Financial fraud reports in the US jumped by 104% in 2020 Q1

According to data extracted and analyzed by Atlas VPN, financial fraud complaints in the US jumped by over 104% in 2020 Q1 compared to 2019 Q1.

Our financial fraud analysis included credit card fraud, loan/lease fraud, and bank fraud.

In 2020 Q1, the largest increase was in loan or lease frauds, with a 116% growth in the number of reports.

From 2015 Q1 to 2020 Q1, the number of financial fraud reports surged by 434%.

Credit card fraud increased from 17,236 reports in 2015 Q1 to 45,120 reports in 2020 Q1. In other words, the number of reports jumped by 435.8%

Loan/lease fraud grew from 4,416 reports in 2015 Q1 to 17,349 complaints in 2020 Q1. Comparatively, Loan/Lease fraud skyrocketed by 751.9% during this period.

Rachel Welch, COO of Atlas VPN, shares her thoughts on increases in financial fraud:

Financial fraud is one of the easiest ways for cybercriminals to make money. Combined with a large number of data breaches in the past few years, financial identity theft is becoming more common.

Identity theft most common in Delaware

Financial fraud is not the only type of identity theft. Other types include phone or utility fraud, employment or tax-related fraud, government documents or benefits fraud, among others.

Delaware is a state with the most complaints per 100,000 citizens. FTC received 187 reports per 100,000 population in 2020 Q1 originating from Delaware.

In contrast, Maine, Vermont, South Dakota, North Dacota, Wyoming, are the safest states in terms of identity theft, with less than 20 reports each per 100,000 population.

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