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FDIC CONSUMER NEWS PUBLISHES
A SPECIAL REPORT ON FIGHTING FRAUD

To access information go to www.FDIC.GOV

Businesses and consumers lose hundreds of millions of dollars each year to scams.  Although current laws and industry practices limit the losses for fraud victims, some still lose money and spend considerable time (sometimes years) filling out police reports, straightening out their credit records or otherwise clearing their names.  In addition, all consumers indirectly pay some of the cost of fraud in terms of higher prices for goods and services and higher taxes (to pay for law enforcement).  To help consumers understand how and why to protect themselves from con artists, FDIC CONSUMER NEWS has published a special report entitled "Fighting Financial Fraud: How to Shield Yourself from Swindles."

The Spring 2003 edition of the FDIC newsletter, which is devoted entirely to helping consumers defend themselves against an array of deceptions involving checks, credit cards, ATMs, the Internet and other bank products and services, is now available on the FDIC's Web site at http://www.fdic.gov/consumers/consumer/news It features:

*       Common financial scams (as identified by FDIC fraud investigators and other officials) along with warning signs and the best defenses:  (Note: Identity theft, which occurs when a crook uses someone else's name to borrow or steal money, is tops on the list.) 

*       Ten simple things you can do to fight fraud, including precautions to take with your personal or financial information at home: *       Tips for understanding the costs and benefits of new products being offered to help detect ID theft or cover certain losses (as well as a warning about fraudulent offers)

*       A quiz to test your knowledge of financial fraud and consumer protection.

Each issue of the newsletter published by the Federal Deposit Insurance Corporation offers helpful hints and common-sense strategies to protect and stretch consumers' money.  Stories from past issues of FDIC CONSUMER NEWS also are posted on our Web site .