Scammers target everyone. But scams and reported bad business practices can play out differently in different communities, the Federal Trade Commission warns.
So, what do scams and bad business practices look like in the Latino community?
According to the FTC, reported scams show that majority Latino communities are more likely to file reports about credit bureaus, banks and lenders, debt collection, auto issues, and business opportunities.
Those same reports show that majority Latino communities are more likely to say they paid in cash, crypto, debit card, or by bank or wire transfer — all ways with few (if any) consumer protections or ways to get your money back, the FTC said.
In a recent case, the FTC sued a company that promoted bogus business coaching and real estate investment schemes to Spanish speakers. The company, Ganadores (ironically, “winners” in Spanish), drew people in with Spanish language social media ads promising big earnings selling on Amazon, or by investing in real estate — and charging them big money for supposed “coaching” programs. And that’s just one case.
Hispanic Heritage Month is a great time to share resources and tools and to take action against scammers who target the Latino community:
The FTC encourages you to spread the word at community events, gathering places, or just among friends and family. And tell people in your community that, if they spot a scam or bad business practice, tell the FTC: ReportFraud.ftc.gov (in English) or ReporteFraude.ftc.gov (in Spanish.) Every report makes a difference.