Latest news with #BureauofConsumerProtection
Yahoo
3 days ago
- Business
- Yahoo
Newest FTC Data Reveals Americans Lost Billions to Fraud in 2024 — Here Were the Most Expensive Scams
Scams and fraud impact millions of people every year, and falling for a scam can mean losing thousands of dollars. Be Aware: Try This: The Federal Trade Commission (FTC) reported that in 2024, 2.6 million U.S. consumers reported a whopping $12.5 billion as lost to fraud — a figure 25% higher than in 2023. To protect yourself, it helps to know how to spot a scam. Data from the FTC indicated that the two most damaging types of fraud last year came in the form of investment and imposter scams. Read Next: Investment scams outpaced any other category of fraud targeting U.S. consumers in 2024, with reports of $5.7 billion in losses — an uptick of 24% in total value lost from 2023. These sorts of scams typically see fraudsters enticing victims to invest money into fraudulent assets, and when the transfer is complete, the cash disappears — along with the criminal who defrauded the victim. Imposter scams, on the other hand, accounted for $2.95 billion in losses coming from American checkbooks. These scams involve a fraudster pretending to be someone trustworthy or an authority figure, like a representative of a bank or government. They use this feigned authority and the urgency of dire consequences to convince victims to give them personal information, like a Social Security Number, or send them money. One striking fact: Last year, consumers reported losing more money to scams wherein they paid off the fraudsters with bank transfers or cryptocurrency than all other payment methods combined. And a second: While the FTC took in fraud reports from 2.6 million consumers in 2024 — and that number nearly matches the figure from 2023 — the total sum of money lost was much larger. Further, growth in particular subsets of scams was in evidence. Government imposter scams, a scenario in which a fraudster pretends to be a government official seeking monetary restitution or payment of some sort, saw consumer losses total $789 million, or about $171 million higher than in 2023. Business and job opportunity fraud, where hopefuls might pay false recruiters or hiring agencies for a way into their desired careers, accounted for $750.6 million in losses — up $250 million from 2023's figure. Christopher Mufarrige, director of the FTC's Bureau of Consumer Protection, said, 'Scammers' tactics are constantly evolving. … The FTC is monitoring those trends closely and working hard to protect the American people from fraud.' The pace of these reports does not appear to be slowing, either. A separate FTC data sheet indicated that for 2025, year-to-date, 75,458 reports of government imposter scams have been recorded. The scammers represent themselves as collecting tolls or representing the Social Security Administration, Medicare or even the FTC themselves. Most payments this year have been made by gift card — never a valid payment method for government-owed debt — and most scammers called their victims via phone. More From GOBankingRates The New Retirement Problem Boomers Are Facing 9 Downsizing Tips for the Middle Class To Save on Monthly Expenses This article originally appeared on Newest FTC Data Reveals Americans Lost Billions to Fraud in 2024 — Here Were the Most Expensive Scams Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Newest FTC Data Reveals Americans Lost Billions to Fraud in 2024 — Here Were the Most Expensive Scams
Scams and fraud impact millions of people every year, and falling for a scam can mean losing thousands of dollars. Be Aware: Try This: The Federal Trade Commission (FTC) reported that in 2024, 2.6 million U.S. consumers reported a whopping $12.5 billion as lost to fraud — a figure 25% higher than in 2023. To protect yourself, it helps to know how to spot a scam. Data from the FTC indicated that the two most damaging types of fraud last year came in the form of investment and imposter scams. Read Next: Investment scams outpaced any other category of fraud targeting U.S. consumers in 2024, with reports of $5.7 billion in losses — an uptick of 24% in total value lost from 2023. These sorts of scams typically see fraudsters enticing victims to invest money into fraudulent assets, and when the transfer is complete, the cash disappears — along with the criminal who defrauded the victim. Imposter scams, on the other hand, accounted for $2.95 billion in losses coming from American checkbooks. These scams involve a fraudster pretending to be someone trustworthy or an authority figure, like a representative of a bank or government. They use this feigned authority and the urgency of dire consequences to convince victims to give them personal information, like a Social Security Number, or send them money. One striking fact: Last year, consumers reported losing more money to scams wherein they paid off the fraudsters with bank transfers or cryptocurrency than all other payment methods combined. And a second: While the FTC took in fraud reports from 2.6 million consumers in 2024 — and that number nearly matches the figure from 2023 — the total sum of money lost was much larger. Further, growth in particular subsets of scams was in evidence. Government imposter scams, a scenario in which a fraudster pretends to be a government official seeking monetary restitution or payment of some sort, saw consumer losses total $789 million, or about $171 million higher than in 2023. Business and job opportunity fraud, where hopefuls might pay false recruiters or hiring agencies for a way into their desired careers, accounted for $750.6 million in losses — up $250 million from 2023's figure. Christopher Mufarrige, director of the FTC's Bureau of Consumer Protection, said, 'Scammers' tactics are constantly evolving. … The FTC is monitoring those trends closely and working hard to protect the American people from fraud.' The pace of these reports does not appear to be slowing, either. A separate FTC data sheet indicated that for 2025, year-to-date, 75,458 reports of government imposter scams have been recorded. The scammers represent themselves as collecting tolls or representing the Social Security Administration, Medicare or even the FTC themselves. Most payments this year have been made by gift card — never a valid payment method for government-owed debt — and most scammers called their victims via phone. More From GOBankingRates Clever Ways To Save Money That Actually Work in 2025 25 Places To Buy a Home If You Want It To Gain Value This article originally appeared on Newest FTC Data Reveals Americans Lost Billions to Fraud in 2024 — Here Were the Most Expensive Scams
Miami Herald
02-05-2025
- Business
- Miami Herald
As Trump guts federal watchdog, Pa. Gov. Josh Shapiro is streamlining the consumer complaint process
Gov. Josh Shapiro is streamlining Pennsylvania's consumer-complaint process in the hopes of filling gaps left by a shuttered federal watchdog. "Despite the fact that Washington is walking away from its responsibility, my administration will continue to stand up against the scammers and for fellow Pennsylvanians," Shapiro said Thursday at a news conference in Harrisburg. If consumers have a problem with their insurance, bank, or lender, they can now go to one website, to report the issue, Shapiro said. They can also call 1-866-PA-COMPLAINT (1-866-722-6675), the governor said, or email consumer@ When they do so, he said, they'll reach "a dedicated group of people" who already have been doing consumer-protection work for Pennsylvania's insurance department and department of banking and securities. Shapiro said he does not plan to hire more staff or seek additional state funds for the effort. "Pennsylvania has some of the strongest consumer-protection laws in the entire country, laws that rest at times with the AG's office, at times with agencies," Shapiro said. "We're going to step up and do our part. And we're all going to work together effectively to make that happen." The governor's announcement came as the Trump administration continued its fight to gut the federal Consumer Financial Protection Bureau (CFPB), which was created in the wake of the 2008 financial crisis to keep financial institutions honest and ensure they treat customers fairly. "This one just doesn't make any sense to me whatsoever," Shapiro said of the administration's slashing of the CFPB. "Hopefully they'll reevaluate." In February, Trump fired CFPB director Rohit Chopra, a Voorhees native. The new acting head, Russel Vought, essentially froze the organization by issuing stop-work orders, according to several reports, and nearly all CFPB employees were fired. Federal judges on Wednesday once again blocked the mass layoffs, providing a temporary reprieve. "It is counter to everything else [Trump administration officials] keep saying about waste, fraud, and abuse," Shapiro said. "You would think they would want to arm those that are combating fraud and abuse in our system with more tools, not less, to be able to protect the people." Shapiro said Pennsylvania's new efforts will be in conjunction with the ongoing work of the commonwealth's Bureau of Consumer Protection, which investigates complaints, meditates issues between customers and businesses, and takes legal action against unfair practices. Shapiro, a Democrat, created the bureau in 2017 when he was attorney general. It is now overseen by Attorney General Dave Sunday, a Republican who has vowed to be "a boring AG." The Office of the Consumer Advocate, which assists people with utility-related issues, also falls under the attorney general's purview, but operates independently. Each week, the commonwealth fields hundreds of consumer complaints, mostly about scams, Shapiro said. "Unfortunately there are too many dishonest people in this world who are trying to scam Pennsylvanians," Shapiro said. "It's absolutely not OK." Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Yahoo
14-04-2025
- Business
- Yahoo
Beaver County contractor named in lawsuit from Pennsylvania AG's office
A contractor from Beaver County is being sued by Pennsylvania Attorney General Dave Sunday after allegedly failing to complete contracts and operating while unregistered. The lawsuit, which was announced on Friday afternoon, alleges that James Martin, who also goes by the name Doug Martin, failed to perform home improvement contracts by doing subpar work or never doing any work at all. His business, Martin Lawn Services, also allegedly did work after his registration under the Pennsylvania Home Improvement Consumer Protection Act (HICPA) had expired. 'This contractor took significant sums of money from hardworking Pennsylvanians hoping to improve their homes, then failed to honor the contracts,' Sunday said. 'He also knew he had to register as a contractor with our office, failed to do so, and kept taking on clients.' According to the attorney general's office, at least seven court judgments have been entered against Martin since 2022, and the business owner is currently in a pending criminal case regarding theft and deceptive business practices. This most recent lawsuit will seek to stop Martin from doing business in Pennsylvania, seek consumer restitutions and apply civil penalties for the alleged incidents. Any consumers who believe they or someone they know may be victims of Martin's business should file a complaint with the Bureau of Consumer Protection at call 1-800-441-2555 or email scams@ This article originally appeared on Beaver County Times: Beaver County contractor named in lawsuit from PA Attorney General
CBS News
12-04-2025
- Business
- CBS News
AG Dave Sunday files lawsuit against Beaver County contractor over allegedly incomplete jobs
Attorney General Dave Sunday has filed a lawsuit against a Beaver County home improvement contractor for allegedly failing to complete contracts and operating while unregistered. The lawsuit alleges that James D. Martin—also known as Doug Martin—and his business, Martin Lawn Services, LLC, failed to perform home improvement contracts by "doing subpar work or never doing any work at all," according to a press release from the attorney general's office. The lawsuit also alleges Martin entered into contracts with several consumers after his business registration under the Pennsylvania Home Improvement Consumer Protection Act had expired. The lawsuit seeks to stop Martin from doing business in Pennsylvania, along with consumer restitution and civil penalties. "This contractor took significant sums of money from hardworking Pennsylvanians hoping to improve their homes, then failed to honor the contracts," Attorney General Sunday said. "He also knew he had to register as a contractor with our office, failed to do so, and kept taking on clients." Martin's conduct violated HICPA and the Pennsylvania Unfair Trade Practices and Consumer Protection Law, the press release added. Anyone who believes they or someone they know may be a victim of these practices can file a complaint with the Bureau of Consumer Protection at this link , call 1-800-441-2555, or email this address .
