Recent financial woes that are being felt, not only in the U.S., but all over the globe, are providing opportunities for enterprising scam artists. Steve Cox, President and Chief Executive of the Council of Better Business Bureaus high lighted that people who lost their jobs last year became prime victims in job related scams.

Check the Application

Some enterprising fraudsters offered fake job propositions in hopes of bilking applicants. One scam involved consumers having to pay in advance to have a prospective ‘employer’ check their credit report. Part of the application process included a ‘link’ on the employer site where applicants could provide their statistics. It also included the necessary information regarding credit card numbers and banking credentials. What the consumers found out when they received their credit card bill, was that their information was not used for employment purposes but instead used to sign up for credit monitoring services that charged a monthly service fee to their cards.

Debt Assistance Scams

Out of work and in debt with mortgage payments and other loans debt assistance scams were high on the list. Unsuspecting consumers who were trying to honestly get a handle on their spending and consolidate their loans hoped to negotiate their terms for a manageable monthly payment. Unfortunately, unscrupulous operators took the money and ran with it leaving people on the hook.

Credit Card Phone Scams

Recently, credit card phone scams have been on the rise. A sales pitch outlining lower credit rates is summarized over the telephone. To receive these great rates, all you have to do is give your credit card number to the unknown caller. Some quick minded consumers questioned the caller. All they received was a ‘click’ and a dial tone as the swindler promptly hung up. Remember to never give credit information over the phone.

Financial institutions are reporting a more elaborate scam to defraud innocent customers. They advise consumers to be aware of calls from people who are identifying themselves as bank employees. CoVantage Credit Union has been contacted by its clients as they have received calls from people pretending to be employees. The scam involves calls from people identifying themselves as representatives of the bank and requests information to confirm the customer’s credit and debit card information. The pretend employees advise the customer that their credit card has been ‘deactivated’ and in order to re-activate it they must provide the personal identification number, card and account number. CoVantage Credit Union has put an alert on their website to identify the scam to its members. Automated Phone Scams If it takes too much effort to talk with potential victims, an automated message is used.

Minnesota’s TruStar Federal Credit Union has been reporting instances of automated messages. Area residents and TruStar users identified that they have been contacted by an automated recorded message on their cell phones. Beginning on Jan. 21st the automated caller identifies themselves from the credit union and that there is a problem with the consumer’s credit or debit card. In order to ensure that the card is not misused they are asked to input their account numbers.

To avoid being taken by a scam, follow these simple rules:

• If it is too good to be true it usually is.

• If you get an email or pop-up message or telephone call requesting personal or personal financial information do not reply.

• Do not give personal or personal financial information such as banking account numbers, or card numbers over the telephone.

• Use anti virus software.

• Do not email personal or personal financial information.

• Report any scams to spam@uce.gov and to your bank or credit union.

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