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3 ways to protect yourself from becoming a victim of consumer fraud

Whether through an email encouraging us to provide funds for an investment led by a foreign prince or a call claiming we owe money to a creditor we do not recognize, we've all had some experience with financial fraud. Proactive steps can be taken to help reduce the risk of becoming a victim of financial fraud. The Consumer Financial Protection Bureau (CFPB) recently provided some specific tips in an effort to help encourage people to protect themselves from financial exploitation.

Three of the more helpful include involvement, taking the time to help and working to build a network.

What type of involvement can help reduce the risk of financial exploitation?

Taking the time to attend a meeting or review updates from the CFPB about the latest fraudulent practices and scams can be a big step towards reducing the risk of becoming a victim.

Some communities have local meetings to address these issues. You can determine if your community has such meetings by reaching out the local police department.

How can I help?

Sharing what you learn with loved ones, friends and other members of your community can help reduce the risk of others becoming victims of consumer fraud.

In addition to warning others of fraudulent practices, you could also create a network that is designed to help reduce the risk of financial exploitation in your community. The CFPB provides some tips on how to establish this network.

What should I do if I or someone I know is a victim of financial exploitation?

Those who are the victims of these fraudulent practices have rights. It is important to know that you are a not alone, and that there are legal options for recourse. Contact an experienced consumer fraud lawyer to discuss your options.

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