What types of consumer fraud are most common in 2018?

Consumer fraud changes swiftly with the development of new technologies and scamming trends. Therefore, it is important that consumers keep up to date on the types of crimes they are likely to fall victim to in 2018.

Consumer fraud is quite a broad term that is defined as any type of deception and illegal activity that is used against customers. The following are the most common types that you should be aware of as a consumer.

Stolen identity

Identity theft has been a problem for quite some time; however, the ways in which fraudsters achieve identity theft can change quickly over time. It can be done by taking information from your trash or stealing postal documents. It can also be achieved online, through deceiving you into giving away personal information such as your credit card details.

Online shopping

When you are shopping online, it might be unclear as to what websites you can trust and when you are giving away your information to fraudsters. It is a good idea to always check the quality of the website and do research into the company before you make a purchase.

Fraudulent loans

Make sure that you never give your personal details to a source that you cannot trust. This is especially true when loan companies claim to be offering a deal that sounds too good to be true.

Consumer fraud strategies are changing every day. If you believe that you have been a victim to fraud, it is very important to take action straight away to have any chance in getting your money back.

Source: Consumer Law Magazine, “The 4 Most Common Types of Consumer Fraud,” accessed Feb. 01, 2018