Top 10 states with the most complaints of financial fraud

Category: Personal Finances

466146129 

The Federal Trade Commission (FTC) has reported that in 2013, there were more than 2 million reported cases of financial fraud. Approximately 14% of all financial fraud reports were identity theft, making it the most common, and the remainder of reports being miscellaneous financial fraud cases. Some of these cases include fraudulent debt collection complaints and financial fraud of the elderly.

Although financial fraud occurs all throughout the country, the following were the ten states with the most reports of financial fraud in 2013:

Florida 

Reports per 100,000 population: 997.8
Identity theft reports per 100,000: 192.9
Total amount of financial fraud reports: 195,103 

Stealing Social Security numbers to collect fake tax returns, is an increasing problem nationwide, but especially in Florida. Out of almost 40,000 reports of identity theft in Florida, more than 50% were related to government benefits and documents.  Florida was among one of the most affected by the housing crisis, which may have put residents at greater risk of financial fraud.

Georgia

Reports per 100,000 population: 755.8
Identity theft reports per 100,000: 134.1
Total amount of financial fraud reports: 75,523

Over 50 percent of all identity theft reports were categorized as government documents or benefits fraud, whereas a lot of other reports were related to predatory lending and aggressive debt collection tactics.

Nevada

Reports per 100,000 population: 719.1
Identity theft reports per 100,000: 97.1
Total amount of financial fraud reports: 20,062

Over 2,000 of financial fraud reports involved debt collection. Not only was the state highly affected by the housing crisis, but their unemployment rate was also one of the worst in the country in 2013. 

Michigan

Reports per 100,000 population: 676.7
Identity theft reports per 100,000: 97.1
Total amount of financial fraud reports: 66,964

Similar to Nevada, Michigan was impacted tremendously by unemployment and the housing crisis, making many residents susceptible to financial fraud.

Delaware

Reports per 100,000 population: 673.4
Identity theft reports per 100,000: 81.1
Total amount of financial fraud reports: 6,234

Almost one in five financial complaints of identity theft in Delaware was for utilities and phone fraud, in which people opened such accounts in another person’s name without their knowledge. Residents of Delaware also reported a large amount of impostor scams, many of which claimed to be charities.

Continued

Tags: credit card fraud, financial fraud, financial loss, identity theft

Comments are closed.