Boca Raton, FL – QuoteWizard®, a LendingTree company, and one of the nation’s leading online insurance marketplaces, released a new report on the skyrocketing cost of fraud in America.
Our team of insurance analysts found that fraud increased by over 97% in the last year, costing Americans more than $2.3 billion.
“The increase in fraud is directly tied to the ongoing pandemic. Criminals took advantage of relief efforts and we saw job-related scams, credit fraud and identity theft increase by more than 100%,” said Nick VinZant, Sr. Research Analyst and Insurance Expert with QuoteWizard.
The increase in fraud hit some states particularly hard. Nebraska saw a 193% increase in fraud losses, while California lost over $400 million.
A complete state-by-state breakdown of the impact fraud has had on each state is available at the link below.
Fraud cost Americans $2.3 billion in 2020, a 97% increase over 2019.
Fraud reports increased by 30.1% in the last year.
Nebraska, South Dakota and Illinois had the largest increases in fraud-related losses.
Mississippi, Arkansas and Alaska had the largest increases in fraud reports.
Identity Theft and Credit Bureau scams are the fastest rising categories of fraud
The cost of fraud in each state
% increase in dollars lost 2019-2020
Total loss in 2020
About QuoteWizard QuoteWizard (quotewizard.com) is an insurance comparison marketplace for consumers looking to save on insurance. QuoteWizard provides consumers with direct access to thousands of qualified agents in all 50 states, as well as major carriers, who offer personalized quotes and the opportunity to save up to 40% on auto, home, health, and life insurance. Agents and carriers, in turn, benefit from millions of highly qualified leads, calls, and traffic to their site. Based in Seattle, QuoteWizard was founded in 2006.