Less than a year ago, the feds nailed Bernie Madoff for bilking investors for over $50 billion. Just last week, Joseph Milanowski, former president of the real estate development investment company USA Capital, was sentenced to 12 years in prison and ordered to pay $86.9 million in restitution to over 1,000 victims for wire fraud. Every day you hear of another victim of identity theft or fraud. In response to this onslaught of financial pirates, last November, the Financial Fraud Enforcement task force was formed to crack down on some of these big schemers. According to the FBI, seniors are key targets. Why? The FBI contends we are generally trustful of others and are more susceptible to promises of big returns and get-rich-quick offers. Letās prove them wrong. Here are some guidelines to follow so you can avoid being a victim of fraud:
1. Know who you are dealing with ā callers or email offers may appear reputable and trustworthy, but do you know them personally? Have you checked them out with creditable resources? (e.g. Better Business Bureau, your investment advisor, your bank, etc.)
2. Donāt provide personal information over the phone or in reply to emails. (e.g. your Social Security number, passwords, account numbers, etc.)
3. Donāt be fooled by āalertsā or ānoticesā that your account will be closed if you donāt respond. You can always call back or email using the phone numbers or email addresses from your last statement to ensure they are who they say they are. Donāt use the phone numbers or email addresses they provide in the āalertā or ānotice.ā
4. Never sign āblankā forms or checks when ordering products or services.
5. As a rule, if it sounds too good to be true, it probably is.
If you become a victim of fraud, notify the FTCās Bureau of Consumer Protection at ftccomplaintassistant.gov.
