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Free Consumer Financial Protection Guide
Our Free Consumer Financial Protection Guide can help you avoid scams, phishing, identity theft, fraud, and help protect your privacy.
- #1 Scam Prevention Tip: "If it sounds too good to be true, it probably is."
- #2 Scam Prevention Tip: "DON'T do business with any person or company you cannot verify as being legitimate. Contact your local Better Business Bureau (BBB) to verify the company's identity and standing."
- #3 Scam Prevention Tip: "Be suspicious of any person; or company which you did NOT initiate contact (people or companies who initiate contact with you via mail, telephone, visting your home, etc). Most scams and fraud occur by people or companies seeking/contacting you, instead of you seeking/contacting them."
'PHISING' - Phishing is an attempt to get you to provide your personal and financial information to unauthorized people and organizations. Tips to prevent becoming a Phishing victim:
- If you do not recognize an email address, do not open/read the email. Delete it and forget it. Never do business with any person or company who sends you an email without you specifically requesting to receive that email from that specific person/company.
- Never provide your account password, credit card number, phone number, bank account nor any personal or financial info in response to an email request.
- Do not be intimidated by suggestions that a failure to respond will end in dire consequences or missed opportunities.
- If you do fall victim to a phishing scam (or think you may have), immediately contact your financial institutions and place fraud alerts on your credit report.
- Report suspicious emails to your Internet service provider.
Health Insurance Fraud - How to avoid becoming a victim:
- Read all materials and websites carefully.
- Carefully investigate any plan that advertises unusually low premiums and/or unusually generous benefits.
- Make sure that your insurance agent is selling you a state-licensed insurance product.
- Be suspicious if your agent or the marketing material says that the plan is covered only by "stop loss insurance" or that the plan is an "ERISA" plan or "union" plan.
- Ignore Health Insurance offers you receive via email which you did not request to receive.
Personal Financial Abuse - Sometimes abuse comes from those we trust, even our own family members. Below are true examples of abuse:
- Eva, age 84, paid $500.00 for each trip the caregiver drove her 19 miles to town for grocery shopping.
- Lyle, age 73, put his grandson's name on his bank account to pay Lyle's bill. The grandson withdrew all of Lyle's savings, $55,000, without Lyle's permission and lost it in a business deal.
- Charles, age 91, never knew he had an ATM card until he did not have enough money to pay his bills. His daughter used a Power of Attorney to take out an ATM card on his account, which she used to shop for herself.
Here are warnings signs that you; or an elderly person you love, may be a victim of Personal Financial Abuse:
- Frequent, expensive gifts from an elder to a caregiver.
- Personal belongings, papers, credit cards are missing.
- Bills start to stack up and are not paid, often leading to shut off notices.
- A recent will is made when the person doesn't seem capable of writing a will.
- A caregiver's name is added to the bank account or credit cards.
- The elderly person is unaware of his or her monthly income.
- There is an increase in the number of checks made out to 'CASH'.
- There are irregularities on tax returns.
- Someone sells assets and properties.
- There is unusual or erratic activity in the bank account that is uncharacteristic of the account holder.
- The elder is unaware of the reason for an appointment with their banker or attorney.
- Caregiver refuses to spend money on the older person including grooming items and food.
'Mail Fraud' - Your mailbox is a perfect means for con artists to trick you. Mail may arrive in the form of postcards, fancy color brochures, envelopes with officiallooking seals, letters of endorsement, even government seals copied to look real. Free tips to avoid mail fraud:
- DON'T RESPOND if a company asks for money or for credit card numbers
- Give yourself time to check out whether the offer is legitimate.
- Check the name carefully to make sure the organization is legitimate.
- When you are notified that you have won a prize or will receive something of value, you cannot be required to pay any money. This includes fees, postage, handling charges or taxes.
'Work at Home' Scams: To avoid work-at-home rip-offs:
- Be suspicious of companies that promise a regular market or steady income.
- Don't pay for information about work-at-home offers.
'Identity Theft' - How to protest against ID theft:
- Guard your social security number.
- If your social security number is requested, ask what law requires you to give your number and what will happen if you do not give the social security number.
- Watch your credit card activity by examining your statements for fraudulent charges before paying them.
- Shred old bank statements and other important documents you may have.
- Don't keep your social security card, extra credit cards, or other important identity documents in your wallet or purse unless they are specifically needed.
- Deliver your bill payments instead of mailing them.
'Telemarketing Scams' - Your telephone is one of the easiest ways for a con artist to get your money. These scams may start with a postcard promising cash and prizes if you call a tollfree number. When you do, a friendly voice asks for your credit card number to 'verify' your identity. With today's technology, you could be talking to a person in another country although they seem to be calling from a U.S. phone number, or maybe you called them via a Toll Free number. You cannot use a phone number to verify someone's location and identity. Tips to avoid being a victim of telemarketing scams:
- Do not give out personal information over the phone.
- Never pay for a prize over the phone.
- Never allow a caller to pressure you into acting immediately.
- Tell telemarketers to stop calling you every time they call.
- Never agree to any offer until you have seen it in writing.
'Door to Door Solicitors' - If a stranger rings your doorbell, be prepared to do the following:
- Ask the salesperson for his/her license to solicit.
- Compare the offer with other similar products.
- Watch out if you are told that you have been selected to use a product free of charge.
- Get everything in writing.
- Read and make sure you understand anything you sign before you sign it.
- Keep good records for your protection.
Mortgage Fraud: As the mortgage crisis rolls-on, there are countless scam artists trying to cash-in. Here are ways to protect yourself from predatory lenders:
- DON'T do business with any person or company you cannot verify as being legitimate. Contact your local Better Business Bureau (BBB) to verify the company's identity and standing.
- DON'T agree to a home equity loan if you don't have enough income to make the monthly payments.
- DON'T sign any document you haven't read or any document that has blank spaces to be filled in after you sign.
- DON'T let anyone pressure you into signing any document.
- DON'T agree to a loan that includes credit insurance or extra products you don't want.
- DON'T let the promise of extra cash or lower monthly payments get in the way of your good judgment about whether the cost you will pay for the loan is really worth it.
- DON'T deed your property to anyone. First consult an attorney, a knowledgeable family member, or someone else you trust.
More Scam, Identity Theft and Fraud Prevention Resources.
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