Feeds

US hit for $548m in fraud losses

ID theft tops league

  • alert
  • submit to reddit

The Essential Guide to IT Transformation

Identity theft topped the list of complaints received by the US Federal Trade Commission for the fifth successive year, accounting for 39 per cent of consumer fraud complaints filed with the agency last year. Credit card fraud was the most common form of reported ID theft (28 per cent), followed by phone or utilities fraud (19 per cent), bank fraud (18 per cent), and employment fraud (13 per cent).

Americans reported fraud losses of $548m to the FTC last year. Of these 635,173 complaints, 246,570 concerned ID theft and 388,603 were about other forms of fraud.

Internet-related complaints accounted for 53 per cent of fraud reports (and $265m of reported losses), with problems involving online auctions proving a particular problem. Gripes about net auctions featured in over 102,000 complaints to the FTC last year (16 per cent of total reports). The top 10 of consumer fraud complaints for 2004 also included: catalogue sales - eight per cent of total complaints; internet services and computer complaints - six per cent; foreign money offers - six per cent; prizes/sweepstakes and lotteries - five per cent; advance-fee loans and credit protection - three per cent; business opportunities and work-at-home - two per cent and telephone services - two per cent.

Consumers can file fraud and identity theft complaints on the FTC's website. The agency collates this information with data from other law enforcement and consumer protection agencies to create a comprehensive database. This information helps law enforcers co-ordinate actions, avoid duplication and spot trends in consumer fraud.

Washington DC, Las Vegas and San Jose, California were 'hot spots' for consumer fraud, according to FTC reports. Last Vegas (again); Phoenix, Arizona and San Bernardino, California generated the highest per-capita reports of ID theft. The FTC's report, National and State Trends in Fraud and Identity Theft, can be found here (PDF). ®

Related stories

US jails Brit credit card fraud mastermind for 14 years
Internet fraud is easy, says judge...
'Integrity of eBay markeplace' at risk - sellers' group

Build a business case: developing custom apps

More from The Register

next story
14 antivirus apps found to have security problems
Vendors just don't care, says researcher, after finding basic boo-boos in security software
'Things' on the Internet-of-things have 25 vulnerabilities apiece
Leaking sprinklers, overheated thermostats and picked locks all online
iWallet: No BONKING PLEASE, we're Apple
BLE-ding iPhones, not NFC bonkers, will drive trend - marketeers
Only '3% of web servers in top corps' fully fixed after Heartbleed snafu
Just slapping a patched OpenSSL on a machine ain't going to cut it, we're told
How long is too long to wait for a security fix?
Synology finally patches OpenSSL bugs in Trevor's NAS
Secure microkernel that uses maths to be 'bug free' goes open source
Hacker-repelling, drone-protecting code will soon be yours to tweak as you see fit
Israel's Iron Dome missile tech stolen by Chinese hackers
Corporate raiders Comment Crew fingered for attacks
Roll out the welcome mat to hackers and crackers
Security chap pens guide to bug bounty programs that won't fail like Yahoo!'s
HIDDEN packet sniffer spy tech in MILLIONS of iPhones, iPads – expert
Don't panic though – Apple's backdoor is not wide open to all, guru tells us
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Backing up Big Data
Solving backup challenges and “protect everything from everywhere,” as we move into the era of big data management and the adoption of BYOD.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.