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Protecting Yourself From Financial Fraud

  • Security
  • July 2019
  • Premier America
Every year, millions of people in the U.S. fall victim to financial schemes. Here are some current scams to be aware of:

Overpayment Scam - Online classified ads and auction websites are rife with overpayment schemers. In
this scam, a potential buyer offers to send a seller a check or money order for an amount greater than the item sales price and instructs the seller to return the overpayment amount to them. After the seller  has sent the overpayment, it’s discovered that the buyer’s original payment is fake and they’ve lost the money remitted to the buyer.

Avoiding this Scam - A legitimate buyer won’t offer to overpay you. Use a secure online payment system like PayPal that offers purchase protection for buyers and provides dispute resolution for sellers.

IRS Imposter Scam - Fraudulent IRS phone calls claiming a taxpayer owes back taxes have spiked in
recent years. These scammers often reference personal information they’ve obtained and threaten impending arrest and criminal prosecution, motivating victims to send funds to resolve the matter. Avoiding this Scam - The IRS will always contact you by mail before calling you regarding unpaid taxes and will never threaten arrest if you don’t make immediate payment. Never provide private information to an unrecognized caller and always contact the IRS directly to verify any alleged claim.

Lottery/Sweepstakes Scam - High-stakes lotteries and sweepstakes advertising easy money or fabulous
prizes in exchange for a small handling or processing fee are a common scam. No legitimate program will require you to pay to collect a prize you’ve allegedly won. Avoiding this Scam - Never provide your credit card number or other private information to participate in an unrecognized lottery or sweepstakes without verifying a program’s legitimacy with the Federal Trade Commission and your State Attorney General.
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