Home Consumer FTC: 20-Year-Olds Lost More Money To Fraud Than Those Over Age 70!

FTC: 20-Year-Olds Lost More Money To Fraud Than Those Over Age 70!

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“Where’s the Beef”…the Feds are out with their latest consumer complaint listings…and there’s really no surprises here: Debt Collection, I-D Theft, Impostor Scams sit as the Top 3 complaints.

“Although reports about debt collection declined between 2016 and 2017, it remained the top consumer complaint category, making up about 23 percent of all complaints. The high number of debt collection reports was due in part to reports submitted by a data contributor who collects complaints via a mobile app.

Identity theft was the second biggest category, making up nearly 14 percent of all the consumer complaints. Credit card fraud was the most common type of identity theft reported by consumers. Tax fraud was the second most common type of identity theft reported by consumers despite falling by 46 percent from 2016.

For the first time, the 2017 data book includes details on fraud losses broken out by age groups, as reported by consumers. Consumers in their twenties reporting losing money to fraud more often than those over age 70. For example, among people aged 20-29 who reported fraud, 40 percent indicated they lost money. In comparison, just 18 percent of those 70 and older who reported fraud indicated they lost any money. Then these older adults did report losing money to a scammer, the median amount lost was greater. The median reported loss for people age 80 and older was $1,092 compared to $400 for those aged 20-29.

Imposter scams were the third most common consumer complaint. Consumers reported losing substantially more money to imposter scams – a total of $328 million – than any other type of fraud. Imposter scams involve someone pretending to be a government official, tech support representative, a loved one in trouble or someone else in order to get consumers to give the scammer money. Nearly one in five consumers who reported an imposter scam indicated they lost money to the fraud.”

The entire FTC report can be found here.

By Al Sunshine, SouthFloridaReporter.com, Consumer Investigator, Mar. 3, 2018

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Al Sunshine is a South Florida-based Broadcast and Digital Journalist whose career has spanned more than 40 years at the local and national levels. His award-winning investigations have triggered more than a dozen state and local consumer protection laws and his work’s been cited in Congressional Testimony before the U-S House of Representatives. He is best known for his “Shame On You” features for CBS Miami which sought to expose businesses, agencies and individuals defrauding or deceiving consumers, as well as endangering the safety and welfare of the general public. In 2013 Al retired from CBS Miami to set up his own Digital News Business, “Sunshine News, LLC” and Al continues to blog for the Radio, Television, Digital News Association, sponsors of the prestigious Edward R. Murrow Awards”. An avid environmentalist, Al is one of the founding members of the “Miami Pine Rocklands Coalition”. The Florida Non-Profit is fighting to save and restore the last 2% of Pine Rocklands found only in South Florida and nowhere else in the continental United States. Al was recently elected its President.