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Navigating the Minefield: Debt Collection Scams in the U.S.

Navigating the Minefield: Debt Collection Scams in the U.S.

In 2023, debt collection scams surged, with the FTC documenting over 124,400 reports. These scams often involve fraudulent debt collectors threatening victims to extort payments. Our comprehensive analysis, including a survey of millennials and Gen Zers, reveals that a staggering 78% of young adults have encountered suspected debt collection scams. Georgia, Delaware, and Florida are the states most plagued by these scams, with Georgia leading at 77.8 reports per 100,000 people. The city of Atlanta, Georgia, experiences the highest incidence of these scams. It's crucial for individuals to discern between legitimate collection efforts and scams, ensuring their rights under the law are protected and minimizing the risk of financial loss. Education on legitimate debt collection practices can empower individuals to identify red flags and protect themselves from fraud.

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