Introduction

Identity theft and fraud are growing concerns in today’s digital age. The U.S. Federal Trade Commission (FTC) received over 1 million complaints of identity theft in 2023, with total financial losses exceeding $10 billion. In this article, we will explore the latest statistics, how scammers engage victims, and how you can protect yourself. For any mortgage service needs, contact O1ne Mortgage at 213-732-3074.

Fraud Statistics

In 2023, the FTC reported a 1.6% increase in fraud complaints, totaling 2,603,556 cases. Financial losses associated with fraud rose nearly 16% to $10.3 billion. The most common fraud category was imposter scams, with over 856,000 complaints, followed by online shopping scams with more than 376,000 complaints.

Top Fraud Incident Report Categories for 2023

• Imposter scams: 856,284 complaints
• Online shopping and negative reviews: 376,460 complaints
• Prizes, sweepstakes, and lotteries: 158,070 complaints
• Investment-related scams: 110,388 complaints
• Business and job opportunities: 108,459 complaints

Identity Theft Statistics

The FTC received 1,036,961 complaints of identity theft in 2023, a 6% decrease from 2022. The most common form of identity theft involved hijacked and newly opened bogus credit card accounts, with 426,038 complaints. The largest increase was seen in bogus government documents and false benefits claims, with 102,205 complaints, a 68% rise from 2022.

Top Identity Theft Report Categories

• Credit card fraud: 426,038 complaints
• Other identity theft: 279,313 complaints
• Loan or lease fraud: 171,932 complaints
• Bank fraud: 145,285 complaints
• Government documents or benefits fraud: 102,205 complaints

How Scammers Engage Victims

In 2023, 56% of fraud complaints specified the communication channel used by scammers. Email was the most widely used method, cited in 358,540 reports, followed by phone calls with 298,210 cases. Phone calls led to the highest median financial loss at $1,485 per victim.

Identity Theft Reports and Losses by Contact Method

• Email: 358,540 reports, $430M total losses, $571 median loss
• Phone call: 298,210 reports, $851M total losses, $1,485 median loss
• Text: 230,961 reports, $372M total losses, $1,000 median loss
• Website or app: 193,734 reports, $895M total losses, $224 median loss
• Social media: 181,327 reports, $1,487M total losses, $341 median loss

How to Protect Yourself from Identity Theft

Protecting yourself from identity theft involves several proactive measures:

• Secure electronic devices with automatic screen lock and biometric recognition.
• Use multifactor authentication for added security.
• Utilize a password manager to generate and store secure passwords.
• Regularly check your credit reports for suspicious activity.
• Avoid storing credit card information online.
• Consider identity theft protection services.

What to Do if You’re an Identity Theft Victim

If you suspect you are a victim of identity theft, take immediate action:

• Report the fraud to the FTC at IdentityTheft.gov or call 877-438-4338.
• Place a fraud alert or security freeze on your credit reports.
• Contact your financial institutions and lenders.
• Review bank and credit card statements for unfamiliar transactions.
• Notify the IRS if you suspect tax-related identity theft.

Conclusion

Fraud and identity theft are significant issues, with financial losses reaching an all-time high in 2023. Awareness and proactive measures are essential to protect yourself. For any mortgage service needs, contact O1ne Mortgage at 213-732-3074. Our team is here to help you navigate your financial journey safely and securely.