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Posts Tagged ‘Scams’

Here is the latest scam alert posted on the FBI.gov website and sent to anyone who subscribes to their new scams and warnings email list:

Fraudulent Notification Deceives Consumers Out of Thousands of Dollars

11/29/2010—The IC3 continues to receive reports of letters and e-mails being distributed pursuant to prize sweepstakes or lottery schemes. These schemes use counterfeit checks that bear legitimate-looking logos of various financial institutions to fool victims into sending money to the fraudsters.

Fraudsters tell victims they won a sweepstakes or lottery, but to receive a lump sum payout, they must pay the taxes and processing fees upfront. Fraudsters direct individuals to call a telephone number to initiate a letter of instructions. The letter alleges that the victim may elect to take an advance on the winnings to make the required upfront payment. The letter includes a check in the amount of the alleged taxes and fees, along with processing instructions. Ultimately, victims believe they are using the advance to make the required upfront payment, but in reality they are falling prey to the scheme.

The victim deposits the check into their own bank, which credits the account for the amount of the check before the check clears. The victim immediately withdraws the money and wires it to the fraudsters. Afterwards, the check proves to be counterfeit and the bank pulls the respective funds from the victim’s account, leaving the victim liable for the amount of the counterfeit check plus any additional fees the bank may charge.

Persons may fall victim to this scheme due to the allure of easy money and the apparent legitimacy of the check the fraudsters include in the letter of instruction. The alleged cash prizes and locations of the financial institutions vary.

Tips to avoid being scammed:

• A federal statute prohibits mailing lottery tickets, advertisements, or payments to purchase tickets in a foreign lottery.
• Be leery if you do not remember entering a lottery or sweepstakes.
• Beware of lotteries or sweepstakes that charge a fee prior to delivering your prize.
• Be wary of demands to send additional money as a requirement to be eligible for future winnings.

If you have been a victim of this type of scam or any other cyber crime, you can report it to the IC3 at www.IC3.gov. The IC3 complaint database links complaints for potential referral to law enforcement for case consideration. Complaint information is also used to identify emerging trends and patterns to alert the public to new criminal schemes.

Related articles

• Lottery scams dupe thousands (windsorstar.com)
• Vancouver telemarketer gets 14 years for lottery scam that bilked elderly (theglobeandmail.com)
• Sweepstakes scams scoop up savings of elderly couple (seattletimes.nwsource.com)

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Despite the bona fide assistance out there, it’s harder than ever for many consumers to separate trustworthy foreclosure assistance companies from the bogus ones. And with unemployment and mortgage delinquencies remaining stubbornly high, con artists from coast to coast are increasingly preying upon Americans going through hard economic times.

This year, for instance, officials in California indicted two San Diego men on charges of illegally collecting $900,000 from desperate homeowners looking to avoid foreclosure. Authorities said the men billed people $2,500 to $3,000 for loan modification services, then did nothing.

The duo made their operation appear official by pretending that their offices were located near the White House, and sending out letters marked with the seal of the U.S. Capitol. They also claimed that they had forensic accountants and lawyers on staff. In reality, the two men worked out of Southern California and had no accountants or attorneys on the payroll.

Meanwhile, in New York, Attorney General Andrew Cuomo recently sued two loan modification companies, and shut down two other foreclosure rescue firms for alleged illegal practices.

Red Flags on a Foreclosure Rescue Scam

As mentioned, there are some surefire ways to spot a fraudulent – or potentially bogus – mortgage modification or foreclosure rescue offer.

According to Loan Scam Alert (a national program from NeighborWorks which is designed to help homeowners avoid scams and report them), here are six red flags that indicate you may be dealing with a scammer. Read the rest of this article on Housingwatch

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Written by Lynnette Khalfani-Cox for HousingWatch

Regulators and consumer advocates alike are warning Americans about a growing number of credit repair scams nationwide. Recently, the Federal Trade Commission reached a $14.4 million settlement with a Florida-based credit repair agency, which made big promises to consumers and offered little in return.

The FTC’s actions were part of a larger, two-year crackdown, called Operation Clean Sweep, in which the FTC has joined with 24 different state agencies to clean up the credit repair business. Read the rest of this article on HousingWatch.

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A Missouri man pleaded guilty to stealing money from people who thought they were saving for their funerals.

Missouri Attorney General Chris Koster said Thomas Brandtonies Jr., is supposed to pay back the $123, 273 he stole from consumers. Brandtonies, who operated the Underwood-Brandtonies Funeral Home in Butler, Mo., will be sentenced on six counts of stealing pre-need funeral funds. If he doesn’t pay back the money before sentencing, he could get up to seven years behind bars.

Customers gave Brandtonies money, and he assured them it would be used to pay for their funeral services. But instead of placing that money in trust, as required by Missouri law, Brandtonies spent it. For more information on how to protect yourself from funeral scams and tips on planning a funeral, read the rest of this article on WalletPop.

Related articles

• How Can I Protect Myself and My Credit if My Ex Husband Does Not Pay the Mortgage? (askthemoneycoach.com)
• The Road Out of Debt (askthemoneycoach.com)

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