Prevent credit fraud and report credit card scams.

  prevent credit fraud and report credit card fraud.

 

Report credit fraud.  You can prevent credit fraud, identity theft and scams if you secure your documents, review your credit report, and report fraud the instant it occurs.

 

To see if you're the victim of credit fraud, check your free credit report.

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Check & dispute possible inaccuracies. Detect critical changes and potential identity fraud. Monitor your credit report to catch ID fraud early.

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Credit obtained fraudulently may go undetected until the charges become past due and creditors come looking for you.  To find out what credit has been placed in your name, order a credit report and look for unexplained activity.

 

Report credit card fraud and identity theft to all police and sheriff's departments within jurisdiction.  Credit card companies and banks may require you to show the report in order to convince them of your innocence.  If they don't believe you, they may hold you responsible for bounced checks, charges made in your name, etc.  Give the police/sheriff's department as much evidence as possible, and get a copy of your police report.  Get the direct phone number to your detective or the official taking the report.

 

If you're the victim of internet fraud, contact the FBI internet fraud center

 

Identity theft protection
Don't place bills in your mailbox with the flag up. Thieves can snatch the envelopes right out of the box and then alter the 'pay to' and amount lines.

 

Pay attention to your billing cycles and contact creditors if bills don't arrive on time. It may mean that someone is intercepting your mail.

 

Cancel all unused credit cards so thieves can't get those account numbers from your credit report.

 

Keep your Social Security card, birth certificate and other identifying papers in a safe place, not in your wallet. Stash a list of your creditors, along with phone numbers, in the same place in case your credit cards are stolen.

 

Pick up newly ordered checks at the bank to avoid having blank checks in your mailbox.

 

Check your credit report annually. Report any suspicious activity immediately.

 

Make sure no one can see you punch in your PIN or password at the ATM or retailer, or your telephone card number at a pay phone.

 

Keep documents with personal information, such as canceled checks, in a safe place and shred them or tear them up when you don't need them anymore. Documents that you should shred or tear up include charge receipts, copies of credit applications, bank checks, ATM receipts and insurance forms.

 

 

Suspect you're the victim of identity theft?

 

Contact creditors about questionable items and close accounts you believe are fraudulent or have unauthorized transactions.

 

Call the fraud department at each of the major credit bureaus to ask that a "fraud alert" be placed in your file, so that lenders will be alerted to the fact that you may be a fraud victim. Ask that the fraud alert state that you do not want new credit extended without contacting you first, and ensure your name/address/phone number are all correct.

 

Contact the local police to file a report. Keep a copy in case you need it later as proof of the crime.

 

Report credit fraud to the FTC, which will store the information in its database so it can be accessed by law enforcement agencies. The FTC can provide information on steps victims should take and sometimes will refer cases to other government agencies or private organizations for further action.

 

 

Fraud and Scam Tips - Knowing some information about fraud and scams can help prevent you from becoming a victim. Many consumers have become victims of credit card scams and fraud without even knowing it for a while. Keeping your credit card information secret can stop criminals before they ruin your credit.

  • If you shop on the Internet you need to know about phishing. Phishing is when someone contacts you through a pop-up message or email message asking that you give confidential information to update your account. The bogus message provides a link to click on that will take you to a dummy site. Once at the bogus site, you will be asked to re-enter information such as your social security number and credit card number. If you do, the scam begins and within hours your credit card account has been compromised. Most consumers don't discover they have been scammed until days later. You may try to use your credit card and find it is maxed out. The best way to avoid such a scam is to never answer any emails asking for your personal account information.

  • Another common scam is when your credit card becomes stuck inside an ATM machine. While you’re trying to retrieve it a person will approach you and offer to help. The person will offer to hold a cancel button while you keep entering your pin number. They are memorizing your pin number. When you leave, the person and your credit card will disappear. Keep people from seeing your pin number.

  • The card cleaner scam is another popular scam. A so-called card cleaner is placed either on top of an ATM machine or along side of the magnetic strip reader. When you run your card through, the cleaner collects your card information. These card cleaners read up to several hundred credit card numbers and then the thieves remove them. Don't ever run your card through one of these magnetic strip readers.

  • Thieves are getting more and more technologically savvy. One scam that is difficult to see is the fake ATM machine or the fake keypad. With the fake ATM machine you run your card through a magnetic strip reader and then wait for your cash but the cash never comes. You usually see a screen that says ‘out of order’ or ‘out of cash.’ Call your credit card company or bank immediately and report the fraud. To prevent this, you could use the same ATM for all of your cash withdrawal transactions. If at anytime you notice anything that looks unusual, don't use the ATM machine.

  • Another scam to get your cash is when the scammer places a sleeve into the cash dispenser. When you try to withdraw the cash, there appears to be no cash. When you leave, the criminal is nearby walks up to the machine and removes the sleeve and your cash.

  • The most frequent form of credit card fraud happens when you pay for items using your credit card. If the store is busy, a cashier could lay your credit card down or you could lay it down while waiting. A trained thief can quickly memorize your credit card number. Always keep your credit card in your hand until the cashier needs it and make sure to get it back immediately.

  • Monitor all your credit card accounts and statements frequently for fraud. If you lose your card or suspect fraud, report it immediately. The sooner you report fraud, the faster your credit card company may be able to catch the thief.

Read our latest article regarding fraud, and join our online financial newsletter so you can receive alerts.

Credit Report Tip

 

Incorrect information on credit reports is common. Credit reports have become very important, and it is necessary to check them at least three times a year. Anytime you find a mistake, contact the credit bureau first. Instead of using the online form, send a letter with your name and address along with information about items that are not correct and why they are wrong. Ask that the information either gets deleted or corrected.

 

Along with your letter, send any copies that can prove why the information is not correct along with a copy of your credit report. Identify the incorrect items by marking with a highlighter. keep documentation of all written correspondence and any dates, times, and persons you talked to on the phone about the problem.

 

It can help if you contact the creditor who gave the wrong information and send them proof as well as a letter. Let them know you have sent information to the credit bureau about the dispute. The creditor should notify the major credit bureaus about making the corrections. Ask that any information that cannot be verified to be deleted from your file. It can take months to get mistakes fixed on credit reports but it is worth the effort. Monitor reports to make sure all mistakes get fixed.



Improve Credit Tips

 

It is important to know all information about your credit and whether it is good or bad. Credit must be monitored for incorrect information that can contribute to having bad credit. For example, if there is documentation about bankruptcy or constant late payments, make sure it is your information and does not belong to a stranger. It is not uncommon to have a stranger's information on a credit report.

 

Anytime your credit reflects late payments, set a goal to never be late with any payments. Try paying them in advance to prevent late payments. Consider setting up automatic payments from a checking account but make sure to have the money in the account avoid overdraft fees too. Overdraft fees do not look good to a loan officer at a bank if you ever ask them for a loan. 

 

Learn about how credit scores are determined and get some facts on all the ways scores are affected. Knowing that late payments, bankruptcy, debt collections, and other things greatly lower scores can help when setting a goal to rebuild bad credit. Find out how much you are in debt. The amount you owe should be less than your total available credit. 

 

Applying for too much credit often can have a negative effect on credit. The types of loans are important, for example, if you have too many credit cards with over the limit balances or too many loans from finance companies, it can lower credit scores. It is not impossible to rebuild bad credit using a credit professional or by doing-it-yourself. The first step to rebuild bad credit is to start paying down debts and always pay bills on time.



Establish or Rebuild Credit:

  

It can be frustrating trying to find a way to get credit when you don’t have credit and it seems the process is an endless circle. You can’t get credit because you don’t have credit and you don’t have any credit because you can’t get any credit.

 

College students may have a better chance to establish credit now because of their future earning power. Credit card companies may be more than willing to approve a student's credit card application. A student must make sure they are ready to establish and handle credit without maxing out credit cards only to end up owing thousands of dollars in credit card debt. The new laws for 2010 will have an effect on companies who target people under twenty-one, so now is the best time for a college student to apply.

 

Why We Need Credit:

 

Credit is part of life today whether you have good, bad, or no credit and it will impact your financial life. Our finances have a huge influence on everything. Without credit the ability to build wealth will be limited. For example, credit is needed to buy a home which can be a great asset. The net worth of a homeowner is greater than that of a renter and owning a home is crucial for being able to build wealth.

 

Having credit gives us the ability to buy things and not having good credit can make it difficult to get certain types of insurance and even limit job opportunities. Many employers pull a credit report before hiring. When young, this is normally not a problem but if you are in your thirties it may appear suspicious to have poor credit.

 

What Is A Good Credit Score:

 

A credit score is important and it determines the ability to get credit with good terms. Fair Isaac, reports that the average score in the United States is around 723 and scores of 700 or over is good. A score of 700 and above could get someone approved for most loans. When scores are above 760 they could be considered exceptional. Scores about 650 to 700 can be viewed as fair by some lenders who would approve you for a loan. You should look for ways to improve fair credit scores and scores below 620. In March of 2009 the FHA required a minimum score of 620 and anything below 620 will seriously limit your options with some lenders. A score of 620 or under can be considered a poor credit score and applicants may be considered as risky.

 

Easy Ways to Get Credit:

 

* Have at least four different accounts and a mixture of the type of accounts like installment loans and revolving accounts.

 

* A bank or a credit union can be a good place to start by getting a bank account and creating good history.

 

* Avoid writing bad checks in case you apply for a loan with the bank in the future.

 

* Establish a relationship with a bank manager or other lender, if accounts have good history it could help get you a loan later in life.

 

* If bad credit or bankruptcy history is on credit reports, ask lenders what it takes to get approved for a loan.

 

* If you have bad check writing history, consider getting an account at a different bank to build good history.

 

* Try getting approved for small, no collateral loans at a bank, and pay on time.

 

* Join a Credit Union, they may work with you.

 

* Open a CD at a bank, they may issue a loan in the same amount.

 

* Get the Landlord to report good payment habits to the Credit Bureau, it will cost but building credit is worth it.

 

* Get your parents or a spouse who has a positive history to add you as an authorized user on their credit card. 

 

* Apply for Store Cards and Gas Cards, these lenders want you to purchase their goods.

 

* Get a parent or friend to Co-Sign for a loan.

  

Getting good credit is the goal for establishing credit. Be sure to review any terms and conditions and make sure you understand them. Review the dates the payment is due to avoid any late fees and to avoid late payments being reported on your credit report. Keep your balances under 30% of your credit limit. Monitor your credit reports from all three credit bureaus by ordering one free report from each of the three credit bureaus during the year.



Credit Report Improve

 

To improve credit, keep balances low on revolving credit cards and unsecured cards as high outstanding debt can affect credit scores. It is better to pay off debts rather than to move debts around. Set a goal to pay down all revolving credit and don't close unused credit cards as a plan to raise credit scores. Delay opening any new credit card accounts that are not needed as it could lower credit scores.

 

How long you have had credit can be a plus on credit reports, and good payment habits on those accounts are even better for good scores. If there has been a short period of time for managing credit, put off opening a lot of new accounts too fast as new accounts can lower the average account age and it can have a huge effect on credit scores. In addition, establishing new credit and fast account buildup can look risky for a new credit user.

 

FICO scores distinguish between a search for a single loan and a search for many new credit lines by the length of time over which inquiries happen, so do rate shopping for a loan during a single period of time. Re-establish credit history if there has been problems. One way can be to open new accounts and pay them off on time as a way to raise credit scores. Requesting and checking your own credit report won't affect scores, when a credit report is ordered directly from the credit reporting agency or through an organization authorized to provide credit reports to consumers.



Don't Delay Credit Repair

  

Having bad credit can hinder getting approved for credit cards and loans and even being able to rent an apartment. The signs that can indicate there is a problem is when you have much higher interest rates, you must pay larger security deposits, or there may be trouble getting a job. Bad credit will not mend itself, you must work to repair it. Don't think that if there is bankruptcy on reports that waiting seven years will solve the problem and all the negative information will just fall off the reports. Now is the time to actively work to change credit for the better.

 

Sometimes the problem is just that you don't know where to start to get credit rebuilt, but there is information everywhere on websites, bookstores, through repair companies, and libraries but the best place to start is to order your credit reports. Another reason some consumers never try to repair their credit is that they think it is hopeless and just too hard. The rewards are worth the hard work because you could get loans and credit cards with good interest rate. It is especially important to have good credit to get approved for a home loan with great rates.

 

There is always something that can be done to improve those less than perfect reports even those with the worst information. Some consumers don't worry about their bad credit because they have a spouse who has good credit. That could be bad in the event of a disability, divorce, or death as everyone needs to establish their own personal credit. Sometimes credit repair is put off because of all the high debts owed and the thought that seeking some help could be expensive. This does not have to be the case and not doing nothing can lead to more problems. Bad reports have caused many consumers more problems. They may have to save to get what they want as they can't get a loan for an auto or home, and they must use cash for everything they purchase. Don't delay, start today to repair bad credit over time as it will benefit you. Begin with little steps and set a goal to fix it as it will be worth the time and effort.



Credit Report Improve

 

If bad credit needs to be improved, it is important to understand FICO scores and how they affect the interest rates lenders offer consumers.

Payment history is very important as is the amount of debt you have and these are the two biggest areas that impacts scores. The length of credit history, types of credit, and new credit only consume about a third of the information that is factored in to get your FICO score. Credit scoring software is used to plug in information from credit reports and that gives a FICO (Fair Isaac Corporation) score.

 

Payment history is important as it gives information about the number of accounts paid, any negative records or collections, and any delinquent accounts. There can be documentation about how long payments have been late, the number of past due items, or how long it has been since a past due payment. Because this information makes up a large part of credit scores, make sure to prevent any negative information by keeping accounts current with payments. This can help improve credit scores over time.

 

How much you owe for debts is a big factor for scores. This includes how much is owed on accounts and the types of accounts that have  balances. Other information includes how much revolving credit lines have been used and if you are over-extended. Installment loans and how much is owed as compared to the original balance is important as is the number of zero balance accounts. If you want to improve credit reports, pay down debts to reduce the available credit used.

 

Lenders do consider other factors that aren't included in reports like income, employment history, and the type of credit you want. Credit scores can vary among credit bureaus yet they should indicate about the same score. It can be helpful to know how your credit rates, so you will know if you need to rebuild bad credit or just improve an ok score. Having good scores can increase the chances that lenders will give you credit cards and loans with good terms.

 

To rebuild credit, make sure to pay bills on time every month, don't go over credit limits, and don't use more than 30 percent of your total available credit. Pay down bills and pay at least the minimum due or more on any debts. The minimum due is an amount that is required, yet it is best to pay more to pay down debt. Some companies report one late payment and that information can be on reports for years. Lenders may view you as a risky borrower when they see negative comments or late payments. Improving credit reports is possible but it may take some time. Order a credit report if you don't know what is on yours.



Credit Report Improve

  

For consumers planning on refinancing, it is best not to close credit card accounts as that could lower scores. Even though you may have a high annual fee card, for some circumstances it can be best to keep the card active even if the balance has been paid off. Often consumers who have a lot of credit cards that they have been paying off, do so with the goal of closing some of those accounts. But that can be a big mistake if you will be seeking to refinance a home. 

 

When credit scores are high, that needs to be protected when you want to get a loan. By canceling cards that have a long history it lowers the amount of available credit to debt ratio that is part of the scoring process. Then if your debt levels rise and you don't have much available credit, scores can drop, it could cause you to get a loan with higher interest fees. It could cost more in the long run by closing a card with a high annual or inactive fee.

 

With the credit crunch, getting approved for more cards may be harder so keeping credit cards can be best even if they are only used once in a while. It is usually not a good idea to eliminate credit cards that have been reporting good payment habits to credit reporting agencies. Most consumers plan on taking out loans for homes, a new auto, or other items at one time or other in their life. Make it a goal to keep track of credit scores on reports before seeking loans. If scores are low, repair them before applying for credit to get the best interest rates. Take control of your personal credit, order your credit reports.

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
Experian: 1-888-397-3742; www.experian.com
TransUnion: 1-800-680-7289; www.transunion.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
A security freeze on your credit report will prohibit a credit reporting agency from releasing your credit report without your express authorization. The security freeze is designed to prevent a credit reporting agency from releasing your credit report without your consent. However, you should be aware that using a security freeze to take control over who is allowed access to the personal and financial information in your credit report may delay, interfere with or prohibit the timely approval of any subsequent request or application you make regarding a new loan, credit, mortgage, , government services or payments, rental housing, , investment, license, cellular telephone, utilities, digital signature, Internet credit card transaction or other services, including an extension of credit at point of sale. When you place a security freeze on your credit report, you will be provided a personal identification number or password to use if you choose to remove the security freeze from your credit report or to authorize the temporary release of your credit report for a specific party or specific period of time while the security freeze is in place. To provide that authorization, you must contact the credit reporting agency and provide all the following:

 

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.



Visa Card Holder Scam Protection - Apparently Visa doesn't tolerate retailers who try to scam their card holders. 100 retailers who used the 'Negative Option' to cheat consumers just found that out.

 

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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Cons of Cosigning a High Risk Loan - Before you cosign a loan, be prepared for the worst.

*There's already doubt about the borrower's ability to repay, because he/she needed you to cosign due to their bad credit score.

*You are equally responsible for repaying the loan if the borrower doesn't cough up the cash.

*If the borrower makes a late payment, that could also affect your credit report score.

*If the borrower files bankruptcy for the debt and no longer has to repay it, you are still liable and can be sued for payment.

 

Advice: If you are asked to cosign a loan, assume the borrower will default and first ask yourself if you are able to make every payment. If so, instead of cosigning the loan, perhaps it would be safer for you to take out the loan solely in your name, and then you sub-lend that money as a person-to-person personal loan. You will make all the monthly payments regardless if the borrower repays you. With this alternative option, you will secure your good credit (and perhaps improve scores as well). Afterall; even if you choose to be a cosigner instead, you're still liable in the event of default.

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Credit Card Agreement Law - From prime to subprime, and from rewards cards to low limit bad credit card issuers, the new government law requires posting of Credit Card Agreements. Even if you are not currently a cardholder, the new law allows you to first preview credit card agreements, terms and conditions, before you submit your application. Compare agreements and terms of secured and unsecured credit cards so you can choose the best credit card offer for you.