Consumer Fraud: What is It?

Posted on December 5th, 2018 by Tom Zimmerman

Did you know that roughly 12 percent, or 32 million American adults, are conned out of their money every year? This growing number is likely due to the increase in the number of delivery systems that are inside homes, including televisions, radios, internet, social media, and mailings. Criminals target people with credit cards, and they have a large pool from which to choose. If you have been a victim of consumer fraud, our business litigation lawyers in Chicago are here to help.

Definition

Consumer fraud refers to an individual who suffers a loss because of unfair, deceptive, false, illegitimate or misleading business practices. The two main segments of the population that suffer from consumer fraud include the elderly and college students. However, scammers are getting more savvy, making even the most informed consumer at risk for consumer fraud.

Common Consumer Frauds

Identity theft is the area of consumer fraud that occurs most often. According to the Federal Trade Commission (FTC), identity theft has been the number one consumer complaint for 15 years straight. Medicare, social security, healthcare, income tax, insurance and credit cards are also common areas of fraud. Be aware of fraud in online shopping, online dating, and fake charities.

Don’t sit back and accept that you have been a victim of consumer fraud. Contact our business litigation lawyers in Chicago, and our experienced team will be happy to help get you the compensation you deserve.  

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