Here are some highlights of the report:
- Top fraud and consumer issues reported. The FTC’s reporting data showed that the top percentage of the reports by people living in majority White and majority Latino communities were about impersonator scams. But in majority Black communities, the top percentage of the reports related to problems with credit bureaus.
- Latino community experiences. The FTC’s reporting data also showed that people living in majority Latino communities filed higher percentages of reports than majority White communities about credit bureaus, banks and lenders, debt collection, auto issues, and business opportunities.
- Black community experiences. An analysis of 23 FTC cases showed that the cases affecting the largest number of people in predominantly Black communities involved payday loan applications, student debt relief programs, and money-making schemes.
- How scammers make people pay. Reports from majority Black and Latino communities show that people are more likely to pay scammers in ways that have few, if any, fraud protections ― so: cash, cryptocurrency, money orders, and debit cards. In contrast, reports from majority White communities show that people are more likely to paying scammers with credit cards.