WASHINGTON (8/18/14)--Fraud can target consumers and financial institutions alike, according to the U.S. Commodity Futures Trading Commission (CTFC), which recently issued tips for victims on mitigating damage and preventing a reoccurrence.
As the federal agency that regulates commodity futures, options and trading markets, the CTFC's mission includes addressing fraud and other manipulative practices.
The commission advised monitoring financial information by reviewing any asset or income disclosures reported that included the misinformation for loans and other mechanisms.
The CTFC reports that consumers who have been victims of fraud before can become targets, because fraudsters often share details about people they have successfully targeted or approached.
In addition, fraud victims are vulnerable to "recovery fraud," when fraudsters contact people who already lost money and claim to be law enforcement officers or lawyers, advising victims that they can help recover lost money.
Placing an initial fraud alert on credit reports will reduce the risk that an identity thief will open accounts using personal stolen personal information. Identity theft victims can place an initial 90-day fraud alert by contacting one of the three credit rating agencies Experian, Transunion or Equifax. That agency must, in turn, contact the other two agencies on the victim's behalf.
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