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Excerpt from Telemarketing Fraud: Putting Phone Scams on Hold; Hearing Before the Committee on Small Business, House of Representatives, One Hundred Third Congress, Second Session, Washington, DC, September 28, 1994 The committee met, pursuant to notice, at 10:20 a.m., in room 2359-A, Rayburn House Office Building, Hon. John J. LaFalce (chairman of the committee) presiding. Chairman LaFalce. The Small Business Committee will come to order. Our committee meets this morning to address telemarketing fraud, a problem of growing national importance both for American consumers and for the business community. At one time or another, most of us have been exposed to a sales pitch that was too good to be true, a sweepstakes in which we are proclaimed to have already won, or a free offer that we later learn contains more than a few catches and conditions. Perhaps because we are all familiar with these types of offers and deals, we assume that telemarketing fraud is an occasional annoyance, a minor event in the modem world of sales and marketing. Unfortunately, that is not the case. We are witnessing a new generation of telemarketing fraud, a landscape of high-tech boiler rooms and computerized phone lists of vulnerable victims. All told, these scam artists took in an estimated $10 billion from consumers in 1993. The total figure may be four times higher than that, as high as $40 billion, because so much of this fraud goes unreported. Welcome to a world where threats and harassment are common sales tactics, where profits are high but prizes are nonexistent. According to an award-winning series of articles that appeared last year in the Buffalo News, one telemarketing firm took in $40,000 per week and paid its workers as much as $250,000 per year. Another sweepstakes firm grossed $11 million per year, but gave away only one car as a prize during that time. In Iowa, a single senior citizen recently lost $167,000 to the telesharks. Today's hearing will focus on both the fraud against small business and on the effects of consumer telemarketing fraud on legitimate telemarketers and legitimate small businesses. In a few minutes, we will hear firsthand how these telemarketing sales pitches take place. It is no secret that the perpetrators of telemarketing fraud prey on the weakest and most vulnerable members of society. In matters of consumer fraud, this typically means senior citizens living on fixed incomes or a small savings account, many of whom are less able to withstand the high-pressure sales tactics of a teleshark. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Book details

Book category Books in English Reference, information & interdisciplinary subjects Encyclopaedias & reference works

• Full title: Telemarketing Fraud
• Subtitle: Putting Phone Scams on Hold; Hearing Before the Committee on Small Business, House of Representatives, One Hundred Third Congress, Second Session, Washington, DC, September 28, 1994 (Classic Reprint)
• Author: United States Congress House Business
• Language: English
• Binding: Paperback
• Number of pages: 218
• EAN: 9781330303603
• ISBN: 9781330303603
• ID: 09647118
• Publisher: Forgotten Books
• Weight: 299 g
• Dimensions: 229 × 152 × 12 mm
• Date of publishing: 24. June 2015

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