Analyst Watch: Internet Fraud On The Rise

Fraudulent activity on the Internet increased dramatically last year, according to a report issued last week by the Internet Fraud Complaint Center, an organization led by the FBI and the National White Collar Crime Center. The Complaint Center received 48,252 complaints of fraud in 2002, up from 16,775 in 2001. The total dollar loss from Internet fraud reported to the center in 2002 was $54 million. Victims were burned the most by the "Nigerian Letter" scam, at a median dollar loss of $3,864. Other complaints, including nondelivery of merchandise and credit- and debit-card fraud, also ranked high on the list.

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