Nearly ten million Americans were victims of three types of credit card-related fraud last year. The FTC last week reported that advance-fee loan scams, mostly credit cards, claimed 4.55 million victims last year. Credit card insurance scams claimed 3.35 million victims, and credit repair scams suckered 2 million victims. The annual FTC survey found that American Indians and Alaska Natives, African Americans, and Hispanics were more likely to be victims of fraud than non-Hispanic whites. The FTC research reveals that 33% of fraud victims first learned about a fraudulent offer or product from print advertising in newspapers, magazines, direct mail, catalogs, or posters. Telemarketing was the first source of contact in 17% of the frauds. Only 14% of fraudulent offers were promoted using Internet and e-mail; television or radio advertising account for only 10.6% of fraudulent offers.
The FTC has publications to help consumers spot and avoid scams. They include: Just When You Thought It Was Safe ... Advance-Fee Loan "Sharks" Alert, Credit Card Loss Protection Offers: They're the Real Steal, and, Credit Repair: Self-Help May Be Best. To file a complaint in English or Spanish (bilingual counselors are available to take complaints), or to get free information on any of 150 consumer topics, call toll-free, 1-877-FTC-HELP (1-877-382-4357), or use the complaint form at http://www.ftc.gov.
TOP TEN FRAUDS 2003
SCAM #VICTIMS
1. Advance-fee loan scams 4.55 million
2. Buyers clubs 4.05 million
3. Credit card insurance 3.35 million
4. Credit repair 2.00 million
5. Prize promotions 1.80 million
6. Internet services 1.75 million
7. Pyramid schemes 1.55 million
8. Information services 0.80 million
9. Government job offers 0.65 million
10. Business opportunities 0.45 million
Source: FTC
Nearly ten million Americans were victims of three types of credit card-related fraud last year. The FTC last week reported that advance-fee loan scams, mostly credit cards, claimed 4.55 million victims last year. Credit card insurance scams claimed 3.35 million victims, and credit repair scams suckered 2 million victims. The annual FTC survey found that American Indians and Alaska Natives, African Americans, and Hispanics were more likely to be victims of fraud than non-Hispanic whites. The FTC research reveals that 33% of fraud victims first learned about a fraudulent offer or product from print advertising in newspapers, magazines, direct mail, catalogs, or posters. Telemarketing was the first source of contact in 17% of the frauds. Only 14% of fraudulent offers were promoted using Internet and e-mail; television or radio advertising account for only 10.6% of fraudulent offers.
The FTC has publications to help consumers spot and avoid scams. They include: Just When You Thought It Was Safe ... Advance-Fee Loan "Sharks" Alert, Credit Card Loss Protection Offers: They're the Real Steal, and, Credit Repair: Self-Help May Be Best. To file a complaint in English or Spanish (bilingual counselors are available to take complaints), or to get free information on any of 150 consumer topics, call toll-free, 1-877-FTC-HELP (1-877-382-4357), or use the complaint form at