Economic Development > All Economic Development > UNP-0039

Fraud and Scams Cost Money
Bernice B. Wilson
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Pages / Length: 2
Publication Date: 12/10/2008

Economist E. T. Garman (2008) stated that according to the Federal Trade Commission (FTC) 11 percent of the consumers are victims of fraud each year. A study by AARP stated that 1 in 5 Americans reported being a victim of a major consumer fraud or swindle at some point. Three-quarters of adults also report having a "bad buying" experience in the past 12 months. Crooks have about 300 million American shoppers as potentials customers to choose from, including 2 million military personnel and 14 million college students. Therefore, they do not need repeated customers, although the sad fact is that they often get them.