February 2021
The FTC takes in reports from consumers about problems they experience in the marketplace. On October 22, 2020, the FTC launched ReportFraud.ftc.gov, a new site for people to report fraud and other illegal business practices. As always, reports from consumers are stored in the Consumer Sentinel Network (Sentinel), a secure online database available only to law enforcement. While the FTC does not intervene in individual consumer disputes, its law enforcement partners – whether they are down the street, across the nation, or around the world – can use information in the database to spot trends, identify questionable business practices and targets, and enforce the law.
The Federal Trade Commission received more than 2.1 million fraud reports from consumers in 2020, according to newly released data, with imposter scams remaining the most common type of fraud reported to the agency.
Online shopping was the second-most common fraud category reported by consumers, elevated by a surge of reports in the early days of the COVID-19 pandemic. Internet services; prizes, sweepstakes, and lotteries; and telephone and mobile services rounded out the top five fraud categories.
Consumers reported losing more than $3.3 billion to fraud in 2020, up from $1.8 billion in 2019. Nearly $1.2 billion of losses reported last year were due to imposter scams, while online shopping accounted for about $246 million in reported losses from consumers.
The Federal Trade Commission (FTC) issued a
press release announcing it is holding an Identity Theft Awareness Week between February 1-5, 2021. The week will be comprised of a series of events providing consumers with helpful information to reduce their risk of identity theft and discussing concrete steps consumers can take to recover if identity theft occurs.
Per the FTC’s press release, the event will “highlight what you can do to protect your personal information, red-flag warning signs of possible identity theft, and steps to take if identity theft happens to you.” The specific programs include:
Monday, February 1, at 1 p.m. ET -Webinar: Ripple Effects of COVID-19 Related Identity Theft & Tips to Protect Yourself in 2021
BBB FTC Warn of Romance Scams Next Month
February is right around the corner and many people will be looking for love and some in all the wrong places as Valentines Day approaches.
The Better Business Bureau and the Federal Trade Commission say beware of romance scams that capture your interest and your heart and then take your money. Many people in Yakima and across the nation have been victims of the scams that have taken millions of dollars from Americans. Many romance scams start on sites that are designed to entice people looking for romance.
The BBB says beware of the dating sites that are popular at this time of year. Information from the Federal Trade Commission s Consumer Sentinel Network people reported losing $201 million in 2019 in romance scams up almost 40% since 2018. The BBB and FTC say the scammers prey on people who are looking for love turning what feels like a new relationship into an ask for money to help the scammer with some made up crisis. FTC officials
Supporting Responsible Use Of AI And Equitable Outcomes In Financial Services â Federal Reserve Governor Lael Brainard At The AI Academic Symposium Hosted By The Board Of Governors Of The Federal Reserve System, Washington, D.C. (Virtual Event) Date
12/01/2021
Today s symposium on the use of artificial intelligence (AI) in financial services is part of the Federal Reserve s broader effort to understand AI s application to financial services, assess methods for managing risks arising from this technology, and determine where banking regulators can support responsible use of AI and equitable outcomes by improving supervisory clarity.1
The potential scope of AI applications is wide ranging. For instance, researchers are turning to AI to help analyze climate change, one of the central challenges of our time. With nonlinearities and tipping points, climate change is highly complex, and quantification for risk assessments requires the analysis of vast amounts of data, a task