The Week in Review: April 13, 2020
Social Distancing from COVID-19 Scams
An economic and health crisis has its roots in a global pandemic. None of us has escaped the impact. When a natural disaster hits, it is not uncommon for con artists to raise money via fraudulent charities. Today’s natural disaster is no different, but the complexity of scams has grown considerably.
Let’s look at some of the common scams as noted by the Federal Trade Commission.
Stimulus checks. Did you file your 2018 or 2019 tax return? If you did, that’s all you need to do. If you qualify based on your income, you will receive a check. Anyone calling you to “sign up” for your payment is looking to scam you. Do not give out your social security number, bank information, or PayPal account. Simply hang up. Anyone who claims to have early access to the money is a scammer.
Ignore online offers for vaccinations and home test kits. There are no products proven to treat or prevent COVID-19 at this time.
Hang up on robocalls. Scammers are using illegal robocalls to pitch everything from low-priced health insurance to work-at-home schemes. And more. Don’t press any numbers to be placed on a do-not-not-call list. That tells the fraudster you’re a live number, and you’ll likely receive more calls. Just hang up the phone.
Watch out for emails claiming to be from the CDC or the World Health Organization. Many are simply phishing scams designed to trick you into providing sensitive information such as your bank PIN, account number, and more.
Be careful with any links that might be contained in the email. Many contain malware or ransomware designed to play havoc with your computer.
Do not trust caller ID. Scam calls may show up on caller IDs as the Social Security Administration (SSA) and look like the agency’s real number, but it’s not the SSA calling. The same can be said with your bank or the IRS. Your bank, the IRS, and the SSA will never call you and ask for sensitive financial information over the phone.
Think about it. Why would your bank call and ask for your PIN or credit card number? They already have it in their database. Scammers are hoping to catch you off guard so they can steal cash.
The Securities and Exchange Commission (SEC) has warned of a proliferation of investment scams that include fraudulent claims of a vaccine or cure. The criminal’s goal—encourage you to invest in companies that they claim will soar in value.
Ads for masks and other questionable products that the company claims will protect you from COVID-19 are proliferating on social media. Scammers are preying on your fears. I get it—it’s an unsettling time. But it’s best to buy from a reputable company.
The list is not all-inclusive. New scams are cropping up all the time. Please use common sense since the potential for fraud is higher than ever.
While I am confident the pandemic will peak and recede, uncertainty breeds fear, and there are criminals all over the world ready to cash in on your fear.
If you have any questions or concerns, please feel free to reach out to me, Will, or Tyler. We are here to help.
Two for the Road
American shale producers, which have helped the U.S. become a net energy exporter, need roughly $44 per barrel to break even. —The Week, March 14, 2020
Shares of Zoom technologies (ZOOM) went up 96.4% the week of March 2nd even though the company hasn’t reported any revenue since 2011. Investors confused the stock ticker symbol with Zoom Video (ZM), the conferencing service. ZOOM had also spiked 52% on the day of ZM’s IPO. —MarketWatch, March 27, 2020
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