Consumers Reported $19M in Internet Fraud Losses to FTC for 2017
Consumers reported $19 million in losses to FTC for internet fraud in 2017, which accounted for 14 percent of all fraud reports, the agency announced Thursday in its annual such data. There were 45,093 reports of fraud related to internet…
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services, and the median loss was $183. Complaints for fraud, identity theft and “other types of consumer concerns” dropped from about 3 million in 2016 to 2.7 million last year. Consumers reported losing $63 million more to fraud than in 2016, with a total of $905 million in 2017. The No. 1 complaint was fraud, accounting for about 41 percent of the 2.7 million reports. Identity theft was second, at about 14 percent of complaints, with credit card fraud the most common complaint in that category. Commissioner Terrell McSweeny tweeted Thursday that the agency “needs stronger enforcement & regulatory tools to address this persistent and costly problem plaguing Americans.” Consumer Protection Bureau acting Director Tom Pahl said data “underscores the importance of the FTC’s work in educating consumers and cracking down on the scammers.” Across all fraud complaints, the median financial loss was $429. Consumers in their 20s reported losing to fraud more often than elderly counterparts. Of those ages 22 to 29 reporting fraud, 40 percent said they lost money, and 18 percent of filers 70 years and older reported losing money.