Over the past several issues, we have discussed tricks con artists use to steal your personal information and valuables. We conclude this series with tips on ways you can protect yourself from two of the most common fraud threats—telemarketing fraud and identity theft.
Tips for Avoiding Telemarketing Fraud:
It’s very difficult to get your money back if you’ve been cheated over the telephone. Before you buy anything by phone, remember:
- Don’t buy from an unfamiliar company. Legitimate businesses understand that you want more information about their company and are happy to comply.
- Always ask for and wait until you receive written material about any offer or charity. If you get brochures about costly investments, ask someone whose financial advice you trust to review them. But beware—unfortunately, not everything written down is true.
- Always check out unfamiliar companies with your local consumer protection agency, Better Business Bureau, state attorney general, the National Fraud Information Center or other watchdog groups. Unfortunately, however, not all bad businesses can be identified through these organizations.
- Obtain a salesperson’s name, business identity, telephone number, street address, mailing address and business license number before you transact business. Of course, some con artists give out false information. Verify the accuracy of these items.
- Before you give money to a charity or make an investment, find out what percentage of the money is paid in commissions and what percentage actually goes to the charity or investment.
- Before you send money, ask yourself a simple question: “What guarantee do I really have that this solicitor will use my money in the manner we agreed upon?”
- Don’t pay in advance for services. Pay for services only after they are delivered.
- Be wary of companies that want to send a messenger to your home to pick up money, claiming it is part of their service to you. In reality, they are taking your money without leaving any trace of who they are or where they can be reached.
- Always take your time making a decision. Legitimate companies won’t pressure you to make a snap decision.
- Don’t pay for a “free prize.” If a caller tells you the payment is for taxes, he or she is violating federal law.
- Before you receive your next sales pitch, decide what your limits are—the kinds of financial information you will and won’t give out on the telephone. Never send money or give out personal information— such as credit card numbers and expiration dates, bank account numbers, dates of birth or Social Security numbers—to unfamiliar companies or unknown persons.
Never respond to an offer you don’t understand thoroughly.
Be aware that your personal information is often brokered to telemarketers through third parties.
If you have been victimized once, be wary of persons who call offering to help you recover your losses for a fee paid in advance.
If you have information about a fraud, report it to state, local, or federal law enforcement agencies.
Tips for Avoiding Identity Theft:
- Never throw away ATM receipts, credit statements, credit cards, or bank statements in a usable form. Whenever possible, shred such documents before discarding.
- Never give your credit card number over the telephone unless you make the call. Reconcile your bank account monthly, and notify your bank of discrepancies immediately.
- Keep a list of telephone numbers to call to report the loss or theft of your wallet, credit cards, etc.
- Report unauthorized financial transactions to your bank, credit card company and the police as soon as you detect them.
- Review a copy of your credit report at least once each year. Notify the credit bureau in writing of any questionable entries, and follow through until they are explained or removed.
- If your identity has been assumed, ask the credit bureau to print a statement to that effect in your credit report.
- If you know of anyone who receives mail from credit card companies or banks in the names of others, report it to local or federal law enforcement authorities.
I hope you have found this series informative and useful. If you would like additional information, it is available both online and at the Delhi Division office.
As always, if you have questions or concerns, you can reach the Delhi Officers at 517-694-0045. Suspicious persons or activities can be reported by dialing 911.
Stay safe out there.