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Feb 28

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Identity Theft Tops Consumer Fraud List

00011854The Federal Trade Commission (“FTC”) released the agency’s Consumer Sentinel Network Data Book 2013, which summarized consumer complaints.  There were over 2.1 million complaints reported in 2013.  The following table summarizes the top ten types of complaints filed in 2013:

 

Category

No. of Complaints

Identity Theft 290,056
Debt Collection 204,644
Bank and Lenders 152,707
Impostor Scams 121,720
Telephone and Mobile Services 116,261
Prizes, Sweepstakes and Lotteries 89,944
Auto-Related Complaints 82,701
Shop-at-Home and Catalog Sales 66,024
Television and Electronic Media 53,087
Advance Payments for Credit Services 50,422

The FTC’s press release indicated, “The highest reported age group for identity theft is 20-29, with 20 percent of complaints.”

This should not come as a shock as this age group uses the Internet more than others and most of the identity theft crimes are being conducted by stealing personal information through the Internet.  The FTC provides the following helpful information on Signs of Identity Theft, Immediate Steps to Repair Identity Theft, and How to Keep Your Personal Information Secure.  As we are all becoming more dependent on the Internet in our daily lives, we must be vigilant on keeping our identities protected from theft.

About the author

Anand Khemlani

I am a founding member of Fulcrum Inquiry, an accounting and economic consulting firm that performs damage analysis for commercial litigation, forensic accountings, financial investigations, and business valuations. I am a Certified Public Accountant (CPA), Accredited in Business Valuation (ABV), a Certified Fraud Examiner (CFE) and am a licensed Real Estate Broker. I regularly serve as an expert witness involving results of my forensic accounting assignments and damage analyses. My resume is available on Fulcrum's website

Permanent link to this article: http://betweenthenumbers.net/2014/02/identity-theft-tops-consumer-fraud-list/

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