Most Common Types of Financial Fraud in the United States Revealed

A Staggering Number of Victims: 3.0 Million Affected by Financial Fraud in 2017

According to a recent report, a staggering 3.0 million individuals aged 18 or older fell victim to financial fraud in 2017. This alarming figure translates to approximately 1.25% of the adult population being duped by scammers and fraudsters.

Consumer Products and Services Fraud: The Most Prevalent Type

The most prevalent type of financial fraud reported was consumer products and services fraud, which affected around 2.0 million adults or roughly 0.81% of the population. This type of fraud can take many forms, including:

• Scams involving false claims about products or services
• Phony sales pitches for goods or services that don’t exist
• Unscrupulous business practices

Gender Disparities: Women More Likely to Experience Financial Fraud

Notably, females were more likely to experience financial fraud, with about 1.7 million women falling prey compared to 1.4 million men.

The Alarming Reality: Many Victims Fail to Report the Fraud

Despite the severity of these incidents, a significant number of victims failed to report the fraud to authorities. Only around 14% of those affected took the step to notify law enforcement, leaving many perpetrators unaccountable and further victimizing innocent individuals.

The Need for Increased Awareness, Education, and Reporting

The report highlights the widespread nature of financial fraud in the United States, emphasizing the need for increased awareness, education, and reporting to combat this growing problem. It is essential that we work together to prevent these scams from happening in the first place and to support those who have been affected by them.

By staying informed and vigilant, we can all play a role in reducing the prevalence of financial fraud and protecting ourselves and our loved ones from becoming victims.