Imposter scams top the FTC fraud list for 2018


In 2018, people reported losses of nearly $1.48 billion in fraud to the Federal Trade Commission (FTC.) That was a $406 million over what consumers reported losing in 2017. One in every 4 people who report fraud to the FTC suffer some monetary losses.

The FTC, which monitors fraud through its Consumer Sentinel Network, has collected tens of millions of consumer reports about fraud, identity theft, and other consumer protection topics over more than 20 years. In a recently issued report, The 2018 Consumer Sentinel Network Data Book (FTC), the FTC summarizes nearly 3 million consumer reports. Reports encompass both those in which money was lost, as well as those in which mo money was lost.

They sort consumer reports into 29 top fraud categories, and of those categories, in 2018, the three that topped the list of reports were:

  • Imposter Scams -18%
  • Debt collection – 16%
  • Identity theft – 15%

chart- top 10 fraud categories

Related: Imposter scams top the list of 2018 consumer fraud complaints and Fraud alert: This is (not) the government calling.

Some other key fraud report findings include:

  • Telephone was the method of contact for 69% of fraud reports with a contact method identified
  • Wire transfers continue to be the most frequently reported payment method for fraud
  • Those aged 20-29 reported losing money to fraud in 43% of reports, while people aged 70 – 79 reported losing money in 15% of their reports.
  • People aged 70 and older reported much higher median losses than any other age group.
  • States with the highest per capita rates of reported fraud in 2018 were Florida, Georgia, Nevada, Delaware, and Maryland.
  • States with the highest reports of identity theft were Georgia, Nevada,California, Florida, and Texas

You can search the full report to find a breakdown of information on fraud by state – here are more highlights.

consumer fraud infographic

Equifax Data Breach: Here’s what to do if you haven’t acted yet


criminal looking through computer data

If you’ve been immobilized about taking action related to the mammoth Equifax data breach, you’re not alone – many people have been. The sheer enormity and scope of the breach – 143 million records in the US alone – left many feeling hopeless. There have been big breaches before so it is easy to become numb to the significance, but this is a truly alarming incident that merits a response. Equifax, as one of the nation’s big three credit reporting bureaus, has access to your most sensitive personal data, including your birth date, Social Security number, driver’s license, address, account history and more.

We’ve gathered the best consumer advice we’ve found from trusted sources on what you can do to protect yourself.

First up: The Federal Trade Commission (FTC) has compiled an excellent summary page: The Equifax Data Breach: What to Do. It explains more about the breach and the steps that you should take to protect yourself. FTC also points to a very useful site from IdentityTheft.gov related to what you should to when your information is lost or exposed. In a simple drop down menu, they guide you through the steps you should take for various types of exposure, including information about specific breaches. You can see more about these services in this video clip:

Next up: This brief video from AARP is also quite good. Here’s the accompanying article: How to Protect Your Personal Data From Hackers.

Finally, more excellent advice on actions consumers should take comes from Trend Micro, the digital security firm. Their Simply Security blog features a post on The Equifax Data Breach: What Do I Do Next? At the end f the post, they offer a bulleted list of action stops.

Key links you need:

66 ways to protect your identity and privacy


PrivacyNot again. The news is full of reports that more than 500 million online users had their privacy breached in the recent Yahoo online hack. Yahoo is not alone – LinkedIn, MySpace, Dropbox, Target, Anthem, Sony — it’s impossible to keep track, but you can see a list of the largest data breaches of all time for a trip down memory lane. And now we learn that Russian hackers are trying to compromise our voting and election systems.

What’s a person to do?

Well, if you fear your info was leaked in the recent Yahoo leak, the company has an info page of signs of a hacked Yahoo account and what to do.

But taking remedial steps after the horse gets out of the barn doesn’t help you much for protection  from the next attack. If your house was robbed, you’d take steps to beef up security, and online isn’t much different – you need to take serious preventive steps now to avoid exposure. It’s human nature to put this off – plus, it can be hard to know just what steps to take. That’s why we were happy to see that the recent Consumer Reports has made online security a focus of the new issue.

Their excellent article 66 Ways to Protect Your Privacy Right Now is a comprehensive must-read, covering online, mobile and real-world security matters. It includes concrete tips, how-tos, and videos on the following topics:

  • Screen locks
  • Snail mail privacy
  • Unbreakable passwords
  • Mobile account safety
  • Connected devices
  • Handling public WiFi
  • Everyday encryption
  • Facebook settings
  • Home WiFi settings
  • Boosting web browser privacy
  • Beating ransomware
  • How to avoid phishing schemes
  • Google settings

If you find 66 steps a little overwhelming, here’s their suggestion for a shortcut: The Consumer Reports 10-Minute Digital Privacy Tuneup

Here are some related resources that we’ve previously posted:

 

Identity Theft Protection: A guide to what & when to shred


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Wondering which financial documents to keep and which to shred? The Federal Trade Commission (FTC) offers this handy shredding infographic along with an accompanying article A pack rat’s guide to shredding. Both offer helpful advice on what security experts say you should shred immediately (ATM receipts, credit card offers, sales receipts) to what you should keep forever (birth certificates, tax returns) and everything in between. This is only one of the many great Identity Theft resources available from the FTC.

Talk to your local insurance agent about whether your homeowners policy covers identity theft and if not, have a talk about identity theft insurance. The National Association of Insurance Commissioners (NAIC) offers a good primer on ID Theft Insurance.

shredding-infographic

Staying Cyber Safe During Your Vacations


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June is Online Safety Awareness Month – good timing since we are approaching peak vacation season, it’s worth setting aside a few minutes to take stock of your mobile computing safety. As you travel, every place from coffee shops to hotels will compete for your business by touting the availability of free WiFi and high-speed internet access – a benefit that is great anywhere, but that is particularly valuable when you leave the country. But when using those networks, have you ever stopped to think about how secure those connections are? And even if you are on a secure network — one that requires a log in — you may still be exposed to others who are using that same network. Could that teen sitting near you be practicing hacking skills? Could the surfer at the corner table be looking to steal your identity? Others on the same network can access readily available tools to intercept unencrypted data that is passing over networks. Your session could even be hijacked. On a public network, you must use precautions when transmitting any information that is personal, financial, or confidential in nature.
Even people who take every precaution on home and work computers can be fairly cavalier when it comes to mobile devices – it’s easy to forget that our phones and tablets are really computers and subject to the same security risks. Lifehacker has a good article on how to stay safe on public wi-fi networks – explaining how to turn off Sharing and enable your firewall on various devices, and how to automate your public WiFi security settings. It also suggests using SSL whenever possible and explains what this means and how to do it. Another suggestion is to set up a Virtual Private Network (VPN). ArsTechnica talks more about VPNs and other security issues at public WiFi hotspot.
Here are more tips from experts:
Tips for Using Public Wi-Fi Networks – from On Guard Online
Four safety tips for using Wi-Fi from Microsoft
Security Using High-Speed Internet at Hotels
Identity Protection Tips for the Summer Traveler