Your Ticket to National Consumer Protection Week 2010

Archive for the ‘Money’ Category

Investment Fraud

April 23rd, 2010
by Guest Blogger

[Today's guest blogger is Larry Dyekman, Director of Communications and Education at the National Futures Association.]

“GUARANTEED to double your money in six months!”

Let’s face it; those are words everyone wants to hear, especially when rebuilding from economic uncertainty. Unfortunately, those words are almost never true and many people have lost their life savings because they believed them.

Financial fraud has gotten a lot of attention lately. You might have seen these buzz words and names in recent news headlines: affinity fraud, ponzi schemes and Bernie Madoff. From low-income wage earners to retirees, doctors and political leaders, we are all vulnerable to the tactics of con-artists.

Don’t Become a Victim of Investment Fraud features our President and CEO Dan Roth as he discusses different types of investment fraud, common characteristics of investment scams and the importance of conducting a background check before making any kind of investment decision. Help educate your family, friends and neighbors against investment fraud by sharing these important tips with them.

Tags: brokers, investment fraud, investment scam, retirement plan
Posted in Investing, Money, Scam Watch | 4 Comments »

International Scams

April 1st, 2010
by Guest Blogger

[Today's guest blogger is Michelle Bernier-Toth, Bureau of Consular Affairs, U.S. Department of State.]

 

One of the primary missions of the Bureau of Consular Affairs at the U.S. Department of State is to protect the lives and interests of American citizens overseas. So, for April Fools’ Day, I’m reaching out to educate U.S. citizens about common international scams that fool hundreds of people out of thousands of dollars every year. In fact, one third of our callers report losses of over $10,000.

Romance scams make up nearly 80 percent of the incidents we see. Victims report that they meet scammers in chat rooms and on well-known dating websites. Scammers also can be found on special-interest sites for Christian singles, widows, and singles with disabilities. Not even the most reputable sites are guaranteed to be scam-proof. The U.S. Embassy in London created this video to help people spot and avoid romance scams.

We also see scams that involve alleged business ventures or bank holdings. The FBI regularly publishes alerts about new e-scams on its website.

In addition, citizens have reported fraudulent websites directing them to pay their passport fees online. To avoid these scams, follow the passport application instructions on our official State Department website.

Similarly, non-U.S. citizens sometimes fall victim to scams when they trust unofficial websites, e-mails or print advertisements with fraudulent information about the visa application process. Read our Fraud Warning for more information.

Report frauds and scams to the Federal Trade Commission.

Here in the Bureau of Consular Affairs, we routinely provide services to U.S. citizens in distress abroad. Citizens may reach out to any of our embassies and consulates overseas. We also provide emergency financial assistance for U.S. citizens abroad. If you, or someone you know, needs emergency assistance abroad, you may call our overseas citizens services line at 1-888-407-4747, or if you are overseas you may call 202-501-4444. 

To learn more about our office, visit travel.state.gov, become a Facebook fan of the U.S. Department of State: Consular Affairs, follow us on Twitter @TravelGov, or read the DipNote blog – Travel section.

Tags: dating site, International, online dating, romance, scams
Posted in Money, Scam Watch | 4 Comments »

National Financial Capability Challenge

February 23rd, 2010
by Nicole

A few weeks ago, my colleague Colleen wrote about the challenges of her first credit card. Many of us have had similar experiences—when we realize we won’t be able to pay off our debt as quickly and easily as we thought. More than ever, it’s important that kids and young adults learn practical financial skills, so they can avoid costly mistakes.

The U.S. Department of the Treasury and the U.S Department of Education have teamed up to launch the National Financial Capability Challenge for 2010. The Challenge is an awards program designed to increase the financial knowledge and capability of high school students.

During February and March, educators who accept the challenge will teach students the basics of personal finance. Then, students will take a voluntary online exam. In April, educators and top-scoring students will receive award certificates, and schools and states with the highest participation rates will earn special distinction. 

All educators working with U.S students (ages 13-19) are encouraged to register for the Challenge, download the free Educator Toolkit, prepare their students, and administer the online exam.

Registration ends on March 14, so please spread the word to high school educators in your local community!

Tags: budget, children, education, financial literacy, high school, kids, teaching
Posted in Credit and Debt, For Kids, Money | No Comments »

BBB Lists Top Scams of 2009 and New Year’s Resolutions for 2010

February 22nd, 2010
by Guest Blogger

[Today's guest blogger is Alison from the Council of Better Business Bureaus.]

The Better Business Bureau has released its list of the top scams and rip-offs of 2009. Free trial offers capped the list, including online offers for acai berry diet supplements and teeth whiteners.

If you were ripped off by a free trial offer last year, you’re not alone. According to a survey by Visa, 29% of Americans believe that they have been deceived by a free trial offer online.

Other high ranking scams were grant assistance scams, robocalls, and lottery sweepstakes scams.

With the economy still climbing out of a slump and the unemployment rate still in the double digits, consumers literally can’t afford to waste money on scams or with untrustworthy businesses.

This year, resolve to be a savvier consumer. The BBB can help. For simple ways to become a savvier consumer in 2010, check out this list of top ten New Year’s Resolutions.

Tags: BBB, scams, tips
Posted in Money, Scam Watch | 3 Comments »

A Behind-the-Scenes Look with a Convicted Business Opportunity Scam Artist

February 1st, 2010
by Alvaro

During uncertain economic times like these, a lot of people are looking for ways to earn some extra money and make ends meet. If you’re among them, maybe you’ve noticed ads on TV, in the papers or online that tout business opportunities. They guarantee you can make a lot of money, in a short period of time, with little to no effort. The offers can be awfully tempting, but many of these operations are run by scam artists who take your money up front and never deliver on the earnings they promised.

Fraud: An Inside Look  is a video from the Federal Trade Commission that takes you behind the scenes with a convicted business opportunity scammer as he reveals the tricks he used to cheat people out of their money. You’ll also hear first-hand from two people who got caught up in bogus business opportunities and learn what questions to ask to tell if a business opportunity is a scam or the real deal.

If you’re considering buying into a business opportunity, do your homework first. Our publication Could ‘Biz Opp’ Offers Be Out For Your Coffers? tells you how. And if you think you’ve seen a business opportunity that is a scam, report it to the FTC.

Tags: business, franchise, invest, opportunity, scams
Posted in For Business, Money, Scam Watch | No Comments »

New Video Explains Rights of Consumers Facing Debt Collection

January 22nd, 2010
by Lisa

During uncertain economic times, it’s especially important that people not only know how to manage their debt, but also their interactions with debt collectors. To remind people of their rights – and debt collectors of their obligations – the Federal Trade Commission is featuring a new video at ww.ftc.gov/MoneyMatters. The video also is available in Spanish.

The FTC’s Money Matters website offers information about avoiding scams, dealing with mortgages and loan modifications, using job placement services, applying for credit and loans, and coping with debt. These materials are available in Spanish as well.

Feel free to pass this along to organizations and individuals in your network.

Tags: bill collectors, credit, debt collection
Posted in Banking, Credit and Debt, Money | 5 Comments »

It’s Never Too Early for Dollars and Sense

December 31st, 2009
by Lisa

A few weeks ago, my four-year-old was excitedly flipping through a department store circular filled with toy ads. As he sat there mesmerized by the brightly colored action figures, trucks and building blocks, I cautioned him to pick only three things that he wanted for Christmas.

I may as well have asked him to solve the Riemann hypothesis. When you’re four, it’s virtually impossible to fathom a world in which wallets have limits — especially when there’s something you really, really, really want.

For parents like me, National Consumer Protection Week is an ideal time to introduce kids to the concepts of money and budgeting. This year’s theme — Dollars & Sense: Rated A for All Ages — is a reminder that the lessons of responsible spending, budgeting and overall money management can never be taught too early — and never learned too late.

In fact, this year we have added a new section to the NCPW website just for kids and parents. As NCPW gets closer, we’ll be adding more resources to this page and highlighting some of them on the blog. After all, being a smart consumer isn’t something you get from your parents naturally, like hair color. And it doesn’t come with a diploma the way free chips (or a bag of carrots) come with the lunch special. It’s a skill that must be developed from an early age, and it helps to have cool websites and funny videos.

I still have a long way to go with my four-year-old, so I’ll be checking the kids page often. I hope you’ll join me!

Tags: budget, children, kids, Money, teaching
Posted in For Kids, Money | 6 Comments »

Gift Card Tips for the Holidays

December 23rd, 2009
by Guest Blogger

Are you tired of guessing what your friends and family want for the holidays? I know I’ve given my Dad one too many sweaters that I’ve never seen him wear. Lots of folks like me are thinking of giving gift cards this year. I’m an attorney at the Federal Trade Commission, and I’d like to share some tips for giving and receiving gift cards.

Giving Gift Cards

Buy from trusted sources. Steer clear of buying gift cards from online auction sites because the cards may be fake.

If you buy a card from a company that files for bankruptcy, the recipient may end up with a card they can’t use.

Check the expiration dates and fees for the card you’re considering. You’d hate to give a gift card only to find out that the fees ate up much of the value.

Don’t forget to give the receipt with the card in case the recipient loses the card.

Receiving Gift Cards

If you’ve received a gift card, use it quickly before you lose it or fees kick in. If your gift card is lost or stolen, you may be out the whole amount. Report it to the issuer right away.

Related Resources

Next holiday season, you’ll be able to give gift cards with even greater confidence. Additional protections will kick in to limit the ability of gift card issuers to impose fees and early expiration dates.

Check out more helpful tips on giving and receiving gift cards. Happy Holidays!

~Alysa

Tags: gift cards, holiday
Posted in Money | 6 Comments »