What are Common Examples of Consumer Fraud?
Consumer fraud is any deceptive or unfair trade practice that deprives someone of money or property. Given the amount of information that is available online, consumer fraud has only gained traction in recent years. The current data says it all, with a projected $10 billion being lost to scams in a recent year and 80 million consumers losing money in the last five years.
Given the prevalence of consumer fraud, you may be wondering if you have been the victim of this crime without even knowing it. In this blog, the Greenville, SC, victims’ rights attorneys at Ryan Beasley Law discuss common examples of consumer fraud and how you may be eligible for recovery under the Unfair Trade Practices Act.
Consumer Product and Retail Fraud
The selling of fraudulent products has allowed scammers to turn a large profit rather quickly. Fraudsters may attempt to sell fake products at high prices, or alternatively, high-end products at unbelievable low prices. Online auction scams are also growing, with scammers listing fake items and collecting money without delivering the paid for item.
Credit Card Fraud
Making purchases on someone’s card without their permission is known as credit card fraud. Having access to credit card details, including the account number, expiration date, and security code can allow someone to make unauthorized online purchases. In other situations, a fraudster may intercept a new credit card in the mail. Some fraudsters use card skimming devices which allow them to capture your card information when you use it at an ATM, gas pump, or other point-of-sale terminal.
Elder Financial Exploitation
Taking into account the vulnerability of the elderly, one in six older adults report being the victim of abuse, with financial exploitation being the most common. Elder financial exploitation includes any activity that misuses an older adult’s assets or personal information. Common examples include a caretaker mismanaging an elderly patient’s money, scammers requesting donations for a non-existent charity, or individuals in a fiduciary role abusing their legal authority to steal funds.
Mortgage Fraud
Targeting homeowners, mortgage fraud involves any misrepresentation of the terms of a home loan or the funding of that loan. Common examples include scammers promising to reduce loan payments or promising to rescue a struggling homeowner from foreclosure. Telling signs of mortgage fraud may include incorrect information on a mortgage application, any unsolicited offers to refinance your mortgage for an upfront fee, or pressure to sign loan documents immediately.
Debt Collection Fraud
If you have ever received a call from a creditor insisting that you had a delinquent balance that you were unaware of, you have likely been the victim of debt collection fraud. In debt collection fraud, a scammer pretends to be a legitimate bill collector, threatening to arrest the individual or file a lawsuit if the balance is not paid immediately.
South Carolina Unfair Trade Practices Act
South Carolina Unfair Trade Practices Act illegalizes any deceptive acts in the practice of any business. Besides fraudsters facing criminal charges, consumers are allowed to recover damages. If the court finds that the perpetrator committed the act willfully or knowingly, the victim may be eligible to recover three times the amount of compensatory damages. If you believe that you fit this criteria, you will want to speak with one of our victims’ rights lawyers.
Reach Out to Our Greenville, SC, Victims’ Rights Lawyers Today
With consumer fraud being steadily on the rise, the financial security of our nation is being called into question. If you have been the target of consumer fraud, our Greenville, SC, victims’ rights lawyers are here to assist in your financial recovery. The legal team at Ryan Beasley Law understands the impact that consumer fraud has on individuals and families. We are devoted to helping victims start anew, with both feet being planted on solid ground. To get started, contact our office online or by phone at (864) 756-4204 to schedule your initial consultation.