08/28/2020

COVID-19 Fraud Statistics: $100 Million in Losses and Counting

Patch Farmington-Farmington Hills, MI

This year, Americans have lost over $100 million to stimulus check and COVID-19 fraud, according to a new study by The Ascent. Although reports of fraud have trended down since May, we could see them spike again as another round of stimulus checks is on the horizon.

The Ascent, a personal finance brand by The Motley Fool, analyzed data from the Federal Trade Commission to identify where consumers are most at risk of stimulus check and COVID-19 fraud occurring.

• Consumers reported 9,677 cases of fraud where they were contacted by phone. That's more than any other type of contact method. But fraud via email resulted in the most losses, at almost $18 million.
• Consumers between the ages of 30 and 39 posted the highest number of fraud reports, but only had the fourth-highest dollar losses. Those in the 40–49 age group had the largest losses with over $12 million.

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