Scams and common crimes are a growing problem in today's world. Phishing and identity theft are two of the most common types of fraud, and they involve schemes designed to trick people into providing sensitive information, such as passwords or bank PINs. Impostor scams, romance scams, false phone calls, and text messages from fake government agencies are also common. Identity theft occurs when someone steals your personal information, such as your name, social security number, bank account number, and credit card information.
The FBI deals with thousands of mortgage fraud cases each year, and these scams often target struggling homeowners. Foreclosure rescue plans, loan modification plans, and capital theft are some of the most common types of mortgage fraud. Advance fee fraud is a type of scam that combines identity theft and fraud with advance fees. Fraudsters posing as government officials contact victims to ask them for help transferring millions of dollars out of Nigeria in exchange for a percentage of the funds.
They then use the personal information received to empty the accounts and credit cards of victims. Cashier's check fraud is another common type of scam. Fraudsters take advantage of people's trust in cashier's checks to steal money from their accounts or avoid paying them for goods and services. When a fraudulent check is deposited into an account, the bank must make the funds available to the victim within a certain period of time, even if the check has not yet been settled through the banking system.
Identity theft is one of the most devastating types of fraud. It involves using someone else's personal information for economic benefits, such as stealing their credit card or social security number to make unauthorized purchases. Credit card abuse or fraud involves using someone else's card without their permission. This is considered a felony in Texas and can result in a prison sentence of up to 10 years.
Embezzlement charges involve people who misuse or misappropriate funds that have been entrusted to them. This crime can be charged as a misdemeanor or a felony depending on the circumstances and can result in jail or prison sentences and fines. Tax fraud involves not filing a return, not paying taxes, not reporting certain income, or making unauthorized deductions. This is considered a serious crime and can result in heavy fines along with extended periods of imprisonment.
Scammers often target seniors and college students, but all consumers are at risk of fraud. The Consumer Financial Protection Office (CFPB) is a government agency that protects consumers from financial fraud and scams by ensuring that banks and financial companies treat consumers fairly.
