19 October 2017
Register now

ID fraud on the up

23 January 2004  |  4565 views  |  0 screen_head

ID theft was the most common complaint filed with the US Federal Trade Commission (FTC) last year, accounting for 42% of all reports lodged in its Consumer Sentinel database.

FTC says identity theft was the most common complaint for the fourth consecutive year. 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.

All complaints received by FTC are recorded in its Consumer Sentinel database, which also includes complaint data from other organisations including the FBI's Internet Crime Complaint Centre, US Postal Inspection Service and The National Consumers League's National Fraud Information Centre.

Howard Beales, director of the FTC's bureau of consumer protection, says more than 900 law enforcement agencies in the US, Canada, and Australia are using the database.

"This model – one central source of consumer fraud data available to law enforcement, reflecting overall trends in fraud, ID theft and emerging scams – is making our work more efficient for law enforcement and more effective for consumers," says Beales.

In the UK, fraud prevention service CIFAS says its data-sharing scheme prevented fraud losses of £487 million for its 240+ member firms last year, an increase of £126 million - or over 35% - compared to 2002.

CIFAS says the change in reporting practices has lead to a dramatic increase in reported warnings.

However, CIFAS also saw an increase in the number of warnings filed for ID theft, which increased 37%, although this was down from the 54% increase recorded in 2002.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

London gang gaoled for ID fraud

London gang gaoled for ID fraud

24 November 2003  |  12342 views  |  0 comments | 1 tweets
Wells Fargo to pilot ID theft assistance centre

Wells Fargo to pilot ID theft assistance centre

29 October 2003  |  7988 views  |  0 comments
Bristol and West tackles ID fraud with GB

Bristol and West tackles ID fraud with GB

16 October 2003  |  5497 views  |  0 comments
Consumer ID theft soars

Consumer ID theft soars

04 September 2003  |  4213 views  |  0 comments
UK financial services plans crackdown on ID fraud

UK financial services plans crackdown on ID fraud

17 June 2003  |  5770 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
Register nowvisit www.niceactimize.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15820 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8954 views comments | 16 tweets | 22 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8051 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7147 views comments | 9 tweets | 17 linkedin
Santander InnoVentures leads $6m funding round for Mexico's ePesosSantander InnoVentures leads $6m funding r...
6288 views comments | 6 tweets | 3 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job