1 / 7

CONSUMER FRAUD

By Emma, India, Paige. CONSUMER FRAUD. What is Fraud? – What is Consumer Fraud?. Diverse crime category involving the use of deception to obtain some benefit. It can take a range of forms. ‘ An act or omission in the conduct of trade or commerce designed to mislead a consumer.’

wolfe
Download Presentation

CONSUMER FRAUD

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. By Emma, India, Paige CONSUMER FRAUD

  2. What is Fraud? – What is Consumer Fraud? • Diverse crime category involving the use of deception to obtain some benefit. It can take a range of forms. • ‘ An act or omission in the conduct of trade or commerce designed to mislead a consumer.’ • Consumer Scams – A fraudulent invitation, request, notification or offer, designed to obtain someone’s personal information or money or otherwise obtain a financial benefit by deceptive means.

  3. Four Main Categoriesbased on methods of deception • Advance Fee Schemes • Non-Delivery and defective products and services • Unsolicited and unwanted goods and services • Identity Fraud

  4. Its Impact in Australia • Fraud costs Australian Society $8.5 billion a year. (Rollings, 2008) – consumer fraud is a major proportion. • 40% of crime costs in Australia. • 100,000 cases of Consumer fraud reported to the police and recorded. This is only the ‘tip of the iceberg’, as only 25% is reported. • AIC survey (January – March 2008). 919 participants: 90% respondents received an invitation to a scam in the last 12 months.

  5. Age brackets (25-34) , (35-44), (55-64) held the largest percentage for fraud victims in AIC Survey.

  6. Enforcement Bodies • Australian Competition and Consumer Commission, ACCC – independent statutory authority, promoting fair competition and fair trading in the marketplace to benefit consumers. Regulates national infrastructure industries. Ensures that individuals and businesses comply with the Commonwealth’s competition fair trading and Consumer Protection Laws.

  7. What needs to be done? • REPORTING among victims and exposure to fraud through unsuccessful invitations. • Developing strategies to prevent victimization and maintain up-to-date knowledge of fraud threats and typologies.

More Related