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American Consumers Lose $257 Billion Per Year To Scams & Cons

Book, Scam Nation, Uncovers The Biggest $ Scams And How They Work

Scam Nation, Book
Scam Nation, Book

Americans are being scammed like never before."

August 9, 2021:   John S. LaRosa, President of Marketdata LLC, an independent market research firm since 1979, has published a book entitled: Scam Nation: Fighting The $257+ Billion Epidemic of American Consumer Frauds & Cons.
Scam Nation reveals how cons and scams have grown exponentially in America since 2000, due to the growth of the Internet and an economy that hasn’t produced enough good jobs. The book pulls back the curtain on the largest scams, how they work, how much each is worth, and how consumers can detect and avoid them. It also, for the first time, quantifies the staggering annual cost to consumers – between $257 and $337 billion.

“The reader may think that there are other nations where frauds, scams and cons are more prevalent and ingrained into society than in the United States—such as Russia, Mexico or Nigeria, for example. This is not the case. Due to the number and types of scams, and the dollar magnitude of losses, America has become the true “scam nation”, according to the author, John LaRosa.
Some Findings:

  • The estimated amount lost to scams, cons and frauds yearly is between $257 and $337 billion, and this is most likely conservative, since many scam victims don’t report them.
  • The growth of the Internet has made it much easier for scam artists to reach victims internationally--via email, Facebook, LinkedIn, and Craig’s List. Of course, they also operate face-to-face and by phone.
  • Ponzi schemes cost consumers $6.3 billion per year. More than 600 other Ponzi schemes have been discovered since Bernie Madoff was exposed.
  • Bogus income tax filings cost consumers $21 billion in lost refunds per year.
  • Phony psychics and fortune tellers scam consumers to the tune of $2 billion.
  • The FTC reports that weight loss products are among the most common type of fraud. Fraudulent lotteries, prize promotions, and unauthorized club memberships are also common.
  • Fake prescription drugs cost Americans $68 billion per year.
  • Identity theft costs American consumers $19 billion annually.
  • Many scams are legal, but scams nonetheless—car title loans, payday loans, multi-level marketing, credit repair and rent-to-own stores. They prey on the uneducated and minorities, either charging them exorbitant interest rates and fees or doing things that consumers can do themselves free of charge.
  • The SEC, FBI, FTC and IRS are understaffed and are unable to keep up with the number of scams, making it easier for con artists to operate.

Americans are being scammed in record numbers—by phone, in person and online. And, the con artist is just as likely to live in Nigeria as in Kansas City. Scam Nation examines, via 26 chapters: Medicare & Medicaid fraud, bogus tax returns, traveling gold buyers, Ponzi schemes, psychics, romance scams, car title and payday loans, rent-to-own stores, food stamps, identity theft, credit repair, collection agencies, worthless diet supplements, multilevel marketing, ATM skimmers, home improvement contractors, Nigerian email scams, real estate flipping, tech support scams, work-at-home jobs, fake charities, counterfeit money, and more. 310 pages.
Author John LaRosa, MBA, is the President of Marketdata LLC, a 42-year old market research publisher and consulting firm that has published more than 500 in-depth industry and market studies. He has helped Fortune 500 companies, start-ups, investors and entrepreneurs. Mr. LaRosa’s research is always unbiased and objective, and he has a strong desire to expose the unscrupulous.
Ordering Information
Scam Nation may be purchased as a Pdf book for $9.95, or a paperback print version for $21.00 (includes shipping), at Marketdata’s website: Phone: 813-971-8080. Marketdata LLC, 7210 Wareham Drive, Tampa, FL  33647.  John LaRosa is available for interviews, webinars,  speeches, consulting and presentations.

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