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US trends in fraud and identity theft

US trends in fraud and identity theft

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Between January and December 2003, Consumer Sentinel, the complaint database developed and maintained by the US Federal Trade Commission, received over half of a million consumer fraud and identity theft complaints.

The FTC says identity theft was the most common complaint for the fourth consecutive year, accounting for 42% of all reports lodged on Sentinel. Of the 516,740 complaints received in 2003, 214,905 were identity theft reports, representing a two per cent rise on the 2002 ratio.

Web-related complaints accounted for 55% of all reports, up from 45% in 2002. Internet auctions accounted for 15% of complaints reported.

In total, consumers reported losses from fraud of more than $400 million.

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