Identity theft is still the number one consumer complaint received at the Federal Trade Commission. But there is another type of scam that is now the fastest growing fraud.
The new growth leader in scams is internet auctions. In the last two years, complaints to the FTC about internet scams nearly doubled. The cost is an astonishing $265 million!
If you are an avid user of internet auction sites, be forewarned and cautious. What can you do to protect yourself? The best advice is to know the person or company you are dealing with. But sometimes that isn’t possible because you have found the perfect item, but don’t know the company. A few rules of thumb: don’t give personal information that isn’t necessary to the transaction and avoid paying before you receive the item. For more fraud prevention tips go to the FTC website at ftc.gov.