Pandemic Scams ๐Ÿ˜ 

Table of Contents

Pandemic Scams

Whether it’s a man-made calamity or the result of mother nature, scammers love to take advantage of disasters. According to the Federal Trade Commission (FTC), scammers have defrauded Americans out of $545 million in pandemic-related fraud since the beginning of 2020, using various scams ranging from online shopping to travel.

From January 1, 2020, to August 30, 2021, the FTC received nearly 600,000 consumer complaints related to the pandemic. Fraud was reported in around 61% of the cases, with a median loss of $380. One-third of American families couldn’t afford a $2000 emergency before the pandemic โ€” getting scammed out $380 during a pandemic was likely devastating for many families.

With over 55,000 complaints, online shopping was the most common kind of fraud reported to the FTC. Because they spent more time indoors during the pandemic, Americans boosted their online orders. According to the FTC, many people were duped by “opportunistic websites” that claimed to offer popular products such as hand sanitizer, gloves, gadgets, and even puppies. Customers placed orders for these items but never received them.

According to FTC statistics, vacation and travel scams cost victims the most money, around $79 million. Most fraud involves refunds and cancellations. As Covid vaccines have increased, travel has returned in recent months, and scammers have responded by making phony airline ticket buying sites or customer care lines.

Be careful shopping on the internet and be sure to do your due diligence before buying from a suspicious website โ€” just like you’d do your due diligence before investing.

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

Share:
More Posts
Get your daily Invstr Crunch

Get the market news and updates you need, delivered to your inbox or available on our daily podcast.

Risk Disclosure:

Invstr is not a bank and banking services are provided by Vast Bank, N.A.

Brokerage and Banking services are currently only available to U.S. residents.

Invstr app and web services are provided by Invstr Ltd. Advisory services are provided by Invstr Financial LLC, an investment adviser registered with the Securities Exchange Commission (SEC) details of which can be obtained here. Securities brokerage and custody services are provided by Apex Clearing, a broker dealer registered with the SEC and a member of FINRA and SIPC. There is no bank guarantee on securities and securities may lose value.

Investing involves risk and can lead to losses. Past performance does not guarantee future results.

Invstr app and web services are provided by Invstr Ltd. Invstr+ advisory services are provided by Invstr Financial LLC, an investment adviser registered with the Securities Exchange Commission (SEC). Securities brokerage and custody services are provided by Apex Clearing, a broker dealer registered with the SEC and a member of FINRA and SIPC. There is no bank guarantee on securities and securities may lose value. Vast Bank N.A. a nationally chartered bank and member of the FDIC, provides the banking products, including the products and services related to digital asset accounts. As with any asset, the value of Digital assets can go up or down and there can be a substantial risk that you lose money buying or holding digital assets. You should carefully consider whether trading or holding Digital assets is suitable for you in light of your financial condition. Your digital account does not support wallet to wallet transferring of your digital assets (i.e. cryptocurrencies) outside the platform. Any Digital Assets in your digital asset account are not insured by any government entities, including but not limited to FDIC or SIPC. The Invstr Visaยฎ Debit Card is issued by Vast Bank, N.A. pursuant to a license from Visa U.S.A Inc and may be used everywhere Visa debit cards are accepted. Invstr Ltd, Invstr Financial LLC and Invstr Securities Ltd are subsidiaries of Marketspringpad Holdings (collectively “Invstr”) and Invstr is solely responsible for the application services and website content.

Watchlists provided when users first access the service are not a recommendation to invest. Instead they are provided to help users better navigate the service. Users are free to edit and create their own watchlists. From time to time, Invstr will suggest instruments solely based on an individual’s interest and the interest levels of the Invstr community. The statistical and portfolio builder models generated by Invstr do not reflect actual investment results and are not guarantees of future results. Comments provided by Invstr leaders, influencers or members of the Invstr Community are not recommendations and should not be construed as such. Invstr does not endorse the content or the positions posted by them. Their investment approach, and that of the models provided by Invstr, may be different from yours and may not be appropriate for you.