Stock Groups

Baby formula shortage is bringing out scammers, FTC warns

[ad_1]

Moment| Moment | Getty Images

Federal Trade Commission Wednesday stated that fraudsters are taking advantage of a shortage in baby formula, and luring consumers to pay high prices at fraudulent online retailers.

According to A.A., the con artists are able to lure caregivers and parents into their homes by creating fake profiles on social media or setting up websites with photos and logos from well-known formula brands. consumer alert. According to the FTC, consumers think that they’re buying from a company’s website. However, formula doesn’t arrive.

The agency stated that scammers who exploit the demand for infant formula have fallen to new lows.

Learn more about Personal Finance
High-yield bonds may lose appeal amid rising interest rates
Better market days are coming. It’s just a question of when
How to sidestep a tax bomb when selling your home

There is a shortage of baby formula started earlyIn the Covid-19 pandemic but worsenedIn recent weeks. In recent weeks, the scarcity has partly dueTwo infants died after they ingested formula made in Michigan, following the closing of an industrial plant.

Food and Drug Administration reached a dealAbbott Nutrition, which is also the country’s plant owner, discussed the matter with largestOn Monday, formula manufacturer will help to ease the crisis.

The White House said last weekIt will make it simpler to import formula from outside, as well as other measures.

These are some tips

[ad_2]