Consumer Payment Card News

Fraud Complaints

A new report states that credit card fraud was the most common form of reported identity theft at 23%, followed by utilities fraud at 18%, employment fraud at 14%, and bank fraud at 13%. The Federal Trade Commission annual list of top consumer fraud complaints found that of 813,899 total complaints received in 2007, 32% or 258,427 were related to identity theft. Consumers reported fraud losses totaling more than $1.2 billion; the median monetary loss per person was $349, the FTC report states. In 2007, the FTC received almost 140,000 more consumer fraud complaints than in 2006. These additional complaints came from numerous data contributors, primarily the Better Business Bureaus.

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