FTC Testifies About Crackdown on Scams Tied to the Economic Downturn
News release: “The Federal Trade Commission testified before the U.S. Senate today on the agencys campaign to crack down on scammers who are trying to take advantage of the economic downturn to push a variety of scams, such as phony job-placement and debt-reduction services, get-rich-quick schemes, and bogus government grants…In response to the rise in financial distress scams, on July 1, 2009, the Commission announced Operation Short Change, a joint initiative with 14 states, the Department of Justice, and other agencies that included more than 120 law enforcement actions.”
Hearing – The Economy and Fraud: Protecting Consumers During Downward Economic Times – Consumer Protection, Product Safety, and Insurance: “The reality is that with the economic challenges we face, families are more vulnerable than ever to financial scams, predatory marketing practices, and economic fraud. We all see the news every day about more layoffs, plant closings, soaring prices and more cutbacks in West Virginia and across the nation. No one deserves the potential ruin these schemes threaten. We have a responsibility to uncover them and provide consumers with the tools they need to avoid becoming victims of fraud and abuse.
Related postings on financial system