Common Financial Scams in Guyana: Be Aware of These Threats

Financial scams are a significant concern for many individuals in Guyana, with 15% of respondents reporting that they or someone in their household has fallen victim to scammers. This places financial scams among the top four most prevalent crimes affecting households in Guyana.

Who is Most Likely to be Victimized?

The data suggests that less-educated and lower-income adults are more likely to fall prey to financial scams. Specifically:

Those with no college education are about twice as likely as college graduates to say they have personally been victimized.
Those earning less than $50,000 per year are also more likely to report having been scammed.

Age Distribution of Scam Victims

The survey found that younger adults report the highest overall rate of household victimization, with 22% saying that their household has been affected. In contrast:

Fewer adults aged 50-64 (9%) have experienced a scam in their household.
Adults 65 and older reported a moderate level of household victimization, at 13%.

Public Concern About Scams

The survey also revealed that scams are Americans’ second-highest crime worry, with 57% saying they frequently or occasionally worry about being scammed. Only identity theft ranks higher on the list of worries.

Underreporting of Financial Scams to Authorities

However, relatively few respondents report financial scams to the police, with only 27% saying they have done so. This could be due to a range of factors, including:

Embarrassment
Uncertainty about whom to contact
Assuming that nothing can be done

What You Can Do

The Federal Trade Commission (FTC) encourages all scam and fraud victims to register their incident with them, as it helps authorities monitor and bring cases against those perpetrating these crimes.

Conclusion

Financial scams are a major concern for many individuals in Guyana. It is essential to be aware of these threats and take steps to protect ourselves. By staying informed and taking proactive measures, we can reduce the likelihood of falling prey to scammers and minimize the impact of financial fraud on our lives.