Scams & Fraud

scam fraud topic page

A scam is defined as an attempt to defraud a person or group by gaining their confidence.

According to the law, fraud is defined as intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right. Fraud can violate both civil and criminal law.

In 2020, the FTC received more than 2.1 million fraud reports from consumers, with imposter scams being the most common type of fraud. Other common types of fraud involve online shopping, Internet services, and sweepstakes.

Crypto scams are also growing, with crypto losses totaling $7.8 billion worth of cryptocurrency in 2021.

Latest Scams & Fraud News and Updates

  • Facebook logo is displayed at the 2018 CeBIT technology trade fair
    Personal Finance

    Facebook Doesn't Giving Away Money Often — How to Stay Away From Scams

    Is Facebook giving away money? Not usually, and Facebook giveaway scams can cost you money and lead to identity theft. Here's how to avoid the scams.
    By Ruchi Gupta
  • A car and an EcoPlus fuel saver
    Consumer

    Is EcoPlus Fuel Saver a Scam? It Sure Looks Like One

    There has been a debate about whether the EcoPlus fuel saver is a scam or legit. Let's take a look and put the debate to rest. Here's what we know.
    By Ruchi Gupta
  • Fairtrade logo on a sign
    Food Industry

    Is Fairtrade a Scam? Company Denies Marketing Ploy "Myths"

    Fairtrade claims to provide fair prices to farmers even though many believe that the organization is a scam and just a marketing ploy. Is Fairtrade a scam?
    By Mohit Oberoi, CFA
  • PayPal logo
    News

    PayPal Prenote Scam: New Loophole Helps Scammers Target Bank Accounts

    Scammers have found a new loophole in PayPal's system where they can wipe out bank accounts. How does the PayPal prenote scam work?
    By Ade Hennis
  • A couple reading their mail
    News

    Pingora Loan Service Letter Could Be a Scam — Mortgage Lendees Beware

    People across the U.S. might have received a letter from Pingora Loan Services about their information being breached. Is the letter a scam?
    By Ade Hennis
  • Silhouette of a person using a cell phone
    Personal Finance

    Scammers Are Phishing for Information With Package Delivery Texts, New Alerts Warn

    Alerts about “Holding This 4 You” and “Pick Up Your Stuff” scams warn consumers of text messages leading to phishing websites.
    By Dan Clarendon
  • Hyperverse logo
    Cryptocurrency & Blockchain

    HyperVerse Crypto Looks Like a Risky Investment, Possible Scam

    HyperVerse crypto’s HVT token facilitates transactions in the project’s virtual universe where people can trade NFT items and take space tours. Is the crypto legit?
    By Ruchi Gupta
  • Frosties NFT illustration
    NFTs

    Frosties NFT Rug Pull Scandal — Two Scammers Have Been Arrested

    Two scammers reportedly at the helm of the Frosties NFT rug pull have been arrested. What happened in the Frosties NFT rug pull? Here's how it all went down.
    By Rachel Curry
  • Elon Musk Speaks At Satellite Conference In Washington
    Cryptocurrency & Blockchain

    Is SpaceX Token Legit? Beware — No Official Ties to Elon Musk

    The SpaceX token has caught the attention of many investors. They want to know if the the crypto is a legit Elon Musk project. Here's what we know.
    By Ruchi Gupta
  • National Grid worker and a wind turbine
    Consumer

    Is the National Grid TCPA Settlement a Scam? Thousands Receive Notices

    Emails went out last month about a settlement for National Grid's violation of the Telephone Consumer Protection Act. Is the National Grid TCPA settlement a scam?
    By Danielle Letenyei
  • A person holding an EcoChip device
    Consumer

    Is EcoChip a Scam? Device Has Mixed Reviews, Buy at Your Own Risk

    EcoChip is one of multiple devices on the market that claims to improve a vehicle's fuel efficiency and save you money. So far, the reviews are mixed. Is EcoChip a scam?
    By Kathryn Underwood
  • SIM card attached to a fishing lure
    Personal Finance

    SIM Swapping: How to Protect Yourself From Widespread Fraud

    SIM swapping, in which hackers get your SIM card transferred from your phone to a different phone, can lead to security issues for many different accounts.
    By Kathryn Underwood
  • Blazed Cats NFTs donate to charities
    Cryptocurrency & Blockchain

    Are NFT Charities Legit? Growing Concerns About Theft and Fraud

    With growing concerns about NFT theft and fraud, you might be wondering whether NFT charities are legit. Here's what to expect as the NFT business booms.
    By Ruchi Gupta
  • Gary Vee
    Cryptocurrency & Blockchain

    Scam Alert: Not All VeeFriends Accounts and Emails Are Legitimate

    Gary Vee posted a scam alert on his VeeFriends website informing the public that he and his NFT collection have become the subject of a major scam.
    By Jennifer Farrington
  • Costco storefront
    News

    Costco 40th Anniversary Scam Targets Shoppers Through Promotions

    There's a new scam going around trying to get information from shoppers. Its called the "Costco 40th Anniversary Scam." Here's how to spot it.
    By Robin Hill-Gray
  • Person using a cell phone
    Taxes

    Watch Out for Scam IRS Texts This Tax Season, a “Prime Period” for Identify Theft

    After an increase in fake IRS texts last year, the agency is warning the American public about text scams involving unemployment or stimulus checks.
    By Dan Clarendon
  • A person cutting up a credit card
    Personal Finance

    Beware of the Credit National Assist Scam Offering Debt Relief

    If you get a phone call promising to help with your credit debt, beware! A Credit National Assist scam is out there trying to dupe consumers out of their cold hard cash.
    By Danielle Letenyei
  • 10 student loan scams
    Personal Finance Guides

    10 Student Loan Scams to Avoid As We Enter the New Year

    Avoid these 10 student loans scams online criminals are using to gain personal information from people who can't afford to repay their student loans.
    By Jennifer Farrington
  • Students in class
    Consumer

    Watch Out For Mia Torres Student Loan Scam Calls

    Mia Torres phone calls claiming to offer student loan forgiveness are scams. Here's how to avoid scammers, whether by phone, email, text message, or social media.
    By Kathryn Underwood
  • College graduates
    Personal Finance

    Student Loan Forgiveness Scams: What Alumni Should Watch For

    As an overhaul of the student loan forgiveness policy is underway, scams are targeting debt-bearing alumni. Here's what to watch for.
    By Rachel Curry
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