The National Consumer Protection Week is upon us ?. This event, which falls between March 1 and March 7, is a coordinated campaign between several government agencies such as the Federal Trade Commission and state attorneys general offices and the companies that promote the rights of consumers as Better Business Bureau. It aims to encourage consumers across the country to learn and benefit from their rights as consumers, and we hope to make more informed decisions. Simply by visiting the NCPW website you can access hundreds of resources and read articles to get a better education on topics such as health and safety or identity theft. This annual event comes at a time when consumers are dodging scams right and left and having their information breached what looks like a watch base.
What can you learn from the National Consumer Protection Week?
In addition to articles and resources provided on its website, one of the most important aspects of this event is the release of the FTC's "Consumer Sentinel Network Data Book." Published annually, this data book examines consumer complaints received by Consumer Sentinel Network FTC during the last calendar year and compiles to draw conclusions on where consumers are facing the most problems. The 2014 statistics are a good indication of where people are most vulnerable.
Fraud and identity theft are on the rise. The Consumer Sentinel Network received 2.5 million complaints in 2014, and a whopping 60% were related to fraud, while 13% were related to identity theft. The other 27% were other types of complaints. Fraud and identity theft complaints have increased since last year -. Although identity theft is still down from 2012 (when it represented 17% of total complaints for the year)
Scammers are old. Among those who reported the initial contact method, more than half (54%) reported that they were contacted by phone. Email is always a crook top choice, however, with 23% saying initial contact through this method.
What are the most commonly reported forms of identity theft? Not surprisingly, government / benefits fraud documents took first place with 39%. The other higher forms of identity theft was credit card fraud (27%), phone or public fraud services (13%), bank fraud (8%), fraud relating to employment ( 5%) and loan fraud (4%).
Which states are identity thieves target the most? Florida had the highest per capita rate of identity theft complaints in 2014, followed by Washington and Oregon.
"Scams Imposter" are on the rise
As part of its data book, the FTC also publishes its Top 10 Consumer Complaint Categories - similar to the Dirty Dozen list of the IRS. While identity theft has taken the top spot for the 15th consecutive year, the FTC warns consumers about the recent rise in what it calls "imposter scams." These scams accounted for 11% of complaints and took third place (behind the debt collection) on the list for 2015. These scams involve people posing as someone else to try to trick you money - as people claiming to be the IRS during the tax season, or representatives of a lottery you have supposedly won. It is always wise to be on the lookout for fraudsters who try to take advantage of you that way. you can learn more on how to avoid scams reading through the protection section against identity theft in our blog.
Although events like the national consumer protection Week remind us to be careful, you should always think about your security and make the best choices to help keep yourself and your identity throughout the year.