The FTC has released a video urging the public to report scams if they have been a victim. The video breaks down how the FTC works, How they stop scammers, And why Your input is so important.
The FTC is network of different information from different law enforcement groups (such as the SEC, FBI, and even the post office). These separate government entities report information to each other in a big law enforcement hub to build cases against the scammers and eventually go after them. This is how the FTC gains the information to stop the scammer, but where do you come in?
Any time that you think you spot a scam, you need to tell your story. This is what the FTC says to do. You should tell another person. There is a chance that they have also seen the scam or know about it. Sometimes speaking outload will help you realize that they might not be legit. You could also search up the company name followed by the word “scam,” and see what comes up. If you are sure that the company you have been talking to is a scam, then you should report them to the FTC. This allows them to start gaining evidence on the scam and move forward with Law Enforcement and legal action.
While the FTCs video is a helpful reminder of how to spot scams, it may be hard for some to realize that it is a scam until it is too late. Scammers often target older people, and often will claim that there is limited time, or they have to act now to save big or to avoid being charged ridiculous fees; however, there is usually no rush. You have the right to speak with an Attorney, or even family members before sending your money to anyone. Never, give information out on the phone. No matter how pushy, mean, or rude the other person is, you have the right to think and speak with others.
It’s easy to think that you may not be a victim of scammers, or even timeshare exit scams, but scamming has become a multibillion-dollar industry. Take this example, The Wisconsin Attorney General is going after one Timeshare Aftermarket company for stealing 90 million dollars. That’s 90 million dollars for just one company, operating in just one state, and only targeting timeshare owners. Scammers are everywhere, our only way to fight back is to report them to law enforcement and regulatory agencies.
The video the FTC put out is a great overview of the solution to the scammer problem. Awareness and education are the best way to keep people from getting tricked out of their money. We urge you to do your part as well, share the video with your elder family members, or people you know who are trying to get out of a Timeshare.