Looking to protect yourself from fraud, identity theft and scams? Wondering about the best way to avoid contractor fraud, fake investment opportunities and have safe transactions when shopping online?
While we talk about these topics at different times throughout the year, there’s a special time designated as National Consumer Protection Week, when government agencies, consumer protection groups and organizations like Better Business Bureau provide a concerted focus on these topics. The goal is to help people understand their consumer rights as well as the best ways to avoid frauds and scams by sharing tips and related resources. This year, National Consumer Protection Week takes place from March 1-7.
As part of National Consumer Protection Week, your BBB is proud to be co-hosting a free, virtual fraud-prevention event alongside partners from the Federal Trade Commission, Tennessee Attorney General’s Office and other experts from the southeastern US. The event will be 10-11:30 a.m. Wednesday via Zoom.
Our expert panel will include Anna Burns, the FTC’s regional director for the Southeast region; Claire Marsalis, director of the AG’s Consumer Affairs Division; and Hunter Jones of BBB.
The need for fraud prevention information and resources is stronger than ever. When the FTC released its 2024 Consumer Sentinel Data Book, it noted that more than $12.5 billion was reported in fraud losses, up 25% from the previous year, and the highest ever annual losses reported to the FTC. The median loss to fraud was $497.
Surprisingly, the number of cases remained relatively stable, however, the amounts lost per case had increased, especially in the area of investment fraud. BBB has seen similar findings from reports to BBB Scam Tracker, with investment fraud serving as the “riskiest” type of fraud.
The FTC offers these other takeaways from the data they collected from a number of agencies and organizations during 2024, including BBB:
— Imposter scams remained the top fraud category, with reported losses of $2.95 billion. These scams include people pretending to be your bank’s fraud department, the government, a relative in distress, a well-known business or a technical support expert.
— Investment scams resulted in the highest losses, totaling over $5 billion.
— Social media was a primary venue for scams, especially those falling in the areas of investment and romance scams.
— Payment methods that were most commonly used to transfer money to scammers were bank transfers and cryptocurrency.
— When looking at losses by age, the FTC found that younger adults (20-29) reported fraud most frequently (44%), while older adults (70+) experienced much higher median losses ($1,000-$1,600+). Fraud losses for those 60+ quadrupled to $2.4 billion, largely driven by investment scams.
You can join our March 4 online event via Zoom at https://us06web.zoom.us/j/85601911173.
If you have any questions about the webinar, please contact Will Hannah, BBB’s director of events, at will@chattanooga.bbb.org or 423-287-5540.
To learn more about National Consumer Protection Week, ways to get free consumer education materials — including advice in a dozen languages — and read the latest from consumer protection experts, please visit ftc.gov/ncpw.
To read about the latest fraud being reported to BBB, please visit BBB’s Scam Tracker page at bbb.org/scamtracker. You can also access BBB’s tips at bbb.org/scam.
BBB SCHOLARSHIPS
BBB is accepting entries for the annual Students of Integrity Scholarships, which are open to high school seniors from throughout Southeast Tennessee and Northwest Georgia.
To be considered for the scholarships, each student is asked to provide a 400-500 word essay on the importance of ethics in business and our community. The judges will also review each student’s involvement in community service, leadership opportunities, as well as academics.
Submissions can be made online at bbb.org/Chattanooga. Other submission options include emailing all required items to will@chattanooga.bbb.org, or mailing them to BBB at P.O. Box 4532 Chattanooga, TN 37405.
BBB will award 10 $1,000 scholarships during the Torch Awards for Ethics Luncheon on May 6, but attendance at the luncheon is not required for eligibility.
The scholarships are open to high school seniors located in the following counties in Tennessee: Bledsoe, Bradley, Grundy, Hamilton, McMinn, Marion, Meigs, Polk, Rhea, Sequatchie and Van Buren. And the Georgia counties: Catoosa, Chattooga, Dade, Fannin, Floyd, Gilmer, Gordon, Murray, Walker and Whitfield.
The scholarship entry deadline is Friday, March 6, and the selected winners will be notified in mid-April. If mailing an entry, please ensure it is postmarked by March 6, however it is not necessary to send the submission via express mail.
Michele Mason is president of the Better Business Bureau in Chattanooga.