Consumer scams and fraud comes in many different shapes and forms. However, the official definition describes it as “deceptive practices that result in financial or other losses for consumers in the course of seemingly legitimate business transactions.”
Basically, this means that goods or services are sold using some form of deception. The goal is to make consumers pay more than would be reasonable, sometimes for products or services they will never receive. The practices are deceptive and unlawful and unsuspecting customers are conned out of a lot of money. As technology evolves, consumer scams evolve as well. This is why many now originate on the internet.
A lot of people believe that only unwitting people who are naive will be duped. In reality, however, anyone can be victimized by consumer fraud. For instance, you may be paying too much for a magazine subscription. This is something minor, but it can also be as bad as having your identity stolen.