We’ve all experienced our phones ringing off the hook with a barrage of telemarketing calls. While these calls can be a real nuisance, some are far worse. Scammers use the latest telemarketing technology to rip off victims to the tune of millions of dollars each year. The threat of financial loss is especially great for older Americans living off of their retirement nest eggs.
Fraud is a growing problem across the U.S., with more than 1.2 million fraud-related complaints reported to the Federal Trade Commission’s Consumer Sentinel Network (CSN) in 2015 alone. Among those complaints, a total of $765 million was lost by consumers who fell victim to scams, according to CSN’s February 2016 data book.
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