Consumer Fraud - 2436 Words

Consumer Fraud Yolanda Garnett Wilmington University Consumer Fraud Introduction Consumer fraud is a purposeful, unlawful act that deceives, manipulates, or provides false statements to damage others. Fraud is described in the dictionary as â€Å"deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage (fraud). Consumer fraud is usually associated with a person or group of people manipulating something to deceive others for his/her or their personal gain. In 2005 fraud cost U.S organizations more than $600 billion annually, and consumers lost more than $30 billion annually (Statistics). This paper will review how consumer fraud occurs, the victims of consumer†¦show more content†¦Many times suspects hack into computers to gain personal information used to steal a person’s identity. Typically this is done by spying on a person’s computer activity to gain bank passwords when he/she is logging into bank accounts or when making online purchases. The perpetrator norma lly then takes this information and commits identity theft or bank fraud. Scams Another form of internet fraud is scams. There are many types of scams. People usually become victims to scams by actively participating in something they were tricked into believing was true. Examples of online scams are work from home requests, lottery winning emails, fraudulent sales sites. Art Koff the founder of RetiredBrains.com was quoted in The Wall Street Journal stating that, â€Å"online traffic to work from home sections has grown 90-fold since the financial crisis of 2008† (Tergesen, 2011). Work from home scams usually require upfront investments in office supplies or other materials and fail to deliver the promised salaries. Also, recently there have been work from home scams that require the person to make purchases to ship overseas to their â€Å"employer† and the person never receives payment for these items or the payment they received was worthless. Another online scam is the â€Å"winning the lottery† scam. This happens when a person usu ally receives an email stating he/she has won something and needs to send money for the taxes. The person is swindled out of thousands of dollars usually andShow MoreRelatedConsumer Fraud1004 Words   |  5 PagesIssue Paper When consumers engage in fraud, they attempt to deceive businesses for their personal gain or when a consumer intentional deceives an organization by taking an economic advantage over them (insert bibliography 1 ). There are multiple ways a consumer can deceive a business. Some examples include identity theft; check fraud, credit card fraud and shoplifting. Employees, consumers, and businesses can do fraud in many ways. Consumers have achieved consumer fraud by improving and changingRead MoreInternet Fraud: an Overview of Classifications, Government Actions, and Consumer Protection3671 Words   |  15 PagesInternet Fraud: An Overview of Classifications, Government Actions, and Consumer Protection December 14, 2006 Internet Fraud: An Overview of Classifications, Governmental Actions, and Consumer Protection Internet fraud is an increasing threat to our technological society, which thrives on the advances and benefits of the Internet and e-commerce. With the increased growth and dependence of the Internet, creative individuals have found ways of conveying fraudulent schemes as legitimate goodsRead MoreDeveloping an e-Business Strategy Essay1276 Words   |  6 Pagesmodel or a B2B e-business model. 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In the 1990s along came computer fraud, which increased in occurrences tremendously near the turn of the century. The Internet age is the latest stage of evolution, which evolved less severity from murder, but widespread frequency that spans countries and continents. Identity fraud is currently defined as the unauthorized use of another person’s personal information to achieve illicit financial gain. Identity fraud can range from simply using a stolen payment card accountRead More Corporate Code of Conduct Policy Essay1292 Words   |  6 Pageskey-points that are being use to amend our Code of Conduct guidelines. Our Code of Conduct amendments will include the following precepts: a) Refusal to deal, exclusive dealing and pricing discrimination b) Insider trading c) Mail fraud and consumer fraud CODE OF CONDUCT PRECEPTS 1. 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