Cracking Down on Scams
Last year, the impact of fraud and identity theft was profoundly felt, with losses exceeding $10 billion. Identifying this crisis, AARP has spearheaded efforts to educate the populace on the evolving trends in scams and the importance of consumer protection. Highlighting the urgency of this mission, a state-wide telephone town hall was organized, allowing direct outreach to educate individuals on safeguarding themselves against fraudulent activities.
Significant strides have been made in Minnesota toward bolstering consumer rights against fraud. Among these advances, notable legislation has been enacted to address the exploitation of new technologies by scammers, particularly through virtual currency kiosks, or cryptocurrency ATMs. These machines, mirroring the functionality of traditional ATMs, have proliferated across a variety of public spaces, posing an emerging threat to consumer security. Legislation now mandates a restitution guarantee for victims of fraud involving cryptocurrency ATMs, provided the incident is reported within a two-week timeframe. Moreover, to curb the potential for such scams, a transaction cap has been instituted for new customers, alongside the requirement for conspicuous fraud warning signage at these kiosks.
The real estate sector, too, has seen legislative intervention to counteract predatory practices. Brokerage scams, notable for luring homeowners with minimal cash incentives in exchange for restrictive, decades-long contracts, have been directly challenged. Such agreements not only impose exorbitant penalties on homeowners wishing to disengage but also severely limit their freedom to manage property transactions independently. Through AARP’s advocacy, new measures have been established, empowering the Minnesota Attorney General’s office to pursue justice for affected individuals. This includes the ability to seek restitution and further allows homeowners to pursue legal recourse.
Recognizing a scam is the first step towards preventing it. In line with this, the AARP Fraud Watch Network™ offers a wealth of resources designed to empower individuals with the knowledge and tools necessary to defend their finances against scams. From comprehensive guides to personalized assistance via the AARP Fraud Watch Network Helpline, every consumer has access to support in the event of fraud. This initiative, underscored by ongoing advocacy at various governmental levels, underscores a communal commitment to enhancing consumer protections and upholding the law against fraudulent actors.
In the fight against fraud and scams, knowledge remains your most potent weapon. The AARP Fraud Watch Network continues to be a beacon of support and guidance, ensuring that you’re not alone in combating these malicious activities. Connect with the resources available and stay informed to protect your hard-earned assets from the clutches of fraud.
