
Financial fraud is a growing problem in America. In 2010, 9.4% of all reported criminal cases was financial fraud. These "white collar" crimes are defined as non-violent crimes committed by an individual or group for financial gain. White collar criminals typically pose as professionals and have knowledge of financial policies and investments, so they can take advantage of those most vulnerable during tough economic times. More and more consumers are falling victim to white collar crimes, but not enough of them are taking action by filing complaints. A few years ago, the Federal Trade Commission conducted a random telephone survey and found that only 8.2% of victims are actually reporting white collar crimes. The federal government has worked with organizations such as the SEC, the FBI, the FTC and the US Attorney General's Office to put an effective consumer protection system in place, but it is up to the victims to file complaints and put this system to work. The best advice for people who are afraid of becoming a victim of financial fraud is to conduct a background check of their chosen financial professional before investing any money. And if you become a victim in the future, report the crime. Tune in to this week's CBTV show for other helpful tips to protect yourself and your money from financial scammers!
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