Taking advantage of fears surrounding the Coronavirus!
We were warned by the Federal Trade Commission (FTC) and the Food and Drug Administration (FDA) that scammers would try to profit from the public’s anxiety over COVID-19. They sent warning letters to seven companies allegedly selling unapproved products and making deceptive or scientifically unsupported claims that their products can treat or prevent the Coronavirus. The companies are advertising products like teas, essential oils and colloidal silver as able to treat or prevent Coronavirus and according to the FDA, these companies have no evidence to back up their claims as required by law.
The Seven Companies are:
In the letters, these companies are required to notify the FTC within two days of the specific actions they have taken to address the agency’s concerns. The FTC and the FDA will follow up with the companies that fail to make adequate corrections. Additionally both agencies will continue to monitor social media, online marketplaces and incoming complaints to ensure that those companies do not continue to market fraudulent products under a different name or on other websites.
The agencies recommend that, should you be tempted to buy an unproven product or one with questionable claims, check with your doctor or other health care professional first and stay informed by visiting the CDC’s FAQ page or the FDA to learn about the development and approval of treatments for COVID-19. Finally, if you see a product claiming to cure, treat or prevent Coronavirus, report it to the FTC at www.ftc.gov/complaint.
MORE SCAMS: CORONAVIRUS Part 2
The Federal Trade Commission (FTC) is reporting more Coronavirus scams with steps we can take to protect ourselves, our personal information and our money.
Here are a few:
For more information, go to:
Denise Garrett is a financial counselor at the LDCENY and has more than 25 years experience in financial counseling and retail banking.