Monday, 7 April 2008

Cost of Internet crime in the US hits $240m

The Associated Press provides details on a new Government report from the US which says that the cost of Internet-related crime hit a new high in 2007, reaching about $240 million. The data, published by the FBI and the National White Collar Crime Center reveals that the number of reported Internet scams dropped slightly from previous years, but the total lost jumped $40 million.

The data also shows that men lost more than women on average ($765 compared to $552 for women) and that older people were also prone to lose more, with victims in their 20s losing $385 on average while people over 60 reportedly lost an average $760 per scam. The most common crime reported was auction fraud, followed by the non-delivery of a purchased goods and then confidence fraud, in which scammers ask consumers to rely on them, resulting in a financial loss. About half the losses involved amounts less than $1,000 and one-third involved amounts between $1,000 and $5,000.

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