Tag: Consumer Fraud

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FTC: In 2021, 5.7 million people lost more than $5.8 billion to fraud , a $2.4 billion jump in losses in one year

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the staff of the Ridgewood blog

Ridgewood NJ, the Ridgewood blog has reported on a number of consumer frauds over the years focusing primarily on the seniors being taken advantage of  in Bergen County the FTC’s new Consumer Sentinel Network Data Book points out the younger people may be the victims of fraud far more often.

Continue reading FTC: In 2021, 5.7 million people lost more than $5.8 billion to fraud , a $2.4 billion jump in losses in one year

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AG Grewal Issues Alert as New Wave of Scams Aims to Profit Off People’s Fears and Uncertainty Surrounding COVID-19

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the staff of the Ridgewood blog
Ridgewood NJ,  Attorney General Gurbir S. Grewal and the Division of Consumer Affairs (“the Division”) today are alerting New Jersey residents to remain vigilant of consumer fraud fueled by the uncertainty and fears surrounding COVID-19. Among the new wave of scams is a scheme that seeks to exploit confusion around government financial assistance related to COVID-19 to convince potential victims into sharing their personal information.

Continue reading AG Grewal Issues Alert as New Wave of Scams Aims to Profit Off People’s Fears and Uncertainty Surrounding COVID-19

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‘Synthetic’ ID Theft Emerging As Fastest-Growing Type Of Consumer Fraud

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‘Synthetic’ ID Theft Emerging As Fastest-Growing Type Of Consumer Fraud
June 19, 2014 8:50 AM

LOS ANGELES (CBSLA.com) — A Marina del Rey man has been convicted on charges related to a rapidly-growing high-tech crime known as synthetic identity theft, according to an exclusive KNX 1070 NEWSRADIO report.

KNX 1070′s Charles Feldman reports the prosecution is believed to be a first for Los Angeles and only the second such prosecution in the nation.

Synthetic identity theft occurs when thieves create new identities either by combining real and fake identifying information to establish new accounts with fictional identities, or create a brand new identity from fake or inaccurate information, according to credit reporting agency Experian.

Since perpetrators of synthetic ID theft will only use a stolen Social Security number – the only piece of information that matches the “real” person – the crime can often go undetected for years.

“It’s almost like a ghost is committing these crimes,” said prosecutor Warren Kato with the District Attorney’s Office.

Synthetic identity theft is the fastest-growing type of ID fraud in the U.S. and has already surpassed “true-name” identity fraud, according to the Federal Trade Commission, which estimated it currently accounts for up to 85 percent of all identity fraud.

https://losangeles.cbslocal.com/2014/06/19/synthetic-id-theft-emerging-as-fastest-growing-type-of-consumer-fraud/