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Consumer Rights and Responsibilities: Protecting Yourself from Fraud

Learn about consumer rights and responsibilities, including laws that protect consumers and sources of consumer protection. Discover how consumers can be defrauded and how to protect themselves from fraud.

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Consumer Rights and Responsibilities: Protecting Yourself from Fraud

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  1. Chapter 3 Your Purchasing Power

  2. What Are Consumer Rights? Many laws protect consumers. • Consumer Bill of Rights • Airline Passenger Rights • Consumer Technology Bill of Rights • Patients’ Bill of Rights • Consumer Protection Laws • Examples: Food, Drug, and Cosmetic Act; Hazardous Substances Act; Cigarette Labeling and Advertising Act; Nutrition Labeling and Education Act; FERPA; HIPAA 3-4 Consumer Rights and Responsibilities Slide 2

  3. Sources of Consumer Protection • Federal agencies • Examples: USDA, FDA, CPSC, FCC, FTC, FAA, SEC • State and local assistance • Private Organizations • Examples: BBB, National Consumers League, Consumers Union 3-4 Consumer Rights and Responsibilities Slide 3

  4. How Are Consumers Defrauded? Deception involves false or misleading claims made about a product. • Bait and switch • Fake sales • Low-balling • Pyramid schemes • Ponzi schemes • Pigeon drop • Infomercials 3-4 Consumer Rights and Responsibilities Slide 4

  5. How Are Consumers Defrauded? http://www.youtube.com/watch?v=9EQPrFR9KRo 3-4 Consumer Rights and Responsibilities Slide 5

  6. How Can Consumers Protect Themselves from Fraud? • Read contracts • Keep receipts and warranties • Compute total cost • Research businesses • Shop smart • Be aware of prices • Understand sale terminology • Compute unit prices • Read labels • Check packages carefully 3-4 Consumer Rights and Responsibilities Slide 6

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