What is the FTC?
The Federal Trade Commission (FTC) is a U.S. government agency established in 1914 to protect consumers and promote competition. Unlike agencies that focus on specific industries, the FTC has broad jurisdiction over most businesses.
When it comes to finance, the FTC tackles identity theft, debt collection abuse, deceptive advertising, and scams that target consumers.
💡 FTC's Scope
The FTC receives over 5 million consumer reports per year, making it the largest collector of consumer fraud data in the United States.
Identity Theft Recovery
The FTC's IdentityTheft.gov is the one-stop resource for identity theft victims. It's the first place you should go if your identity has been stolen.
What IdentityTheft.gov Provides:
- Personal recovery plan — Step-by-step guidance tailored to your situation
- Pre-filled letters and forms — To send to companies, credit bureaus, and the IRS
- FTC Identity Theft Report — Official documentation for disputing accounts
- Progress tracking — Checklist to monitor your recovery
How to Report Fraud
If you've been scammed or spotted a scam, report it to the FTC. Your report helps the FTC and law enforcement agencies investigate and take action.
Report at ReportFraud.ftc.gov:
- Online shopping scams
- Imposter scams (fake IRS, tech support, etc.)
- Prize and lottery scams
- Business opportunity scams
- Robocalls and phone scams
- Debt collection harassment
Common Scams to Avoid
🚨 Top Financial Scams
- Imposter scams — Someone pretends to be the IRS, Social Security, or a tech company
- Investment scams — Promises of high returns with no risk
- Advance fee scams — Pay a fee to receive a prize, loan, or inheritance
- Fake check scams — Deposit a check, wire money back, check bounces
- Debt relief scams — Promises to eliminate debt for upfront fees
- Cryptocurrency scams — Fake exchanges, pump-and-dump schemes
Warning Signs:
- Pressure to act immediately
- Requests for payment via gift cards, wire transfer, or crypto
- Unsolicited contact about money
- Requests to keep things secret
- Promises that sound too good to be true
Do Not Call Registry
Tired of telemarketing calls? The FTC operates the National Do Not Call Registry. It's free and registration never expires.
What It Does:
- Stops most legitimate telemarketers from calling
- Does NOT stop scammers (they ignore it, but reports help catch them)
- Reduces unwanted calls significantly
📞 Still Getting Calls?
If you're registered but still getting calls, report them! This helps the FTC identify and prosecute illegal callers.