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Scams and Fraud
Detective Joseph Monger joined us to complete his presentation from last fall. There were so many questions previously that he didn't get through all of his points, so he was back.
Electronic records mean that there is always the chance of a breach. Since almost everything is stored electronically, you must monitor your critical information. Check your bank transactions frequently and report anything suspicious.
Romance scams are a prevalent way of stealing money. The caller will play on the emotions of lonely people and tailor their approach so that the victim trusts them. They will say they need money to visit in person, but something always delays the visit and requires more money. If the victim is asked to accept money and then transfer it to a third party, they are most likely helping in some kind of money laundering scheme.
A prevalent form of fraud is altering checks. Checks can be stolen from outgoing mail in a non-locked box or from an unattended wallet. The check can be scanned and the information reprinted on check stock with a different amount and payable line. Robbery of USPS employees has happened to get the keys to postal drop boxes. This gives the thieves access to large quantities of mail in which to look for checks.
If enough information is gathered, your bank account could be taken over by a thief. When this happens they will have complete control of your finances. Leaving identification and financial information (like a debit card or a check register) visible in your car can invite a break-in. The thief now has enough information to impersonate you at the bank and remove funds. You should always keep IDs with you or lock them in a secure area in your vehicle, like a trunk.
It is easier and faster to recover from fraud on a credit card than a debit card. If a fraudulent transaction is made on a debit card, the money is gone from your bank account and won't be returned until after an investigation concludes.
If a charitable organization requests donations, you should check their legitimacy and whether the money is used efficiently. The Charity Navigator website is a good resource.
If you have been scammed, you can report the incident to your local police or FBI. Reporting to the Federal Trade Commission, Facebook, PayPal, eBay, or other organizations used to commit the fraud can help prevent others from the perpetrators.