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Scammers work to bilk money
Frauds abound and consumers need to be aware
In the current economic climate, scammers are hard at work to separate people from their money.
The Better Business Bureau (BBB) has announced the top scams of 2008 and simple tips for people to protect themselves from becoming victims in the new year.
Rosalind Scott, BBB executive director, said tough economic times often bring out the bad guys.
"Be wary of opportunities to take out a cash advance or loan despite your credit rating," she said. "These Atypes of opportunities often come with upfront fees and excessive interest charges. You should never have to pay cash in advance for a loan."
Finding a contractor with reasonable costs and availability may be a challenge. "Don't fall victim to unscrupulous and unqualified people showing up offering to do work for a
low price," Scott said.
Online classifieds can be an effective way to hunt for shopping bargains and find hard-to-get concert tickets. While those classified websites offer free access to hundreds of ads, those listings are rarely vetted prior to posting. "The seller may not be legitimate and there may not be concert tickets coming to you in the end," Scott said.
Fraudulent cure-all health products promise quick cures and easy solutions to a variety of problems. Any product that claims to be a miracle cure may be a fraud, according to Scott.
In the guaranteed vehicle broker scam, after listing a used vehicle for sale in the classifieds, a phone call is received from a company advising that they have a purchaser for the vehicle. "The caller asks for a fee guaranteeing that the purchaser will pay more for the vehicle than the advertised price," Scott said. "Unfortunately, the vehicle is not sold, the guarantee is not honoured, you can't reach the company and you are out of pocket the funds you have given this company."
After entering a draw for a free trip, several days later a call advises about a win. Or a letter is received that states an international lottery or fabulous prize has been won. "The common trait with both of the 'winnings' is that the winner must send money, be available for a home delivery or a special presentation, or provide them with some very personal information such as a bank account or credit card number," Scott said.
With bogus cheques and overpayment schemes, the scammer sends a cheque for a product or service that is more than the negotiated price. "The original cheque is usually stolen or is a fake and by the time the victim has cashed and returned the excess funds, the scammer has disappeared with the money and the product," Scott said.
Consumers may receive an email that looks like it is from a known organization, or visit a web page that looks like it is from their bank.
"When a person or program successfully masquerades as another by falsifying data, this is spoofing," Scott said. "The key common tactic is to get you to either fill in personal information or download malicious software onto your computer to compromise your security and put your identity and money at risk."
The Better Business Bureau (BBB) has announced the top scams of 2008 and simple tips for people to protect themselves from becoming victims in the new year.
Rosalind Scott, BBB executive director, said tough economic times often bring out the bad guys.
"Be wary of opportunities to take out a cash advance or loan despite your credit rating," she said. "These Atypes of opportunities often come with upfront fees and excessive interest charges. You should never have to pay cash in advance for a loan."
Finding a contractor with reasonable costs and availability may be a challenge. "Don't fall victim to unscrupulous and unqualified people showing up offering to do work for a
low price," Scott said.
Online classifieds can be an effective way to hunt for shopping bargains and find hard-to-get concert tickets. While those classified websites offer free access to hundreds of ads, those listings are rarely vetted prior to posting. "The seller may not be legitimate and there may not be concert tickets coming to you in the end," Scott said.
Fraudulent cure-all health products promise quick cures and easy solutions to a variety of problems. Any product that claims to be a miracle cure may be a fraud, according to Scott.
In the guaranteed vehicle broker scam, after listing a used vehicle for sale in the classifieds, a phone call is received from a company advising that they have a purchaser for the vehicle. "The caller asks for a fee guaranteeing that the purchaser will pay more for the vehicle than the advertised price," Scott said. "Unfortunately, the vehicle is not sold, the guarantee is not honoured, you can't reach the company and you are out of pocket the funds you have given this company."
After entering a draw for a free trip, several days later a call advises about a win. Or a letter is received that states an international lottery or fabulous prize has been won. "The common trait with both of the 'winnings' is that the winner must send money, be available for a home delivery or a special presentation, or provide them with some very personal information such as a bank account or credit card number," Scott said.
With bogus cheques and overpayment schemes, the scammer sends a cheque for a product or service that is more than the negotiated price. "The original cheque is usually stolen or is a fake and by the time the victim has cashed and returned the excess funds, the scammer has disappeared with the money and the product," Scott said.
Consumers may receive an email that looks like it is from a known organization, or visit a web page that looks like it is from their bank.
"When a person or program successfully masquerades as another by falsifying data, this is spoofing," Scott said. "The key common tactic is to get you to either fill in personal information or download malicious software onto your computer to compromise your security and put your identity and money at risk."
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