Auction Fraud Tops Net Crime

According the U.S. Federal Bureau of Investigation's Internet Crime Complaint Center (IC3), auction fraud complaints made up about 45% of the 207,492 complaints received by the IC3 last year. That number is down significantly from 2005 when auction fraud was cited at 63%, but nevertheless, Internet auction fraud remains the most frequently reported online crime. Overall, the number of complaints received by IC3 was down 10% from the previous year, when the IC3 logged 231,493 complaints. Unfortunately, the total dollar losses reported were up in 2006: US$198 million in total. In 2005 that number was $183 million. Complaints for non-delivery of merchandise represented 19% of complaints, compared to 16% in 2005. The median dollar loss reported per complaint was $724, according to the FBI.

News source: PC World

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