October 2, 2020
Financial fraud is a major economic problem that effects millions of people annually. According to the Federal Trade Commission (FTC), consumers reported losing approximately $1.9 billion to fraudulent activities and scams in 2019. As a result of the COVID-19 pandemic and the economic contraction that followed, consumer complaints about fraud in bank accounts, credit cards, and pre-paid cards have increased. As of July 20, 2020, the FTC estimated that $90.04M had been lost to coronavirus-related fraud alone. Lower-income and older Americans, especially those receiving Economic Impact Payments through the federal government’s CARES Act, may be particularly susceptible to fraud.
In this session, speakers will provide an overview of financial services fraud, including recent data trends. Speakers will also share stories about fraud in lower-income and older households and provide information about key resources available to community-based organizations and consumers seeking assistance.
- Colleen Tressler, Senior Project Manager, Bureau of Consumer Protection, Federal Trade Commission
- Michael Herndon, Deputy Assistant Director, Office of Older Americans, Consumer Financial Protection Bureau
- Robin McKinney, CEO, CASH Campaign of Maryland
- Kathy Stokes, Director of Fraud Prevention Programs, American Association of Retired Persons
- Matuschka Lindo Briggs, Director of Special Projects and Strategic Support, Federal Reserve Bank of St. Louis (moderator)
Register for this session at the Connecting Communities® website. Participation is free, but preregistration is required.
Session Date: Thursday, October 8, 2020
Session Times: Hawaii: 9:00 a.m.; Alaska: 11:00 a.m.; Pacific: 12:00 p.m.; Mountain: 1:00 p.m.; Central: 2:00 p.m.; Eastern: 3:00 p.m.