The BBB Institute for Marketplace Trust kicked off National Consumer Protection Week with the release of their inaugural BBB Scam Tracker Annual Risk Report. The report introduced the BBB Risk Index, a new algorithm that identifies the scams that are riskiest to consumers. The BBB Risk Index goes beyond scam volume to measure the true impact of a scam. It measures risk along three dimensions: exposure, susceptibility and monetary loss. The BBB Scam Tracker Annual Risk Report also includes a plethora of interesting and surprising data about scam risk. Men report much higher dollar losses, and young adults are the most susceptible to scams.
Although tax scams were BBB’s #1 scam in both 2015 and 2016 in terms of volume, they don’t even make the list of top ten riskiest scams as determined by the BBB Risk Index. Home improvement scams now take the top spot. Although exposure (how likely you are to be exposed) to home improvement scams is low, susceptibility (if you are exposed, how likely you are to lose money) and monetary loss (if you do lose money, the amount it is likely to be) are both high.
Click here to read more about the report, and read the report in full at bbb.org/RiskReport. You won’t want to miss the findings – no one is immune from the risk posed by scams. If you’ve been affected by a scam, report it to BBB Scam Tracker at bbb.org/scamtracker to help warn others.