Internet Fraud: an Overview of Classifications, Government Actions, and Consumer Protection

3669 words 15 pages
Internet Fraud: An Overview of Classifications, Government Actions, and Consumer Protection

December 14, 2006 Internet Fraud:
An Overview of Classifications, Governmental Actions, and Consumer Protection
Internet fraud is an increasing threat to our technological society, which thrives on the advances and benefits of the Internet and e-commerce. With the increased growth and dependence of the Internet, creative individuals have found ways of conveying fraudulent schemes as legitimate goods and services. Not only does Internet fraud cause harm to individuals and institutions, but it also damages the consumer confidence of valid Internet businesses and e-commerce. There are many forms of Internet fraud which Internet patrons need
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Business opportunities or work-at-home schemes use e-mail and the Internet to sell and advertise profit making business ventures for various amounts of money, sometime substantial, then fail to deliver the training material or information necessary to make the business or work at home initiative a viable business. Or the customer who has bought in to the venture might be sent a combination of computer-related work such as word processing or data entry, envelope-stuffing or make-at-home crafts scams. All of which require the consumer to spend more money on advertising, postage, printing, etc. The National Fraud Information Center/Internet Fraud Watch program reported that in 2005 work-at-home plans accounted for the scam with the most victims under the age of thirty.
Online investment schemes most commonly are called market manipulation schemes because of the manipulation of security markets for personal profit which take place. Two types of market manipulation schemes have taken precedence in recent years. “Pump and dump” schemes typically distribute inaccurate and false information on the Internet via chat rooms and e-mail in order to attempt to

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