Top frauds and scams in 2018 and how to avoid them in future – an overview from FTC

Scammers use clever schemes to defraud millions of people every year. They often combine new technology with old tricks to get people to send money or give out personal information. According to FTC’s analytics, over 3 million fraud cases were reported in the year 2018. They collected 1.4 million data from various sources and found out 25% of the people lost over $1.48 billion in fraud last year- an increase of 38% over 2017.

Surprise to all of that, younger people reported a loss of money more often than older people.

“Last year(2018), of those people who reported fraud and their age, 43% of people in their 20s reported loss of money to that fraud, while only 15% of people in their 70s did.”

Analytics from the Federal Trade Commission (FTC)

Imposter scams, debt collection, and identity theft were the top reported fraud in 2018, with people losing a median of $700(people in their 70s) and $400(people in their 20s) this year. According to reports from FTC, even though the Tax Fraud has decreased 38% compared to the previous year, Credit Card new account fraud has increased by 24%.

No of Fraud Reports from 2001 to 2018(FTC)

Frauds and scams were there even before the internet came into existence. With advancement in technology, the mode of scams and frauds changed along, and some people make a living out of victimizing innocent people and ripping off their money. Well its practically impossible to change the mentality of these scammers but we still can prevent being scammed.

If you check out my first post you will see an overview on how to spot a scammer. However, in this post, you can read an elaborate version of it from the FTC website Directly. 10 Things you can do to avoid Fraud. (Courtesy FTC). This article is available in multiple languages and in PDF format, check out their website for more information.

Hope this post was informative for you. If you find it helpful, please share it with your friends and family. You can also provide your valuable suggestions and feedback by commenting on this post or using the Contact Page from this blog.

“Stay Safe”


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