FTC: 1 in 10 cases because of fraud

More than one of 10 Americans were victims of fraud between May 2003 and May 2004, after a government survey released Thursday, with expenses paid “guarantee” loans or credit cards the most common fraud.

he Federal Trade Commission’s first perception of deception of consumers found that nearly 25 million adults in the USA, representing 11.2 per cent of the adult population, were victims of fraud, and that some racial and ethnic minorities was more often the victims of fraud approach.

“We’ve found that American Indians and Alaska National Afro-Americans and Hispanics are more often victims of fraud as non-Hispanic whites,” said Howard Beales, director of the Federal Trade Commission’s Bureau of Consumer Protection, in a statement.

The survey found that American Indians were victims rather than any other, with almost 34 per cent of the demographic group was the victim of one or more scams of the previous year, according to the survey.

Seventeen percent of African Americans has fallen victim of fraud and more than 14 percent of the victims were Hispanic, said the survey. For non-Hispanic white Americans, more than 6 percent of them were victims of fraud per year.

“The results of our study indicate that fraud in the USA is a serious problem,” Beales said in a conference call.

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