As National Consumer Protection Week winds down, Attorney General Betty D. Montgomery brought attention to a credit scam that takes Ohioans for millions of dollars each day. The scam is telemarketing credit fraud. And that's only the tip of the iceberg.
Telemarketing fraud can scam consumers out of their life savings in just one phone call.
Many victims are elderly, and it's no coincidence. Seniors grew up in a time when one's word was his word, and a handshake sealed a deal. Fraudulent telemarketers also play on seniors' fear of losing their independence, knowing that an older victim will be less likely to report the crime. Telemarketing fraud is a vastly underreported crime. Her consumer protection experts believe this represents only a small portion of the money that is lost annually to telemarketing fraud.