Avoiding Coronavirus Financial Scams - Merchant Stronghold

The coronavirus outbreak has discovered ways to impact our lives in nearly every possible way. One area that is often neglected is the area of fraud in the financial sector. Some criminals have targeted vulnerable people in these economic times to make money.

In response to these threats, we have decided to develop a thorough and extensive guide that explains the various kinds of financial frauds involving coronavirus that are currently affecting the general public.

COVID-19 FDIC AND Bank Scams

It is reported that the Federal Deposit Insurance Corporation (FDIC) has received complaints of fraudulent emails that appear to have the appearance of coming from this organization. The scammers know that people are accustomed to the FDIC name, which is why fraudsters make use of the FDIC's logo and name, and also the name of real employees in committing frauds.

The scams could comprise a variety of channels, including emails telephone calls, letters, texts, faxes along with social media. They may ask users to "confirm" or "update" sensitive financial details of yours like banking account numbers. In other instances, it could include an offer to aid victims of previous or current frauds in an investigation in order to recover the losses.

Prevention Tips Against FDIC COVID-19 Scams

Tip for HTML0 - The FDIC will not send you unsolicited messages asking for money or personal information that is sensitive It will not send unsolicited correspondence to threaten you.

Tip: There is no government agency that will ever require you to pay with a gift card, wire money, or even digital currency.

Tips - Tip - The FDIC will not contact you for personal information like bank account details as well as debit or credit card numbers social security numbers, or passwords.

COVID-19 Stimulus Check & Economic Payment Scams

HTML0 The IRS advises financial institutions to remind their customers of the importance of practicing secure personal security and being alert to fraudulent account creation and use and to report any possible crimes to local, state, or federal police officials. Scammers use stimulus payments in an attempt to rip people off. They could try to force customers to shell out a cost to get your stimulus payments. They might also attempt to persuade you to provide them with the details of your Social Security number, bank account, or debit card number.

IRS Tips to avoid COVID-19 scams for payment

Tips - Use only irs.gov/coronavirus for information submitted to the IRS but never as a response to a phone call text or email.

Tips - Tips - IRS won't reach out to you via phone via email, text message, or via social media to inform you regarding your stimulus payments.

Tips - Tips - IRS will not tell you to cash your stimulus check and then give them cash back because they owe the IRS more money than what they owe you. This is a scam with fake checks.

Tips - Concerning Scams on Websites If you discover an online site that claims to be from the IRS and you suspect that it's fraudulent, you can send an URL to the questionable website at phishing@irs.gov and include the message "Suspicious Website".

Tip Check for any suspicious charges that appear to be coming from your accounts with financial institutions. If you suspect that your accounts might be compromised, you should contact your financial institution right away and close your accounts.

Tips for Email Scams - If received an email that claims to come from the IRS don't reply or click on attachments or hyperlinks. Send the email in its entirety to phishing@irs.gov and then delete the email that was sent to you in the first place.

Tip - To keep up-to-date on the latest scams go to consumer.ftc.gov/features/scam-alerts and click on the "get email updates" link.

COVID-19 Gift Card Scams

The scams involving gift cards are among the most well-known kinds of frauds that steal money. Criminals are able to impersonate an individual in authority, a government official or a charity organization and use techniques of social engineering to get their victim to purchase a gift card, and then provide the code on the back of the card in order to take its value. It is essential to not give any individual or organization the numbers of your gift card in the rear of your physical card and also the digital claim codes that is included with the online credit card. Law enforcement and government officials are not required to provide the gift card number to cover expenses. If a colleague or supervisor asks for a gift card purchase do not respond in the mail. Instead, reach out to the person by using a reliable phone number or email address.

Tips - According to the FTC If you've purchased a fraudulent gift card, you should report the scam as soon as it is possible. Contact the card's company and inform them that it was fraudulently used to fund fraud. Tell the FTC about the scam - or any other scams - at FTC.GOV/COMPLAINT Your report could help authorities in law enforcement launch investigations that will stop fraudulent and other fraudsters from being caught in the act.

Hope you like this article, if you need any kind of merchant services and payment gateway services you can consider Merchant Stronghold. For more details, visit - https://www.merchantstronghold.com/

Original Source - https://bit.ly/3DmBG2F

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