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Financial Scams
Avoid Common Scams
Most of the current schemes are re-packaged versions of the same old scams. Some of the common ones involve a lottery scenario or a sure fire investment. However, new twists might be fronted as a loan modification, an instant employment offer, or a mystery shopper. The old caution still applies, if it sounds too good to be true, back off.
Recent Scams
Here are a few recent scams to avoid if you encounter them.
Canadian Lottery Scam
- Letter indicating grand prize winner of large sum of money
- Requests personal banking information
- Requests payment by victim as “taxes” or "surcharges”
Mystery Shopper Scam
- Online notification for employment or letter through mail
- Requests personal information
- Suspect delivers counterfeit check for victim to deposit
Nigerian Scam
- Online notification for help or by U.S. mail
- Requests personal banking information
- Instructions for wire money transfers to suspects
Loan Modification Scam
- Online, mail, and television
- Requests pay up front for services to assist victim
- No assistance rendered
Investment Scam
- Safe, secure, and high rate of return guaranteed
- Upfront investment with monthly payment returns of interest
- Interest payment stops after one to three interest payments made to victim
Injury Scam
- Usually targeted to elders
- Phone call to victim regarding a family member being involved in an accident or acting like a family member in need of quick money
- Suspect requests money for medical bills be wired through Western Union to a specific location
- Keep accident information confidential
- None of the information is true
Protect Yourself
Make a few personal rules for yourself, including:
- Check personal credit every six months to monitor activity.
- Use passwords on accounts rather than mother’s maiden name or social security numbers.
- Mail bills and checks from a post office rather than your home mailbox if it is not a locking type.
- Don’t reveal banking or personal information online or on the phone.
- Don’t respond to online job advertising through email.
- Never rely on phone reports about family. Call back to them directly for verification.
- Don’t open bank accounts as part of an employment process.