Scammers Rake in Frightening Amount With COVID Schemes

Scammers Rake In Frightening Amount With COVID Schemes
  • More than 8,100 seniors have reported scams since the start of the pandemic.
  • At least 28,000 people have had their identities stolen.
  • The pandemic has led to $135 million in fraud losses.
  • Losses are expected to grow as the pandemic continues. 

(NewsReady.com) – When the coronavirus began spreading in the US, people were hit hard. Millions lost their jobs as states shut down and tried to contain the virus. Of course, scammers thought of ways to make the pain worse for people.

Whenever there’s a crisis, there seem to be people who want to exploit it for their own personal financial gain. Unfortunately, innocent Americans are often the ones who are stuck owing money, and the bill left by criminals during the COVID-19 pandemic is massive.

Fraud Abounds

According to a new report by the Federal Trade Commission (FTC), scammers made off with about $135 million. Axios reports the schemes were at an all-time high in May when people began receiving their stimulus money.

The criminals use a number of tactics to steal from people. Some of the scammers even fed into the fear people were feeling and used it against them. Schemes to kill COVID-19 in air ducts, fake coronavirus tests, fraudulent vaccines, and other “cures” were hugely popular among the bad actors.

Stolen Identity

Reports indicate more than 28,000 Americans have had their identities stolen as a result of COVID-19 scams since the pandemic began. Terry Savage, a finance columnist, said we’re in the midst of an “identity-theft pandemic” and blames a lot of it on the coronavirus and unemployment. Criminals want the financial aid the government is providing to people who are out of work because of the virus.

As the pandemic continues, there’s no doubt the scams will, too. If Congress passes another round of stimulus payments, the criminals will try to take a cut of the money they don’t deserve and didn’t earn.

~Daily News for Busy People!

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