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Can you spot counterfeit money? Don't let counterfeiters fool you, spot fake money and report it to the federal government.
How to spot counterfeit money: Closely examine money you receive and compare suspect bills with a genuine bill of the same denomination and series. Pay attention to the quality of printing and paper, and look for differences instead of similarities.
Genuine paper currency is sometimes altered in an attempt to increase its face value. One common method is to glue numerals from higher denomination notes to the corners of lower denomination notes.
Counterfeit Coins To prevent counterfeit money, the U.S. Treasury creates new one, two, five, ten, twenty, fifty and 100 dollar bills.
Suspect you've been given fake money? Turn it over to your local police or Secret Service field office. Or get more information on how to spot counterfeit money.
Need more information? Read our financial and credit articles related to money or government, and join our online financial newsletter.
Identity Theft Reporting and Victim Rights
Identity theft occurs when someone uses your name, Social Security number, date of birth, or other identifying information (without authority), to commit fraud. For example, someone may have committed identity theft by using your personal information to open a credit card account or get a loan in your name. For more information, visit www.consumer.gov/idtheft or write to: FTC, Consumer Response Center, Room 130-B, 600 Pennsylvania Avenue, N.W. Washington, D.C., 20580.
The Fair Credit Reporting Act (FCRA) gives you specific rights when you are, or believe that you are, the victim of identity theft. Here is a brief summary of the rights designed to help you recover from identity theft.
You have the right to ask that nationwide consumer reporting agencies place "fraud alerts" in your file to let potential creditors and others know that you may be a victim of identity theft. A fraud alert can make it more difficult for someone to get credit in your name because it tells creditors to follow certain procedures to protect you. It also may delay your ability to obtain credit. You may place a fraud alert in your file by calling just one of the three nationwide consumer reporting agencies. As soon as that agency processes your fraud alert, it will notify the other two, which then also must place fraud alerts in your file.
Equifax: 1-800-525-6285;
www.equifax.com
An initial fraud alert stays in your file for at least 90 days. An extended alert stays in your file for seven years. To place either of these alerts, a consumer reporting agency will require you to provide appropriate proof of your identity, which may include your Social Security number. If you ask for an extended alert, you will have to provide an identity theft report. An identity theft report includes a copy of a report you have filed with a federal, state, or local law enforcement agency, and additional information a consumer reporting agency may require you to submit. For more detailed information about the identity theft report, visit www.consumer.gov/idtheft.
You have the right to free copies of the information in your file (your "file disclosure"). An initial fraud alert entitles you to a copy of all the information in your file at each of the three nationwide agencies, and an extended alert entitles you to two free file disclosures in a 12-month period following the placing of the alert. These additional disclosures may help you detect signs of fraud, for example, whether fraudulent accounts have been opened in your name or whether someone has reported a change in your address. Once a year, you also have the right to a free copy of the information in your file at any consumer reporting agency, if you believe it has inaccurate information due to fraud, such as identity theft. You also have the ability to obtain additional free file disclosures under other provisions of the FCRA. See www.ftc.gov/credit.
You have the right to obtain documents relating to fraudulent transactions made or accounts opened using your personal information. A creditor or other business must give you copies of applications and other business records relating to transactions and accounts that resulted from the theft of your identity, if you ask for them in writing. A business may ask you for proof of your identity, a police report, and an affidavit before giving you the documents. It also may specify an address for you to send your request. Under certain circumstances, a business can refuse to provide you with these documents. See www.consumer.gov/idtheft.
You have the right to obtain information from a debt collector. If you ask, a debt collector must provide you with certain information about the debt you believe was incurred in your name by an identity thief - like the name of the creditor and the amount of the debt.
If you believe information in your file results from identity theft, you have the right to ask that a consumer reporting agency block that information from your file. An identity thief may run up bills in your name and not pay them. Information about the unpaid bills may appear on your consumer report. Should you decide to ask a consumer reporting agency to block the reporting of this information, you must identify the information to block, and provide the consumer reporting agency with proof of your identity and a copy of your identity theft report. The consumer reporting agency can refuse or cancel your request for a block if, for example, you don't provide the necessary documentation, or where the block results from an error or a material misrepresentation of fact made by you. If the agency declines or rescinds the block, it must notify you. Once a debt resulting from identity theft has been blocked, a person or business with notice of the block may not sell, transfer, or place the debt for collection.
You also may prevent businesses from reporting information about you to consumer reporting agencies if you believe the information is a result of identity theft. To do so, you must send your request to the address specified by the business that reports the information to the consumer reporting agency. The business will expect you to identify what information you do not want reported and to provide an identity theft report.
To learn more about identity theft and how to deal with its consequences, visit www.consumer.gov/idtheft, or write to the FTC. You may have additional rights under state law. For more information, contact your local consumer protection agency or your state attorney general.
In addition to the new rights and procedures to help consumers deal with the effects of identity theft, the FCRA has many other important consumer protections. They are described in more detail at www.ftc.gov/credit.
Credit Report Locking
1. Proper identification.
2. The unique personal identification number or password provided by the credit reporting agency.
3. The proper information regarding the third party who is to receive the credit report or the time period for which your credit report must be available.
A credit reporting agency must remove the security freeze from your credit file or authorize the temporary release of your credit report not later than 3 business days after receiving the above information.
A security freeze does not apply to certain persons, including a person, or collection agencies acting on behalf of a person, with whom you have an existing account that requests information in your credit report for the purposes of reviewing or collecting the account.
To place security freezes on your credit reports, call or visit each bureau's website for instructions:
Equifax: 1-800-525-6285; www.equifax.com Fraud Scams
Consumers need to be able to recognize scams and report them to the FTC by phone. Fraud can take place by phone, on the internet, and through the mail with scammers using any method that can steal your money and identity. Most of the time not one type of person is targeted and those who are victims can be educated and involved in their communities. Scammers don't care about how old a person is, their race, or their income, all they want is money.
They use the latest trends and techniques such as professional marketing materials, great telephone scripts, they are friendly, and have believable answers for all your questions. They are able to impersonate legitimate businesses or charities and play on consumers' emotions. They are professional criminals who know what they're doing and they do it well. Thousands of consumers are scammed out of money every year.
Identity theft is one of the fastest-growing types of fraud and it is important to protect personal information. When a person calls you and asks for information, hang up or tell them to mail you written information for you to read. Usually they try to pressure you for information and say that you must act now. Don't fall for any call back numbers they may give you, it can be part of the scam and they may be happy to give you a phone number. Report scams to the FTC as they can alert law enforcement throughout the United States and abroad. By reporting scams, you may be able to prevent others from becoming victims. Bank Check Scams by Mail and Online
Don't be a check fraud victim. Review these free tips on how to avoid check scams by mail and online, and learn how to report scammers.
Free Tips to Avoid Check Scams by Mail and Online and How to Report Fraud
Examples of check scams to give you a good idea of what to watchout for, and how to report fraud. Basically, anything that sounds too good to be true (or fishy) likely is.
Counterfeit Check Scam Example:
You receive a check claiming you had won a prize, and the enclosed check is to cover taxes and fees. You are instructed to deposit the check into your account, and then wire the sender a check from your account to pay the taxes and fees. You're told that once you send them the tax and fee money (which they paid for you but you must send from your own account), that you'll then receive your prize.
Of course, this is all a scam. The pre-paid tax/fee check is no good. So, a few days after you deposit into your account (and after you've already sent money from your account), the check will bounce back to you. Not only did you lose the amount of the check, but also the money you sent, and the bounced-check fees you'll have to pay.
Facts: Wired money can't be retrieved, and you're responsible for all checks you deposit even if you didn't know they were fake.
This is just one example of a counterfeit check scam, and the Federal Trade Commission warns that counterfeit check scams are on the rise. Some fake checks look so real that bank tellers are being fooled. The scammers use high quality printers and scanners to make the checks look real. Some of the checks contain authentic-looking watermarks. These counterfeit checks are printed with the names and addresses of legitimate financial institutions. And even though the bank and account and routing numbers listed on a counterfeit check may be real, the check still can be a fake. These fakes come in many forms, from cashier's checks and money orders to corporate and personal checks.
Check Over Payment Scam:
You receive a check and for whatever reason (see below), the sender wants you to send a portion of the check back from your own account. Example 1: Let's say you place an ad to sell your car. Someone offers to buy your car with a check, and then comes up with a reason for writing the check for more than the purchase price. Maybe claiming it was an accident writing the check for more money than you asked for. Whatever reason, the scammer asks you to give back the over payment amount (using your checking account or cash). Of course the buyer's check will bounce. Example 2: Someone hires you to be a secret shopper and your job is to evaluate a money transfer business. You are given a check to deposit in your bank account, and to then withdraw the amount in cash. Then, you're told to take the cash to the money transfer business specified, and send the money to an address. The supposed 'job' is to evaluate how well the money transfer business treated you. The truth is, there is no job, and the money transfer business is not in on the scam. Quite simply, someone tricked you to send them money from your account by giving you a check to cover those costs, but that check will soon bounce. You'll be out of the money you sent to the scammer, plus the bounced check fees. Although you may have the address where the scammer had you send the money, when funds are sent through wire transfer services the recipients can pick up the money at other locations within the same country. It's nearly impossible to identify or locate the scammer. Example 3: You receive a big check and the enclosed letter says you won a lottery, drawing or other cash prize. The sender says all you need to do is cash the check, then send them a small amount of money either to cover fees, or to prove your identity as the proper recipient. The check bounces, and you're out the money you sent to the scammer as well as the money for bounced check fees.
What is the law, your legal rights and bank responsibilities:
Under federal law, banks must make funds available to you from U.S. Treasury checks, official bank checks (cashier's checks, certified checks, and teller's checks), and checks paid by government agencies at the opening of business the day after you deposit the check. For other checks, banks must similarly make the first $100 available the day after you deposit the check. Remaining funds must be made available on the second day after the deposit if payable by a local bank, and within five days if drawn on distant banks.
However, just because funds are available on a check you've deposited doesn't mean the check is good. It's best not to rely on money from any type of check (cashier, business or personal check, or money order) unless you know and trust the person you're dealing with or until the bank confirms that the check has cleared. Forgeries can take weeks to be discovered and untangled. The bottom line is that until the bank confirms that the funds from the check have been deposited into your account, you are responsible for any funds you withdraw against that check.
How to protect yourself from counterfeit check scams: Throw away any offer that asks you to pay for a prize or a gift. If it's free or a gift, you shouldn't have to pay for it, right? Resist the urge to enter foreign lotteries. It's illegal to play a foreign lottery through the mail or the telephone, and most foreign lottery solicitations are phony. Know who you're dealing with, and never wire money to strangers. If you're selling something, don't accept a check for more than the selling price, no matter how tempting the offer or how convincing the story. Ask the buyer to write the check for the correct amount. If the buyer refuses to send the correct amount, return the check. Don't send the merchandise. As a seller, you can suggest an alternative way for the buyer to pay, like an escrow service or online payment service. There may be a charge for an escrow service. If the buyer insists on using a particular escrow or online payment service you've never heard of, check it out. Visit its website, and read its terms of agreement and privacy policy. Call the customer service line. If there isn't one — or if you call and can't get answers about the service's reliability... don't use the service. To learn more about escrow services and online payment systems, visit ftc.gov/onlineshopping. If you accept payment by check, ask for a check drawn on a local bank, or a bank with a local branch. That way, you can make a personal visit to make sure the check is valid. If that's not possible, call the bank where the check was purchased, and ask if it is valid. Get the bank's phone number from directory assistance or an Internet site that you know and trust, not from the check or from the person who gave you the check. If the buyer insists that you wire back funds, end the transaction immediately. Legitimate buyers don't pressure you to send money by wire transfer services. In addition, you have little recourse if there's a problem with a wire transaction. Resist ACT NOW pressures to respond quickly. If the buyer's offer is good now, it should still be good after the check clears.
Been a scam victim? What to do and how to report check fraud: If you think you've been targeted by a counterfeit check scam, report it to the following agencies: The Federal Trade Commission (FTC) online at ftc.gov or call toll free 1-877-FTC-HELP (1-877-382-4357). The U.S. Postal Inspection Service online at usps.gov/websites/depart/inspect or call your local post office. Your state or local consumer protection agencies. Go online at naag.org for a list of state Attorneys General, or check your local telephone directory for appropriate phone numbers.
Additional Fraud Reporting Information
The FTC works for the consumer to prevent fraudulent, deceptive, and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. You can file a scam complaint online or get free scam protection information.
Also visit ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters consumer complaints into the Consumer Sentinel Network, a secure online database and investigative tool used by hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.
First, let us give you 'Negative Option' examples: Let's say you signed up for a free trial offer that required you to enter your credit card number. Even if you cancelled the free trial, you may still have future charges placed onto your credit card. Another 'Negative Option' scam example may sell you a product that requires you to only pay for shipping, yet later you get more charges added to your credit card. You see, the 'Negative Option' is when retailers slip in these little check boxes (already checked) asking you if you want to participate in future free trial offers and products. If you don't uncheck those boxes, guess what... sometime later when they have a new trial offer or a 'just pay for shipping' free product, they place a charge on your credit card. Another example is 'fine print' that says you'll be enrolled by taking advantage of their free trial offer or free product. In some cases, you might even sign up for multiple offers and get several charges on your credit card.
Visa puts the smack-down on such retailers. Following card holder complaints, Visa stopped payment processing services for 100 of these retailers. They also plan to work with the FTC and the Better Business Bureau to warn consumers about these questionable merchants.
Scam Prevention Tip: Be wary any time you are required to enter your credit card information for something that's supposed to be free, or requires you to only pay for shipping. There are indeed legitimate free products that charge for shipping, just be sure to check them out first. If you sign up for a free trial make sure you look for any type of box or disclaimer that says you're going to be automatically enrolled in a subscription service. Search the website for instructions on canceling the service and don't sign up if you can't find that information. If possible, before you enter your credit card number send the company an email; or use their online contact form, and ask if you will be entered into any program or service that may bill your credit card. Try to get a response in writing; whether by mail or email, and keep it for future use.
If you've already signed up for one of these services and can't find cancellation instructions, contact your card issuer to find out how you can reverse credit card charges and block charges from the company in the future. Fraud Scams
Some scams that may be a concern through 2010 are those that involve hackers who get into personal accounts, diet scams, online shopping scams, and shopping sites that are not reputable. There are always the typical email scams and those will keep flooding your in boxes. There may be some new IRS Email Scams into the New Year as usual. Typical IRS email scams use the IRS Logo and try to trick people into providing personal information that can be used to commit identity theft.
Other email scammers may try to send recipients to a phony site that that looks like the official IRS site but it is not, with the goal of getting social security numbers, credit card numbers, and PIN numbers. Other scam include selling information on how to avoid paying taxes. Don't fall for any emails from the IRS asking for your personal information, re member this, the IRS will never ask you for information through emails.
The Nigerian 419 scams will be numbered at the top because many people fall for scams that promise to bring wealth and happiness without any effort. Yes, it would be great to get tons of money without working, but it does not just happen. Other scammers attempt to prey on your emotions to try to get your hard earned savings or money from your accounts. Report anything you may consider to be a scam and be careful not to fall for the newer more creative scams of 2010. Consumers and Scams
An example of scams can be when a victim is contacted and asked to send money to claim a prize, or to send money to a stranger who claims to need funds to get out of a country, or a person wants to purchase something from you using a money transfer method or a stolen credit card.
Other scams involve offering victims a loan but money is needed first to secure the loan, there are romance scams that involves a person asking for money, newspaper scams that offer rewards or loans but they need money upfront, or fake family scams which involves a person claiming to be a long lost family member who needs money.
All scams prey on the emotions and the trusting emotions of a victim. Scamming uses the victims emotions as a tool to get money, social security information, other personal information, and credit card or banking information. Never give money or personal information to anyone you don’t know or who asks for the information, unless you absolutely know you can trust the person. A common scam is that of winning a prize in a sweepstakes. Remember that a legitimate sweepstakes will indicate “no purchase necessary” and will not ask you to pay for processing or shipping fees.
A big mistake is to assume a company is legitimate because they have a website. Look for a physical address and contact information, research the company online, and with the Better Business Bureau. Review their return policy and any warranty for any products you purchase. When shopping online, try to use well known companies as one way to prevent being scammed. Fraud Scams:
The Federal Trade Commission (FTC) will hold a conference February 17, 2010 to announce a crack down on job and work-at-home frauds. This will take place at the Federal Trade Commission, in Washington, DC. . Instructions will be posted on the FTC’s Web site beforehand and they will have a video that will be posted on their website. When people are victims of identity theft, the (FTC) which is the nation’s consumer protection agency, suggests some steps that can be taken as soon as possible.
* Keep records of conversations and copies of all correspondence. * Review credit reports and contact any of the 3 nationwide reporting agencies to put a fraud alert on your credit reports to prevent an identity thief from opening any more accounts in your name. TransUnion: 1-800-680-7289, Fraud Victim Assistance Division, Equifax: 1-800-525-6285, Experian: 1- 800-397-3742. * Check credit reports periodically for fraudulent activity.
The two types of fraud alerts are the initial alert and an extended alert. The initial alert stays on credit reports for at least 90 days and is appropriate in cases of missing or stolen wallets or when you have been taken in by a “phishing” scam. When an initial fraud alert is on credit reports, you’re may be able to get one free credit report from each of the three major bureaus.
An extended alert stays on credit reports for seven years. It can be placed on reports when you have been a victim of identity theft and you provide the agency with an “identity theft report.” You may be entitled to two free credit reports within twelve months after placing the alert, from each of the three major agencies. They will remove your name from marketing lists for prescreened credit offers for five years unless you request them to put your name back on the list.
To place either alerts on credit reports or to have them removed, you must provide proof of your identity. This would include your SSN, name, address, and other personal information the reporting company requests. When businesses see alerts on credit reports, they must verify your identity before issuing you credit. The business may try to contact you directly and this could cause delays when trying to obtain credit. Make sure all information is kept current on reports. Equifax I Card
Equifax along with Google, Verizon, VeriSign, Paypal, CA and Booz Allen Hamilton launched the Open Identity Exchange (OIX) at a conference in San Francisco. The OIX is a non-profit that works to build trust in the exchange of online identity credentials for public and private sectors. They have been approved as a trust framework provider by the U.S. Government. Equifax, Google and PayPal are the first identity providers certified by OIX to issue digital identity credentials that will be accepted for privacy-protected registration and login at U.S. Government websites.
"The opportunity to deliver our proven technology and its privacy features to the government sector is truly exciting," said Ron Carpinella, vice president,Equifax Identity Management. "OIX is the means catalyst that will enable better, more secure and user-centric capabilities in government and industry digital services." Trust frameworks are a way for a website to trust identity, security, and privacy assurances from another site (the "identity provider") acting on behalf of a user. The OIX will make sure that identity providers meet the security, privacy, and other identity requirements set out by a particular trust framework. Equifax is an expert in identity management and verification to the open trust platform initiative.
The Equifax I-Card is among the first commercial products to launch from members of the Information Card Foundation (ICF), a non profit organization that strives to develop a simple, secure digital identity on the Internet. A digital identity management solution, the Equifax I-Card contains information to conduct online transactions or verify identity. Equifax announced that its I-Card was the first to provide the highest level of authentication security, level 3, in the marketplace. Order a credit report, from Equifax. |
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