The consumer fraud sector has become a problem for millions of Americans each year. Residents of Illinois should be aware of different types of fraud. Technology introduces new forms of consumer fraud every year.
What is consumer fraud?
Consumer fraud is prevalent in Illinois, with college students and senior citizens the most targeted groups. This form of white-collar crime results in a personal loss of property or money. Fraud problems have led to the introduction of the Consumer Financial Protection Bureau. Forms of consumer fraud include identity theft and credit card fraud.
Credit/Debit card fraud
Credit and debit card fraud have become one of the most common forms of consumer fraud. When someone steals the information on your credit or debit card, it is used to buy goods without your permission. Debit and credit card fraud cause billions of dollars worth of problems each year.
Identity theft affects an estimated nine million Americans each year. White-collar criminals steal your identity using your social security number and personal information to open accounts at financial institutions. Bank loans and credit cards are obtained using your identity, with negative impacts on your credit.
Financial woes can make people believe they are being saved from problems by fraudulent activities. Fraudulent schemes include equity skimming and loan modification. Real estate and legal professionals often use their skills and knowledge to defraud individuals looking for help due to financial issues.
The rise of new forms of white-collar crime includes phishing and unauthorized banking. Being aware of your rights in Illinois helps you to avoid losing your funds to fraudulent activities.