: Fighting Coronavirus scams: Taking stock chundycz May 8, 2020 | 9:01AM Fighting Coronavirus scams: Taking stock By Andrew Smith, Director, FTC Bureau of Consumer Protection Since the beginning of the COVID-19 crisis, the FTC has released dozens of warning letters against people trying to make an illegal buck off the Coronavirus. More than a month in, it seems like a good time to look back at what’s happened. If you follow this blog, you’ll know these have been busy weeks – with advice about spotting the many scams we’re all facing, news of the warning letters sent on a wide range of scams, and some enforcement actions filed. You might wonder: Why send letters? Why not just sue the !*$@&#? Fair question. But the letters are working. And, given the scope of the scams out there right now, we want to get the best and fastest results we can with the most efficient tool we have. Right now, for these Coronavirus-related issues, that’s warning letters. In general, here’s how it goes: We spot someone advertising some[...]
: Is it amour – or scam-more? lfair February 11, 2021 | 12:17PM Is it amour – or scam-more? By Lesley Fair Online romance may begin with Panic! At The Disco’s High Hopes , but according to a new FTC Data Spotlight , all too often it ends with the conclusion that – to quote the J. Geils Band – Love Stinks . Far be it from us to put a damper on Valentine’s Day, but reports to the Consumer Sentinel Network suggest that the injury inflicted by romance scams is on the rise. According to the new Data Spotlight , “For three years running, people have reported losing more money on romance scams than on any other fraud type identified in Sentinel. In 2020, reported losses to romance scams reached a record $304 million, up about 50% from 2019. For an individual, that meant a median dollar loss of $2,500.” Why the increase? The continued popularity of dating apps is part of the story, but the pandemic has played a part, too. For right now, the need for social distancing and masking makes the “meet cute” at the local cof[...]