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Fraud Facts & Stats

Fraud Facts & Stats:

 

  •  10% of Americans have been victims of credit card fraud.  (Source: Consumer Sentinel Network, U.S. Department of Justice)
  • Small businesses in the United Kingdom are losing $22 billion pounds [$37.3 billion U.S.) annually  (Source: Sage Group, UK.)
  • 7% of Americans have been victims of ATM or debit card fraud.  (Source: Consumer Sentinel Network, U.S. Department of Justice)
  • $399 is the median amount  reported stolen on credit card fraud.  (Source: Consumer Sentinel Network, U.S. Department of Justice)
  • 40% of all financial fraud is related to credit cards.  (Source: Consumer Sentinel Network, U.S. Department of Justice)
  • A typical organization loses 5% of its revenues to fraud each year.  Globally, this equates to a projected global fraud loss of more than $3.5 trillion.  (Source:  Association of Certified Fraud Examiners)
  • More than 20 percent of organization fraud was in excess of one million dollars. (Source:  Association of Certified Fraud Examiners)
  • Asset misappropriation scheme account for 87% of occupational fraud. (Source:  Association of Certified Fraud Examiners.)
  • Financial statement fraud schemes made up just 8% of the cases in ACFE study, but caused the greatest median loss at $1 million (Source:  Association of Certified Fraud Examiners.)
  • The median loss among frauds committed by owner/ executives was $573,000, the median loss caused by managers was $180,000 and the median loss caused by employees was $60,000.(Source:  Association of Certified Fraud Examinerss.)
  • Most occupational fraudsters are first-time offenders with clean employment histories. (Source:  Association of Certified Fraud Examiners.)
  • Approximately 87% of of occupational fraudsters had never been charged nor convicted of fraud related offense, and 84% had never been punished or terminated for fraud-related conduct. (Source:  Association of Certified Fraud Examiners.)
  • Billing schemes were present in 27.6 percent of occupational fraud cases, while corruption was reported in 21.9 percent of cases. (Source:  Association of Certified Fraud Examiners.)
  • More than 57 percent of the U.S. frauds in the study were perpetrated by males.  (Source:  Association of Certified Fraud Examiners.)
  • 52% of organizations have experienced check fraud in the past year. This was the payment method experiencing the second highest level of fraud, behind credit/cards (66%).  (Source:  Information Security Media Group 2013 Faces of Fraud Survey).
  • Five countries with highest percentage of people reporting debit and credit card fraud:  Mexico (44%); U.S. (42%); India (37%); United Arab Emirates(36%); China (36%). (Source:  Aite Group, ACI Worldwide Study, published in Forbes magazine.)
  • Five countries with lowest percentage of people reporting debit and credit card fraud:  Holland (12%); Sweden (12%); Germany (13%); Indonesia (18%); France(20%). (Source:  Aite Group, ACI Worldwide Study, published in Forbes magazine.)
  • Out of the 197 million votes cast for federal candidates between 2002 and 2005, only 40 voters were indicted for voter fraud.  (Source: 2006 U.S. Department of Justice study.)
  • Average number of Identity fraud cases annually in U.S.:  11,571,900. (Source: StatisticBrain.com)
  • Percent of U.S. households that reported identity theft:  7%.  (Source: StatisticBrain.com)
  • Average financial loss due to identity theft in U.S.:  $4,930. (Source: StatisticBrain.com)
  • Total Identity Theft financial loss 2010:  $13.2 billion.  (Source: StatisticBrain.com)
  • Total Identity Theft financial loss 2013:  $21 billion.  (Source: StatisticBrain.com)
  • States with highest Identity Theft complaint rates (per 100K persons):  1) Arizona [149]; 2) California [139.1]; 3) Florida[133.3]; 4) Texas [130.3) ; 5) Nevada [126.0].  (Source: StatisticBrain.com)
  • States with lowest Identity Theft complaint rates (per 100K persons):  1) South Dakota [33.8]; 2) North Dakota [35.7]; 3) Iowa [44.9]; 4) Montana [46.5) ; 5) Wyoming [46.9].  (Source: StatisticBrain.com)
  • Fraud and “buildup” added $4.8 billion to $6.8 billion in excess payments to auto injury claims in 2007. That means 13-percent to 18-percent increases in payments under private-passenger auto policies from 2002. (Source: Insurance Research CouncilNov. 2008)
  • Welfare fraud takes place 2.9% of the time. (source:  U.S. Department of Labor, based on based on 2012 IPIA 3-Year average data report.)
  • —  Auto insurers lost $15.9 billion due to premium rating errors in private-passenger premiums in 2009.

 


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