Friday, our office announced the total restitution recovered through informal mediation efforts this year by the Consumer Protection Division. Our office recouped, returned or otherwise saved consumers $9.2 million in 2007.

While this is a record-setting amount, we would like to remind everyone of a few tips that can be helpful to avoid getting scammed in 2008.

1. Do your research before investing. This applies to all major investments, such as work on your home, a car purchase, refinanced loans and other important financial decisions.
2. Also check the company's track record for consumer complaints; our website as well as the credit report regularly. If this is something you don't already do, make it a New Year's resolution. Many problems can be corrected in a timely manner simply by bringing the issue to someone's attention. For example, there are forms to fill out with your bank or credit card company if you detect fraudulent charges, but they must usually be completed within 2 months of receiving your statement.
3. Brush up on common scams to avoid such as Nigerian letters and overpayment scams. The National Consumers League also has sponsored a great website with quizzes to test your knowledge.

As always, if you have questions, you can call our Consumer Hotline at 800-392-8222, or file a complaint.