Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
“`html
Fraud Statistics
The U.S. Federal Trade Commission (FTC) received over 1 million identity theft complaints in 2023, alongside more than 2.6 million fraud-related complaints, leading to financial losses exceeding $10 billion. Fraud complaints increased by 1.6% in 2023, totaling 2,603,556, up from 2,563,678 in 2022. Financial losses from fraud rose nearly 16% to $10.3 billion, up from $8.9 billion in 2022. Median losses per fraud case dropped by about 23% to $500 in 2023, down from $650 in 2022. Identity theft complaints decreased by 6.3%, to 1,036,961 from 1,107,053.
Top Fraud Incident Report Categories for 2023
The most common fraud category in 2023 was imposter scams, with over 856,000 complaints, a 12% increase from 2022. Online shopping scams were the second most common, with more than 376,000 complaints, a 3% increase from 2022. Investment-related scams ranked fourth, with 110,388 cases, the highest proportion of monetary losses (75%) and total financial losses of over $4.8 billion, a 24% increase from 2022. Median losses per case from investment-related scams were the highest at $8,000, up 60% from 2022.
Identity Theft Statistics
The FTC and affiliated agencies received 1,036,961 identity theft complaints in 2023, a 6% decrease from 2022. The most common form of identity theft involved hijacked and newly opened bogus credit card accounts, prompting 426,038 complaints in 2023, a 5% reduction from 2022. The largest increase in identity theft complaints was for bogus government documents and false benefits claims, with 102,205 complaints, a 68% increase from 2022.
How Scammers Engage Victims
In 2023, 56% of fraud complaints specified the communication channel used by criminals. Email was the most widely used method, cited in 358,540 reports, with median financial losses of $571 per victim. Phone calls were the second most cited method, with 298,210 cases and the highest median financial loss of $1,485 per victim.
Identity Theft Statistics by State
The District of Columbia had the highest number of identity theft complaints per 100,000 residents in 2023, with 478 complaints, totaling 3,268 for the year, an 11% increase from 2022. Georgia ranked second with 458 complaints per 100,000 residents, totaling 48,614 for the year, a 19% decrease from 2022. Florida, Nevada, and Connecticut rounded out the top five states for identity theft complaints by population.
How Quickly Can You Resolve Identity Theft-Related Issues?
The 2023 Consumer Aftermath Report from the Identity Theft Research Center (ITRC) surveyed identity fraud victims. Among those who consulted the ITRC, 10% resolved their issues within a week, while 65% were still unresolved after 12 months. Among victims who did not consult the ITRC, 40% resolved their issues within a week, while 10% were still resolving their issues months later.
What Should You Do if You’re an Identity Theft Victim?
If you believe you are a victim of identity theft, act quickly to minimize damage. Report the fraud to the FTC’s IdentityTheft.gov website or call their hotline at 877-438-4338. Place a fraud alert or security freeze on your credit reports. Contact financial institutions and lenders to alert them of fraudulent accounts. Review bank and credit card statements for unfamiliar transactions. Notify the IRS if you are a victim of tax-related identity theft.
How to Protect Yourself From Identity Theft
To protect yourself from identity theft, secure electronic devices with automatic screen locks and biometric recognition. Use multifactor authentication for added security. Utilize a password manager to generate and store secure passwords. Regularly check your credit reports for suspicious activity. Avoid storing credit card information online. Consider identity theft protection services for early fraud detection.
The Bottom Line
Fraud and identity theft remain significant concerns in the U.S., with financial losses in 2023 reaching an all-time high of $10.3 billion. Awareness and preparation are your best defenses. Tools like free credit monitoring can help you detect and address criminal activity early.
For any mortgage service needs, contact O1ne Mortgage at 213-732-3074. We are here to assist you with the best mortgage solutions.
“`
