One of the most expensive crimes endured by millions of U.S. consumers every year is fraud. These days, it’s hard to escape as scams will find you anywhere – on internet, at the car dealership and certainly in the streets. Collectively, criminals who commit fraud have no personal preference. They look to victimize the youth, senior citizens, home computers and large corporations alike. It is crucial to understand why even you can be negatively impacted by this rapid moving crime wave.
Common Types of Fraud
Scam artists will employ a wide variety of techniques, programs and devices to commit fraud. For this reason, it is very important to remain aware of the probability and keep your confidential information safe.
Some of the most common types of fraud involve:
• automobile insurance
• homeowners’ insurance
• medical insurance
• the welfare system
• government contracts
• used cars
• prize drawings
• social engineering
Lasting Impact of Fraud
It is often stated that many of these crimes such as insurance and welfare fraud have no direct victims. In truth, the “victimless” approach is the wrong way to view the situation. Fraud has a negative effect on everyone. Here are few consequences we all endure:
• economic decline due to direct physical damage
• economic decline due to losses suffered by publicly used services such as transportation, police and fire departments