Consumer fraud occurs when a person suffers from a financial or personal loss. Fraud can involve the use of deceptive, unfair, misleading, or false business practices. Fraudsters typically target the elderly and college students, but all consumers are at risk of fraud.

The Consumer Financial Protection Bureau (CFPB) is a government agency that protects consumers from financial fraud and scams by making sure banks and financial companies treat consumers fairly. "Scammers are constantly finding new ways to steal your money. You can protect yourself by knowing what to look out for," according to the CFPB.

The FTC's Bureau of Consumer Protection stops unfair, deceptive and fraudulent business practices by collecting reports from consumers and conducting investigations, suing companies and people that break the law, developing rules to maintain a fair marketplace, and educating consumers and businesses about their rights and responsibilities.