Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ News / World/  As coronavirus scams double, US Covid-19 fraud losses near $100 million
BackBack

As coronavirus scams double, US Covid-19 fraud losses near $100 million

The study found California, Florida, New York, Texas and Pennsylvania to be the five most targeted by coronavirus scams in the country

Pedestrians walk past the closed Metropolitan Museum of Art as streets remain relatively quiet due to the continuing outbreak of COVID-19 in the Manhattan borough of New York. (REUTERS)Premium
Pedestrians walk past the closed Metropolitan Museum of Art as streets remain relatively quiet due to the continuing outbreak of COVID-19 in the Manhattan borough of New York. (REUTERS)

LOS ANGELES: U.S. losses from coronavirus-related fraud and identity theft have reached nearly $100 million since the pandemic emerged in March, while complaints of COVID-19 scams have at least doubled in most states, a consumer protection group said on Tuesday.

A report from the group, based on government data, highlighted the vast scope of a fast-growing criminal cottage industry - from phony stimulus-check offers to shopping scams and fake cures - preying on Americans already distressed by the pandemic and its economic fallout.

Perhaps not surprisingly, the study found California, Florida, New York, Texas and Pennsylvania - the most populous of the 50 U.S. states - to be the five most targeted by coronavirus scams in the country.

Together they accounted for about a third of more than 150,000 instances of COVID-related fraud reported nationally by the Federal Trade Commission (FTC) from mid-March, when the World Health Organization declared a global pandemic, through July, the report https://socialcatfish.com/blog/coronavirus-scams-how-covid-19-stimulus-check-scams-shopping-scams-have-evolved-since-march-2020 showed.

Those cases have cost victims a total of $97.5 million to date, according to the FTC.

Even relatively small states saw huge spikes in COVID-related fraud in recent months, led by Maine, whose monthly complaints of coronavirus scams and identity theft quadrupled between March and July, the study said.

The report was published by the internet-based group SocialCatfish.com, which helps consumers avoid being defrauded online by determining the true identity of individuals or organizations hiding behind a phony persona.

Scams taking advantage of Americans' desperation in the midst of a deadly pandemic and accompanying economic upheaval "are running rampant," said Richard Neil, a spokesman for the report's authors.

Several newly flourishing forms of fraud involve fake promises of government stimulus checks, often perpetuated through "robocalls," texts, or emails seeking personal and financial information the caller supposedly needs to deposit benefits into the victim's account, according to the report.

Price-gouging and other consumer product scams have also become widespread, the study warned.


Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 06 Aug 2020, 10:51 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App