Research by Celent Communications compared the total amount of fraud in the U.S. with the amount of
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Research by Celent Communications compared the total amount of fraud in the U.S. with the amount of online fraud. Their findings were:
Year Total Fraud (in millions) Online Fraud Rates 2003 $2,373.2 2.5%
2004 $2,664.9 2.4%
2005 $2,745.4 2.2%
2006 $3,028.8 2.0%
2007 $3,212.7 2.0%
Calculate the dollar amount of online fraud for each year and the total cost of fraud and online fraud over the five-year period. Using those totals, what was the average online fraud rate for the entire time?
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