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Senior Scam Alert #6 Newspaper Ad Scams!
from: Christine SilvaWelcome to the Senior Scam Alert, a column designed to inform seniors of scams and cons that are regularly committed against them. People over 65 are targeted for scams more than any other age group, and account for 56% of all fraud cases, even though they are only about 13% of the US population.
Newspaper Advertisement Loan Scams
Don’t be caught off guard by credit card and loan scams! The Federal Deposit Insurance Corporation (FDIC) recently issued an alert for a new loan scam. The scammers place an official-looking ad for small-business and debt-consolidation loans. The ads use legitimate bank names, such as Wells Fargo or Citibank, but the telephone numbers have been replaced with pre-paid cell-phone numbers.
Consumers are asked to supply personal information, such as social security numbers and home address, and then they are told that the loan is approved. The victim is asked to wire money, usually $300-$400, as a “loan origination fee”. After that, they are told to wait for “loan paperwork”, which never arrives. The thieves steal the fee, and often steal the identity of the victim, as well.
There are numerous variations on this scam. When in doubt, do not release any information over the phone, and go into your bank branch in person to verify the authenticity of the loan. Beware of any loans that have suspiciously low rates. If you are unsure, call the bank directly, and confirm your loan information.
Classified Ad & Certified Check Scams
This scam is unusual, because the initial “contact” is technically initiated by the victim. It begins with the victim placing a classified ad for a valuable item in the newspaper, such as an automobile, jewelry, or expensive furniture. The scammer contacts the victim claiming to be interested in the item. The scammer never intends to purchase the item, but instead intends to steal money from the victim by issuing a counterfeit check for more than the item is worth.
How does this scam work? Let’s say you take out a newspaper ad to sell a diamond ring, asking $2000. The scammer contacts you, and says that they are very interested in the ring. They seem very trustworthy, and they offer to send you the money via a certified check. When the check arrives, the amount is slightly more than your asking price, say, $2250. The scammers give various excuses for the discrepancy, often saying that a family member got the check and was confused about the amount. The scammer tells the victim to “go ahead” and cash the check, and then just wire the difference back to his account.
The victim deposits the official-looking check, and wires the excess money back to the scammer. A few weeks later, the victim’s bank discovers that the original certified check was a counterfeit. The scammer has just stolen $225 from the victim. The scam is repeated over and over all across the country. All the scammer needs is access to a newspaper and a printer to make the false checks.
Don’t be caught by this scam! If you are selling an item in the newspaper, ask for cash. If the buyer wants to use a certified check, make sure it is from a banking institution you recognize, and contact the bank directly.
Remember; “if it sounds to good to be true, it probably is!”
Sources: Federal Deposit Insurance Corporation, Federal Trade Commission
Christine P Silva, BA, CRTP, lives in California with her husband, two children, and three spoiled cats. She earned her undergraduate degree from San Jose State University, and her advanced accounting certificate and California tax registration from Cosumnes River College. She is the founder of the Sacramento Volunteer Tax Preparation Clinic, a free service offering tax assistance to low income and Spanish-speaking taxpayers.
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