The chief of Saradha group Sudipto Sen was detained as he was cooling his heels from the 'heaven on earth' Kashmir, little he knows that hell like situation is awaiting eagerly for him and his accomplices once he lands in Kolkata. His empire of 120 companies ranged from real estate, chit funds and media.
Well, if you thought it were poor Indians who fell into such ponzie schemes, you (Americans) need to be alert once again.According to an FTC data for 2011 an estimated 25.6 Million Americans (10.8 percent of the adult population) fell victim to fraud of various kinds.
Victim Who?
The fast paced online or e-commerce businesses have certainly has benefitted consumers leaving them with higher choice added with convenience, however it’s not always true as consumers are vulnerable and do not know the kind of risks associated with online transactions. The online section (email, social media, auction sites and classified ads, followed by print advertising, and TV and radio) is an ensemble mix of wrong doings as well.
Most consumers bought fraudulent items via Internet and telephone respectively.
15 specific categories of fraud• Weight-loss Products (5.1 million estimated)
• Prize Promotions (2.4 million est.)
• Unauthorized Billing for Buyers’ Club Memberships (1.9 million est.)
• Unauthorized Billing for Internet Services (1.9 million est.)
• Work-at-Home Programs (1.8 million est.)
• Credit Repair Scams (1.7 million est.)
• Debt Relief (1.5 million est.)
• Credit Card Insurance (1.3 million est.)
• Business Opportunities (1.1 million est.)
• Mortgage Relief Scams (800,000 est.)
Types of Victims (Classification)
a) Consumers who were more willing to take risks and those who had recently experienced a negative life event (such as a divorce, death of a family member or close friend, serious injury or illness in their family, or the loss of a job) were much more likely to have been victims.
b) Consumers who indicated they had more debt than they could handle were significantly more likely to have been fraud victims than those who were more comfortable with the amount of debt they had.
Conclusion – If an advanced population can fall prey to such online deceits, imagine what can possibly happen at the third world nations. The government should take a look at this alarming situation.
