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    FTC 2021 Data Sheet: The Truth

    techempireBy techempire3 Comments3 Mins Read
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    in old tv series dragnetSergeant Joe Friday is famous for “Just the Facts, Ma’am.”But like “Play It Again, Sam” Casablanca, the protagonist never actually said this sentence. But when we tell you that the FTC’s just-released 2021 Consumer Sentinel Data Sheet provides you with “just the facts,” rest assured that’s what you’re getting. One of these facts—the most commonly reported form of fraud in 2021—should be of particular concern to businesses.

    What is the source of the data sheet? It is the Consumer Sentinel Network – a repository that receives reports directly from consumers as well as federal, state and local law enforcement agencies, the Better Business Bureau, industry members and nonprofit organizations. The FTC shares these reports with approximately 2,800 federal, state, local and international law enforcement officials, who in turn use the information to identify trends, develop policy and build cases.

    The 2021 data book is filled with statistics, but here are some of the most noteworthy:

    • Last year, millions of Americans filed fraud reports. In 2021, people submitted a total of 5.7 million reports. In addition to identity theft reports and business complaints, 2.8 million of those reports were related to fraud.
    • Reported dollar losses rose sharply. According to reports, consumers lost more than $5.8 billion to fraud in 2021, an increase of more than 70% from 2020.
    • Imposter scams still hold an enviable spot at the top of the list. The most commonly reported fraud category is imposter scams, followed by online shopping scams.

    Why should businesses care about imposter scams and online shopping scams? first, imposter scams, in their familiar forms—family emergency scams, romance scams, government imposter scams, and more—can devastate your employees, their family members, and people in your community. But they are more than that. Scammers also target small businesses, as cases filed by the Federal Trade Commission illustrate. Whether it’s fake invoices for unordered office supplies, fake financing offers posing as SBA lenders, or scammers hijacking your email account, businesses are also targets of imposters. As small companies struggle to get back on their feet, significant fraud losses can be the difference between a comeback and collapse.

    secondConsumers who have lost money due to online shopping scams may be highly suspicious of legitimate online companies. One group that’s been unfairly financially hit: honest small businesses.

    As you scroll through the 2021 Factbook, be sure to check out the FTC’s data analysis website at ftc.gov/exploredata to see all the ways our in-house experts break down the statistics by state, metropolitan area and other regions. related variables. You can even create custom visuals for your next industry webinar or community event.

    The publication of the annual data book is also a reminder for us to say thank you. Not for the scammers and fraudsters, of course, but for the millions of Americans who visit ReportFraud.ftc.gov to let us know if they’ve been scammed or discovered questionable business practices. Your report helps law enforcement collect the information they need to track down and take down scammers.

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