MD and DC.
- In 2018, the opens in a new windowFTC reported $1.48 billion in losses as a result of fraudulent activity — an increase of $406 million from 2017
- There were nearly opens in a new window170,000 people who suffered credit card fraud which meant that a credit card account was opened utilizing their information
- opens in a new window48% of all reports to the FTC were to report fraud, followed by identity theft at opens in a new window15%
- Nearly opens in a new window1 in 5 people reported a financial loss due to an imposter scam
- opens in a new window107, 367 adults ages 30-39 were victims of identity theft
Percentages are based on the total number of Consumer Sentinel Network reports by calendar year. These figures exclude “Do Not Call” registry complaints.
Source: Federal Trade Commission, Consumer Sentinel Network.
Due to the nature of the internet and our digital footprint, anyone who uses the internet to input sensitive information is at risk of becoming a victim of identity theft and fraud.
In terms of demographics, the tables aren’t turned quite the way you think they would be. Interestingly enough, the FTC revealed that opens in a new windowmillennials are actually more likely to be a victim of fraud than the elderly.
These fraud facts showed that 43% of adults age 20-29 who have reported fraud, end up losing money in a fraud case, compared to only 15% seniors. However, when seniors lose money to fraud, they have a much higher loss rate than young adults.
Fraud Incidences in VA, MD and DC
According to the Federal Trade Commission’s report in 2018, 2/3 of our region ranked in the top 10 in terms of identity theft complaints.
|State||Complaint per 100,000 population||Number of Complaints||Rank|
Fraud Facts in Maryland in 2018
- 32% of fraud reported involved identity theft (16%) and imposter scams (16%)
- Credit card fraud was the #1 method of identity theft
- There were 45,298 reports of fraud in total
- Maryland suffered $18.2M in total fraud losses
Fraud Facts in DC in 2018
- 21% of fraud involved debt collection scams
- 24% of identity theft was a result of credit card fraud
- There were 8,182 reports of fraud in total
- DC suffered $4.0M in total fraud losses
Fraud Facts in VA in 2018
- 17% of all fraud was related to imposter scams, followed by debt collection fraud at a close 13%
- 36% of identity theft was a result of credit card fraud
- There were 56,135 reports of fraud in total
- Virginia suffered $28.0M in total fraud losses