What is Fraud?
Fraud is the wrongful or criminal deception intended to result in financial or personal gain.
As a consumer, you may come across fraud in a multitude of ways:
A consumer might receive an email that looks like it’s from their bank. The email asks them to click a link to verify their account. If they click the link and enter their information, they could be giving it to a fraudster instead of the bank.
A consumer might find a great deal on a product from a website that looks real. They make a purchase, but the site is actually a scam. They end up paying for something they never receive, and their credit card information could be compromised.
Even a careful consumer might get tricked into sharing personal information, like their Social Security number, through a phone call that seems legitimate. A fraudster could then use that information to open accounts in their name, leading to financial problems.
To be a savvy consumer, patience and paying close attention to detail are essential in order to avoid fraudulent practices such as those aforementioned.