Financial scams have always been a problem, but recent innovations in technology have made the number of scams spreading across the nation skyrocket from former levels. The number of people victimized by these scams and the monetary losses is also climbing to new highs never seen before. Looking at the data, it is apparent that the residents of some states appear to be at a higher risk of becoming scam victims than residents of some other states. Here are the three states with the highest scam rate.
When the 50 American states and Washington, DC were compared to see which state’s residents were more likely to be exposed to and affected by scams, Delaware ended up in the top spot. Across 14 key metrics, the residents of Delaware had the highest combined rates of scams per capita, rates of scams that result in a monetary loss, and the highest average loss amount due to scams. In Delaware, there were more than 1,500 scam reports made for every 100,000 residents in the most recent calculations. More than 40% of all scam reports made by residents included a reported monetary loss and the median amount lost per victim was roughly $400.
Nevada has secured the second place slot for states with the highest scam rate. While the number of scam reports is higher than for Delaware, with nearly 1,900 scam reports for every 100,000 residents, fewer of those scams result in a monetary loss for the victim, with only 36% of reported cases involving a financial loss. The median amount of those losses is the same as Delaware at $400 per victim.
Washington finished in third place for states with the highest scam rate. The median amount of victims’ financial losses is the same as in Delaware and Nevada at $400 per victim. The number of scams reported per capita was lower than in Nevada and about the same as in Delaware at roughly 1,500 reports for every 100,000 residents. The number of those reports that included a monetary loss was lower than the other two states at 33%.
Financial scams may be even more prevalent than the numbers suggest. Studies have found that about half of the states in the US have over 1,000 fraud reports for every 100,000 residents and that roughly 33% of fraud reports also involve a monetary loss. Some cases of people being scammed are never reported, typically because the victim did not lose a substantial amount of money or because they were too embarrassed to file a formal report. Reduce your risk of becoming a victim by staying aware of your financial situation, keeping your financial information safe, and never providing sensitive information to someone you do not know.
Do you live in one of the states with the highest scam rate or have you been a victim of a financial scam? Share your story with us.
Toi Williams began her writing career in 2003 as a copywriter and editor and has authored hundreds of articles on numerous topics for a wide variety of companies. During her professional experience in the fields of Finance, Real Estate, and Law, she has obtained a broad understanding of these industries and brings this knowledge to her work as a writer.