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Financial Fraud Prevalent in US, With Median Loss of $1,090
According to a recent study by the Bureau of Justice Statistics (BJS), financial fraud is a significant problem in the United States. The study found that in 2017, over 16 million adults in the US experienced some form of financial fraud, resulting in total losses of over $3.2 billion.
Most Common Types of Financial Fraud
The most common types of financial fraud reported were:
- Relationship and trust fraud: victims experiencing a median loss of $1,320
- Phantom debt fraud: victims experiencing a median loss of $700
- Products and services fraud: victims experiencing a median loss of $880
Socioemotional Impact of Financial Fraud
The study found that more than half (53%) of all financial fraud victims reported experiencing socioemotional problems as a result of the victimization, including:
- Feelings of moderate to severe distress
- Problems with work or school
- Difficulties with family members or friends
Key Differences Between Financial Fraud and Identity Theft
While both types of crimes involve the unauthorized use of personal information, financial fraud requires that victims knowingly and intentionally provide personal information in order to be deceived and lose money.
Financial Losses by Type of Fraud
Here is a breakdown of the mean, median, and total losses for each type of fraud:
| Type of Fraud | Mean Loss | Median Loss | Total Loss |
|---|---|---|---|
| Total Financial Fraud | $3,440 | $800 | $1,792,719,350 |
| Relationship and Trust | $6,830 | $4,210 | $420,675,440 |
| Phantom Debt | $1,570 | $900 | $153,639,270 |
| Products and Services | $3,840 | $500 | $758,800,680 |
| Employment | $1,630 | ! | $31,069,800 |
| Prize and Grant | $1,130 | $800 | $50,717,600 |
| Charity | $110 | ! | $3,421,170 |
Socioemotional Problems by Type of Fraud
Here is a breakdown of the percentage of victims who experienced socioemotional problems as a result of each type of fraud:
- Total Financial Fraud: 53%
- Phantom Debt: 67%
- Employment: 67%
- Prize and Grant: 67%
- Relationship and Trust: 67%
- Products and Services: 47%
- Charity: 29%
Full Report Available
The full report can be accessed on the BJS website.