Fraud
Fight fraud with these quick tips
• Don't share your info. We'll never ask you to give us personal information in any email, text or non-secure website.
• Don't click on suspicious links. Be wary of unsolicited links from unknown sources.
• Don't be intimidated. Scams often try to create urgency or alarm by threatening to close or suspend your account if you don't take immediate action.
• Don't be fooled. Never transfer money to someone's account claiming that they need the money for urgent help or protection.
• Don't share security codes. If we send you a security code by text2 or email to confirm your identity, never share it with anyone else.
What actions can I take to protect myself from scams?
Unfortunately, anyone can be vulnerable to scams and fraud. But what can you do to stay safe? Learn from government experts and follow these tips like:
Subscribe to official consumer advice straight to your inbox at consumer.ftc.gov.
Understand red flags and scam trends agencies are seeing. For example, watch out for:
Know where to report scams. Answer a few questions on usa.gov to learn how to report the scam to the right place.
You don't have to fight fraud alone. Tap into the AARP Fraud Watch Network for tools and valuable resources designed to help keep you safe and provide support, if needed.
Reporting fraud helps everyone – and now it’s easier to do
Check out your broker, your mutual fund expenses and the latest scam at this securities regulator www.finra.org
The Financial Industry Regulatory Authority offers tools to monitor stockbrokers and identify or avoid fraud. Go to www.finra.org to get the professional background of current and former Finra-registered securities firms and brokers and find any regulator complaints or customer disputes. You can also see a listing of the broker’ current registrations and licenses or exams passed. At www.finra.org/investors/toolscalculators there is a risk meter and scam meter that’s based on a series of questions it may identify vulnerable individuals or investments. Can help identify fraud and offers warnings and advice.
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From the Editor's Desk
by Gary Foreman
Hello to all my Frugal Friends!
You don't need another article to tell you that the world has been turned upside down. But, you might need a reminder that confusion creates opportunities for those who would steal your money. Just like pickpockets like to work in busy tourist cities where their targets are thinking about the sights, today's scammers know that you're focused on a virus and you're doing things that you've never done before. Increasing our vulnerability, this virus has caused most of us to use technology in ways that are new and unfamiliar to us. Even if we've been using computers, etc. for years. We're learning new skills (good), but we're often unsure of the tools we're using and what's expected of us. That creates uncertainty. Uncertainty is a tool of the scammer. That's bad. They're quarantined, too. That gives them plenty of time to think of ways to take your money! One popular scam sends texts/emails/phone calls to potential victims telling them that they need a bank account number to credit their account with government stimulus money. No government agency would send out a message out of the blue asking for your account number to 'credit your account'. Beware of businesses that claim to get you debt relief. They'll claim that they can reduce your mortgage, rent or other payments. They'll try to look legitimate. To be sure, there are legitimate companies that can help you manage your debt. They're 501(c)3 non-profit organizations. They'll wait for you to contact them. They will not call you without a request from you. Another common trick is to offer to sell you scarce cleaning products or masks online. They'll take your money, but the product will never arrive. Before you buy from an unfamiliar online retailer, you need to check them out. Are they a known retailer like Walmart, Walgreens or Amazon? If not, you need to check them out. Don't simply check the reviews on their site. Those can be faked. Do a search on their name or website URL. See what's said about them. If you're buying from a known retailer, make sure that you are actually on their site. Scammers have been known to create duplicate sites that look like the real thing. Check the URL carefully. Often the fake site is a misspelling of the real one. For instance walmart.com only has one L, not two. Others are setting up phony businesses that claim to be able to get your money back for things that you aren't able to use due to the quarantine. They promise to get your vacation rental deposit returned. Or collect from your auto insurance company because you're not driving your car right now. Some scammers have revived bogus medical claims. They'll email or text claiming to have a miracle vaccine or cure that hasn't been widely promoted. Their 'cures' are no better than the snake oil sold in the wild west 150 years ago! Scammers also play on your generosity. Americans are wonderfully willing to help in times of need. So many of us are willing to open our wallets to help now. Keep your donations to known charities. And be aware that scammers often name their charities to sound/look like the real ones you know and trust. Before you give check the website URL. For instance Samaritan's Purse is www.samaritanspurse.org and the Red Cross is www.redcross.org. Notice that it's not www.MySite.com/redcross. One clear warning to watch for is anyone that asks you to pay by Western Union Money Gram or by putting money on a gift card. Legit businesses will never tell you to pay that way. Scammers also know that there are many who have lost their jobs and are looking for employment. They're also aware that many state employment offices are closed. That creates an opportunity for them. Don't rush into applying and sending personal information without researching a company. Make sure any online application you fill out belongs to the company that you're applying to. If you suspect a scam, contact The Bureau of Consumer Protection. Their data analysts collect scam reports. So far scammers have stolen tens of millions of dollars and the total increases daily. You can find their report on various scams at ftc.gov. And finally always remember that if it sounds too good to be true, it probably isn't real.
Keep on Stretching (and Protecting) Those Dollars!
Gary