By Shari Lifland
Consumers are bilked out of billions of dollars due
to fraud each year--according to the Federal Trade Commission, Americans
lose more than $40 billion a year to telemarketing fraud alone.
Although P.T. Barnum may have been correct when he
said, “There’s a sucker born every minute,” a little
knowledge and a lot of common sense can help you avoid becoming a scamster’s
next victim.
According to Marsha Bertrand, in her book “Fraud!
How to Protect Yourself From Schemes, Scams, and Swindles” (AMACOM
2000), “We need to know how to protect our money and understand
that the only assurance we have of not being defrauded is our own knowledge,
skepticism and ability to recognize a scam.”
Regardless of the type of potential scam someone is
trying to perpetrate against you, you’ll have much less chance
of becoming a victim, recommends Bertrand, if you:
- Check out the salesperson, the company and the investment or offer
through the Better Business Bureau, your state’s attorney general’s
office, your state’s securities agency, or other appropriate agencies
- Ask for and read written information that explains the investment
or offer
- Get the opinion of a trusted friend, relative, or adviser
- Verify any claims a salesperson makes
- Never give out personal numbers such as Social Security or bank account
numbers
- Never allow yourself to be rushed into making a decision
How to Spot a Con Artist:
If the salesperson exhibits any of the following behaviors—beware!
- Tends to be narcissistic and self-centered, with a huge ego
- Makes promises no other salesperson can even come close to matching
- Is very persuasive and has the ability to break down your resistance
slowly
- Is unwilling to take “no” for an answer
- Asks you to send money before collecting a prize or gift
- Pressures you to make a decision immediately
- Requests a fee to help you recover money lost from a previous scam
- Uses harassment or abuse to bully you into sending money
- Appears at your door wanting you to hire him to do home repairs
- Offers you huge returns in a can’t-lose money-making scheme
- Claims you can earn big profits without doing much work
If you have a complaint against a company:
- Approach the company first. Bring your concerns to the attention of
the owner or manager. If you are still not satisfied after contacting
the company, contact the Better Business Bureau in the city where the
business is based.
- The BBB can handle complaints involving the following:
- Misleading Advertising
- Improper Selling Practices
- Non-delivery of Goods or Services
- Unhonored Guarantees or Warranty
- Misrepresentation
- Unsatisfactory Service
- Credit/billing Problems
- Unfulfilled Contracts
For more information: www.bbb.org
(Better Business Bureau)
For more information about “Fraud! How to Protect
Yourself From Schemes, Scams, and Swindles,” by Marsha Bertrand and
other AMACOM business titles, go to
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