too good to be true?
by Norma Jackson Goldman
Find out more about the Free Will Baptist Board of Retirement by calling toll-free (877) 767-7738.
Retired people, especially seniors, are prime targets for unscrupulous people who have devised ways to discover account information, passwords and other sensitive personal information. The most common scams relate to banking, credit cards, and sweepstakes.
TELEPHONE TRICKS
You may be snared by a telephone inquiry, asking for sensitive information so that your credit line can be increased. This ruse is a phony excuse for the caller to gain access to your account. Nearly every legitimate organization makes it a policy NEVER to ask for such data by telephone. Simply ask for the caller’s name and extension, saying you will call the organization directly. Use ONLY the customer information numbers provided on your most recent statement to report details of the inquiry.
E-MAIL SCAMS
You may receive an e-mail from someone claiming to represent your bank or lending institution (such as a mortgage holder) asking for a password or PIN number to verify that “they have reached the right person.” Even though the message may give your name, address or other details to trick you into thinking the message is legitimate, don’t reply. Instead, contact your bank or lender directly, using the customer information telephone number shown on your last statement to investigate further.
SWEEPSTAKES AND LOTTERIES
A caller may advise that you have just won some cash and ask you to send along several thousand dollars as a “token of good faith,” telling you that much more will be deposited to your account as soon as your money is received. Legitimate sweepstakes do not require any cash to be advanced by the winner
CREDIT CARDS
Carefully read the “Terms and Conditions” before accepting a card. The law requires companies to make such information public to prospective customers. Once you’ve accepted a credit card, you can be held to the terms and conditions of that specific organization. Limit the number of cards and authorized signatories. A friend related how a couple obtained a one-time shopping pass by simply claiming she had authorized them to be added to her account. The department store required neither her written permission, nor any photo identification from the couple when they provided her account number and her mother’s maiden name.
They purchased two $700 gift cards using the shopping pass, plus several hundred dollars’ worth of merchandise. Imagine her surprise when her monthly statement showed nearly $3,000 due! She wisely took these steps:
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She went into the department store immediately, challenging the addition of unauthorized signers.
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She closed the account, paid the balance due on her own charges, and asked for a new, zero balance statement.
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She promised to follow up if the zero balance statement had not arrived within 10 days.
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She prepared a written account of all that had transpired, notified the Better Business Bureau, and called the credit manager again on the tenth day.
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She cancelled her bank account, all existing credit cards and personal identification numbers, and asked for new account numbers, since she could not be certain what other personal financial information the couple had obtained.
Most major credit card holders will not hold individual consumers liable for undelivered goods or unauthorized transactions unless they can prove that you have been negligent. Check to see what your lenders or credit card companies term “negligent” under the printed Terms and Conditions they provide to you.
On internet agreements, here’s an important tip. When you click “I agree,” you can be legally bound to the agreement, so think twice before clicking.
Anytime you suspect a potential scam, check with the consumer affairs department of your state government. Too good to be true? It probably is!
About the Writer: Former magazine editor Norma Goldman enjoys a free-lance writing career in her retirement. She lives in Nashville, TN.
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