Idahoans claim millions in financial losses to scams

BOISE, Idaho (KIFI)-The Idaho Department of Finance reports it responded to nearly 200 consumer complaints in Fiscal Year 2020 and consumers reported losses of over $10 million. 

The department’s investigations restored $39,000 to consumers and judgements exceeding $10 million through pursuit of securities enforcement actions.  That work also resulted in penalties totaling $255,500.

The most common consumer finance issues included disputed accounts and customer service, which accounted for 25% of complaints filed against institutions regulated by the department.

Complaints against collection agencies ranked the highest at 23% closely followed by complaints against mortgage servicers and credit unions at 16%.

Idaho consumers filed over 10,000 complaints pertaining to identity theft, internet, telemarketing, and other consumer related categories.   Of those, the total amount lost was $10,300,000.  The largest number of complaints were related to online shopping and unsolicited text messages. 

Most of the complaining consumers were 30 to 39-year-olds, closely followed by 50 to 59-year-olds.   

“The Department remains committed to ensuring consumers are informed and protected in the financial services arena,” said Patricia R. Perkins, Director of the Department. “We would like to encourage Idahoans to promptly report scams and fraud, as this is a crucial step in identifying trends and intervention by regulators.”

According to the department, if you or someone you know suspect a scam, report it through the FTC website.  

Complaints can be filed online  or you can call 1-208-332-8000.