The population of the U.S. grew by 11 percent from 2011 to 2017. The number of adults victimized by a mass-market consumer fraud during the same time period increased 56 percent.
The FTC does a periodic survey of the incidence of consumer fraud in the U.S. Its latest study found that 40 million people, representing almost 16 percent of adults, were victims of fraud in 2017. There were almost 62 million incidences of fraud, meaning that many victims fell for more than one scam.
The FTC asks if consumers were the victim of certain types of fraud rather than asking if they were a victim of fraud in general. The types of fraud it asks about include those generating the most complaints to its Consumer Sentinel complaint system or that have been the subject of concerted FTC enforcement actions. The BBB contributes complaint data to the Sentinel system. Most of the complaint types were included in the FTC’s three earlier surveys dating back to 2003.
The most common type of fraud was Fraudulent Weight-Loss Products, which victimized 6.5 million U.S. adults, many more than once. Fraudulent products included nonprescription drugs, dietary supplements, patches, creams, wraps – and even earrings. They were promoted as making it easy for consumers to lose a substantial amount of weight without diet or exercise and were considered fraudulent if consumers lost less than half the weight they expected to lose.
The second most common type of scam was Fraudulent Computer Repair, which the BBB calls the “tech support” scam. There were 5 million victims who paid money to fix non-existent problems and/or gave crooks remote access to their computers. A common variation of the scam involves the consumer getting a call from someone claiming to be with Microsoft, Dell, or some other company who says they’ve detected a problem with the consumer’s computer.
Third on the list were Being Falsely Told That You Owed Money to the Government scams, which the BBB calls “government impostor” scams. An estimated 3.4 million adults reported paying money after being called by, for example, someone claiming to be with the IRS collecting back taxes or with a court demanding the consumer pay a fine to avoid being arrested.
Other types of fraud included in the survey that I’ve warned about in columns include sweepstakes and lottery scams, phony business opportunities, bogus credit repair offers, pyramid schemes and phony job offers.
The Internet was the most common way victims were exposed to a fraudulent offer. Over half the people in the FTC survey learned about the fraudulent product or service on a website, on social media or through an email. Exposure via the Internet, excluding social media and email, has increased from 16 percent in 2005 to 23 percent in 2011 to just under 40 percent in the latest survey.
People 35 to 54 were more likely to be victimized than other age groups and women were victims more often than men. Other groups with higher rates of victimization included people who were more prone to taking risks, such as making purchases in response to an unsolicited email; had experienced a divorce, death of a family member or other negative life event; or were under financial stress.
Randy Hutchinson is the president of the Better Business Bureau of the Mid-South. Reach him at 901-757-8607.
Read or Share this story: https://www.jacksonsun.com/story/news/2020/07/02/increase-scam-victims-outstrips-population-growth/5366123002/
Kansans Named the 2020 National Leader in Identity Thefts
Recent statistics on identity theft reveal that identity theft reports doubled in 2020, with Kansas ranking first for the number of reports.
The increase in the number of reported identity theft cases is linked to the pandemic, as the majority of the reported cases concern unemployment benefits. The number of such cases in Kansas was higher than any other state: Over 38,000 Kansans had their identity stolen to submit fraudulent unemployment claims.
According to Amber Shultz, the acting secretary of the Kansas Department of Labor, these false unemployment claims exploded in numbers at the beginning of July – more than 35% of the applications were found to be fraudulent.
The department also stated that the trend was visible across the US and tried to combat it by implementing a three-day hold on claims and verifying each claim before approving it. However, with the number of claims exceeding 1 million, discerning which were legitimate was a challenging task. According to Attorney General Derek Schmidt, this has unfortunately caused a loss of millions of taxpayers’ money.
As the pandemic continues, identity theft is expected to remain a threat, so it is crucial to have some preventive measures set in place, from shredding important papers to setting stronger passwords on personal accounts. Relying on identity theft protection services is another good idea, as these can monitor the web for a specific set of data and keep individuals safe online.
However, for those who fear that their identity has been compromised, the recommended route is to inform the Federal Trade Commission and then place a fraud alert with any of the three credit bureaus. Informing financial institutions should be the next step. If repairing the identity theft damage is too time-consuming, there is the option of hiring one of the credit repair companies to handle the task.
Credit Repair Services Market Research Report, Growth Trends and Competitive Analysis 2021-2027 – Clark County Blog
Based on the Region:
• North America (USA, Canada and Mexico)
• Europe (Germany, France, Great Britain, Russia and Italy)
• Asia Pacific (China, Japan, Korea, India, and Southeast Asia)
• South America (Brazil, Argentina, Colombia, etc.)
• Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, Nigeria, and South Africa)
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The Credit Repair Services market report has been segregated based on various categories such as product type, application, end-user, and region. Each segment is rated based on CAGR, share and growth potential. In the regional analysis, the report highlights the potential region that is expected to create opportunities in the Credit Repair Services market in the coming years. This segmented analysis will surely prove to be a useful tool for readers, stakeholders and market participants to get a complete picture of the Credit Repair Services market and its growth potential in the years to come.
Key Benefits of the Report:
- Global, regional, country, product type, and application market size and their forecast from 2021-2028
- Identification and detailed analysis on key market dynamics, such as drivers, restraints, opportunities, and challenges influencing the growth of the market
- Detailed analysis on industry outlook with market-specific Porter’s Five Forces analysis, PESTLE analysis, and Value Chain, to better understand the market and build expansion strategies
- Identification of key market players and comprehensively analyze their market share and core competencies, detailed financial positions, key products, and unique selling points
- Analysis of key player’s strategic initiatives and competitive developments, such as joint ventures, mergers, and new product launches in the market
- Expert interviews and their insights on market shift, current, and future outlook, and factors impacting vendors short term and long term strategies
- Detailed insights on emerging regions, product types, applications with qualitative and quantitative information and facts
- Identification of the key patents filed in the field of Credit Repair Services
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Some Points from TOC
Chapter 1 Market Overview
Chapter 2 Company Profiles
Chapter 3 Market Competition by Players
Chapter 4 Market Size Segment by Type
Chapter 5 Market Size Segment by Application
Chapter 6 North America by Country, Type, and Application
Chapter 7 Europe by country, type and application
Chapter 8 Asia Pacific by Region, Type, and Application
Chapter 9 South America by Country, Type and Application
Chapter 10 Middle East and Africa by Country, Type, and Application
Chapter 11 Research Findings and Conclusions
Chapter 12 Appendix
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Dustin Aab on the power of working hard to achieve success
The more closely we look around us, the more we get nearer to reality where so many individuals work with a certain grit, commitment and dedication to achieve what their hearts desire.
These individuals are the ones that not only work to attain their set goals in their career but also help others in their journeys. Talking about the sales and consulting business, which is growing each passing day across nations as professionals from various industries aim to get nearer their visions and aspirations in business, we can notice the boom in this niche; thanks to professional entrepreneurs like Dustin Aab.
Based out of California, Dustin Aab is a leading American entrepreneur, who excels in sales and consulting and has been shaping the careers of hundreds of people through his astute skills and knowledge as a true professional in the industry. It was seven years ago that Dustin Aab had started his career in the sales arena and from the past six years owns his sales company, under which he is working with the mission to turn the desires and dreams of professionals into reality through his mentorship and coaching in sales.
Dustin Aab’s sales and consulting business is all about providing the best of the industry products and services that help individuals change their financial status and situation. His life has been full of challenges, but Dustin Aab very early had realized the power of working hard and putting in every possible effort to make a successful career; hence, after working so hard for years, he has been able to create the financial freedom he wanted by becoming an entrepreneur. He hopes to change as many lives as he can in his career and take people nearer to their definition of success. He does sales mentorship and consulting for not just individuals, but companies as well.
Some of the specific services he offers through his company include Real estate, amazon automation, sales training mentorship, credit repair, Instagram growth and branding, life insurance and solar.
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