If you are already uncomfortably saddled with debt, including mortgage debt, keep an eye on the money you have left.

Scam artists have your number.

You are more likely, than those with comfortable levels of debt, to be targeted by fraud artists looking to separate you from even more of your money. Getting caught in a scammers net could make your financial matters worse, especially if rising interest rates are already chipping away at your ability to make ends meet.

To lighten your wallet scammers use advance-fee loan scams, buyers clubs, credit card insurance come-ons, credit repair cons, Internet spam offers and pyramid schemes that can involve work-at-home promises of telecommuting riches.

The Federal Trade Commission's recently released "Consumer Fraud In The United States" randomly survey 2,500 consumers and based on the survey says nearly 25 million adults -- more than 11 percent of the population -- are probably victims of fraud in a typical year.

What's more 75 percent of fraud related to credit, including credit-repair scams often targeted at those carrying high debt loads or having bad credit.

The survey also found that certain minorities were also much more likely to be victims of fraud. American Indians and Alaska Natives were most likely to be victims -- nearly 34 percent had experienced one or more frauds; 17 percent of black Americans were victims; more than 14 percent of Hispanics were victims and 6 percent of whites were victims.

While older Americans are often the target of some specific fraud schemes, they overall were less likely to be targets. Eleven percent of consumers between the ages of 25 and 44 are victims compared to 8.7 percent in the 45- to 54-years-old bracket; 6.1 percent of those aged 55 to 64, and only 4.7 of consumers 65 years and older.

While real estate scams (including time shares) made it to the bottom of the top 20 types of fraud by number of incidents, none of the top 10 highest ranked scams, which comprise the bulk of the incidents, were directly related to the real estate or mortgage industry. Getting caught in some of the top grifts, however, could affect your ability to land a mortgage or buy a home.

Advance fee loans and credit card scams topped the list in sheer number of incidents, followed by buyers clubs, credit card insurance, telephone and Internet services, pyramid schemes (including work at home scams), prices, household and kitchen items, business opportunities, and government job offers.

Credit repair was the biggest money grabbing, netting a median of $300 per incidence from hapless consumers, followed by pyramid schemes ($100), credit card insurance, Internet services and advance fee loans (all $60), and buyers' clubs ($50).

The study also reported that one out of three fraud victims never file a complaint, something that only perpetuates the activity.

The federal agency says education is key to prevent being taken and offers a host of online publications and information to help consumers avoid getting ripped off and best benefit from legitimate goods and services.

Published: August 12, 2004

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Broderick Perkins parlayed a career in old-school journalism into a contemporary digital news service that really hits home. The award-winning consumer journalist, originally from Wilmington, DE, is founder, publisher and executive editor of the bootstrap DeadlineNews Group, a Silicon Valley-based editorial content and consulting service specializing in residential real estate, consumer news and related editorial consulting services. The DeadlineNews Group includes the website, DeadlineNews.com, offering real estate editorial content and consulting services, and its back shop, the Deadline Newsroom, an open house on news that really hits home. Perkins obtained his formal journalism education from University of Delaware and a journalism boot camp, the Institute of Journalism Education at the University of California-Berkeley. He went on to 20 years of service as a daily newspaper journalist at the Wilmington, DE News Journal and San Jose, CA Mercury News. Perkins covered housing on the San Jose Mercury News reporting team which earned a General News Reporting Pulitzer Prize in 1989 for coverage of the Loma Prieta earthquake. He has also produced real estate, consumer and small business content for the Wall Street Journal, Los Angeles Times, RealtyTimes.com, Nolo.com, Better Homes and Gardens, the National Association of Realtors, Homestore/Move and Intuit/Quicken among more than three dozen publications. In addition to managing the DeadlineNews Group, Perkins most recently served as chief editorial consultant for Nolo's Essential Guide To Buying Your First Home, Nolo, and writes real estate television scripts for RealtyTimes.com.