Thursday, June 13, 2024
HomenewsLast Year, New Jersey Consumers Lost $231M to Fraud. These Are Some...

Last Year, New Jersey Consumers Lost $231M to Fraud. These Are Some Suggestions for Avoiding Victimization.

According to the Federal Trade Commission, New Jersey consumers reported losing $231 million to fraud in 2022, a 77% increase over 2021, when they reported losing over $130 million.

While the number of reported fraud instances has decreased year-over-year, the amount of money reported lost has risen, according to figures released by the federal government on Thursday.

Last year, 48,226 cases reported fraud losses of over $231 million, compared to 57,435 cases in 2021 that reported fraud losses of $130 million. The typical amount lost to fraud in New Jersey increased from $508 to $800 last year.

According to federal data, the most prevalent sort of fraud in New Jersey last year was imposter scams, which accounted for a third of all fraud reports.

In these types of scams, the perpetrator appears as another person or organisation in order to get you to transfer them money.

According to the AARP, this is the most common type of fraud reported to the Federal Trade Commission.

According to FTC figures, persons between the ages of 18 and 59 lost an average of $500 to fraud, while those aged 70 to 79 lost $800 and those over 80 lost $1,500.

How to avoid being a fraud victim

According to the FTC, fraudsters frequently pose as reputable organisations, such as the Social Security Administration, the Internal Revenue Service, or Medicare.

They will state that there is a problem or prize, that immediate action is required, and that payment must be made in a specified manner, such as by wire transfer or cryptocurrency.

The Federal Trade Commission advises blocking unwanted phone calls and text messages and avoiding providing personal or financial information in response to unexpected contacts.

You should also resist the desire to act immediately, as “honest firms will allow you time to decide,” according to the FTC.

“Never pay someone who insists on being paid in cryptocurrencies, via a wire transfer service such as Western Union or MoneyGram, or with a gift card. And never deposit a cheque and return the funds,” the FTC added.

“Stop and speak with a trustworthy person. Tell someone – a friend, a family member, a neighbour – what happened before you do anything else. Discussing it could help you realise that it is a fraud.”

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Parvesh is the Content Writer for New Jersey Local News. Here at New Jersey Local News, she covers local news of New Jersey state. Moreover, Parvesh likes to dance and listen to music. She also finds time in her hectic schedule to relax and spend time with loved ones.


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