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How to Prevent Fraud in Finance: A Guide for United States Consumers
The Federal Trade Commission (FTC) plays a crucial role in protecting American consumers from unfair, deceptive and fraudulent business practices. As the nation’s consumer protection agency, the FTC takes reports about scammers who cheat people out of money and businesses that don’t make good on their promises.
Stopping Robocalls: The FTC’s Efforts
One of the most common forms of fraud in the United States is robocalling. With technology enabling auto-dialers to send out thousands of phone calls per minute at an incredibly low cost, it’s no wonder people are receiving more robocalls than ever before. But what’s being done to stop these illegal robocallers? The FTC is working to combat this issue by sharing reports with law enforcement partners and using them to investigate fraud.
Limiting Robocalls: What You Can Do
But what can consumers do to limit the number of robocalls they receive? According to the FTC, there are several steps you can take:
- Be wary of unfamiliar phone numbers or those that seem suspicious.
- Don’t answer calls from unknown numbers, and if you do pick up, hang up immediately if it’s a scammer.
- You can also report suspicious calls to the FTC.
Getting Refunds: The FTC’s Refunds Program
If you’ve been affected by fraud, you may be eligible for a refund. The FTC sues companies that make deceptive claims about their products or services, and sometimes these lawsuits result in refunds for the people affected. Want more information about the FTC’s refunds program? Take a look at recent FTC cases that resulted in refunds.
Resources for Underserved Communities
The FTC also provides resources to help traditionally underserved communities, including:
- Legal aid providers
- TESOL teachers and advocates
- Materials for direct client services, language classes, financial literacy or life skills programs, workshops, and credit and debt counseling sessions
Guidance for Businesses: The BCP’s Business Center
The FTC also provides guidance to businesses on their responsibilities and compliance with the law through its Bureau of Consumer Protection (BCP) Business Center. Browse by topic:
- Advertising & Marketing
- Credit & Finance
- Privacy & Security
- Industry-specific topics
Regional Offices: How They Contribute to the BCP’s Mission
The FTC’s BCP has eight divisions and eight regional offices that contribute to its mission of protecting American consumers from unfair, deceptive and fraudulent business practices. Find out how each office contributes to the Bureau’s mission.
By staying informed about fraud prevention and taking steps to protect yourself, you can help prevent financial fraud in the United States. For more information on how to stay safe and avoid falling victim to scams, visit the FTC’s website or contact your local authorities.