Financial Crime World

Identity Theft Wreaks Havoc in Financial Services Across US Minor Outlying Islands, Report Reveals

Alarming Rise of Identity Theft and Fraud Losses

A new report from the Federal Trade Commission (FTC) has shed light on the alarming rise of identity theft and fraud losses across the United States Minor Outlying Islands. According to the 2023 Data Book report, consumers reported a staggering $10 billion in fraud losses, marking a nearly 14% increase over the previous year.

Top Complaints and Payment Methods

  • Identity theft emerged as the most common complaint, accounting for 19% of all reports
  • Fraud accounted for 48% of all reports
  • The top payment methods for fraud included:
    • Bank transfers and payments, with total losses reaching a staggering $1.86 billion
    • Cryptocurrency, which resulted in losses of $1.41 billion

Demographic Disparities in Fraud Victimization

  • Consumers aged 20-29 reported losses more frequently than those aged 70-79 or 80 and over
  • However, when older groups did experience losses, the median loss was significantly higher

Targeting Military Personnel

  • Military personnel were targeted, with a total of 93,000 fraud records reported and related losses totaling $477 million
  • The top three fraud categories reported by military consumers mirrored national trends
  • The top five states reporting the highest levels of both fraud and identity theft per 100K population are:
    • Georgia
    • Florida
    • Nevada
    • Delaware
    • Connecticut

Conclusion

The report serves as a stark reminder of the need for enhanced consumer protection measures to combat the growing threat of identity theft and fraud in financial services across the US Minor Outlying Islands.