It appears the novel coronavirus is causing more than just damage to people’s health. This situation is causing some people to experience serious financial harm from scammers. They are taking advantage of individuals for their money. These are individuals who are well-intentioned and often uninformed.
Scams
There have been many different types of coronavirus scams created. The bottom line with all of them is they’re designed to get your money or your information in order to get to your money. Too many people have a desire to help those who have been hurt by the coronavirus. Their good intentions do not make them immune from scammers. Scammers are looking for any situation where they can create a way to trick someone into revealing the details of their personal finances. Some common scams are being used, but there are ways you can avoid being taken advantage of by them.
Online Scams
There are many different types of online fraud, but many of these fraudulent situations have some similar features.
*Websites that are IT themed. They claim their purpose is to assist you when you work remotely.
*Websites that are coronavirus-themed. They claim to track the disease or provide a way to help those impacted by it.
*Online investments labeled guaranteed or safe
IT Themed
It is understood that having a good internet connection is essential for people who must work remotely. Scammers have developed sophisticated methods designed to target individuals who are working from home. The scammers track specific companies who are having their employees work remotely. They are anxious to trick those employees into providing information as well as downloading malware. This is often done when scammers pose as IT help desk agents. Company websites routinely provide employee contact information. This makes it easy for scammers to directly contact their victims. They will send these individuals an email asking them to click on a link for important information about the company’s network. They may also request a victim to download a file.
Claims Of Preventing Disease
Scammers will often try and get money from people by promising to sell them a cure or preventative measure for COVID-19. These offers often come in the form of email offerings. The reality of these emails is they are often phishing scams intended to steal your sensitive information and use it to cause you financial harm. Explicit warnings have been issued to consumers by the Federal Trade Commission (FTC). These warnings state there currently are no types of prescriptions, vaccines, lozenges, pills, lotions, potions, or any other products available online or in stores that can treat or cure COVID-19.
Investments Labeled Guaranteed Or Safe
Many victims of scammers have been promised to experience a high return on an investment that is safe. They will try to sell these investments as safe from any market fluctuations caused by the coronavirus. Anybody hearing such a claim needs to be very careful. A promise of gains without any possibility of loss is always empty. Since the beginning of the coronavirus, scammers have been out in force. They are seeking individuals who are uninformed and want to believe there is an investment that is profitable as well as safe. Scammers have impersonated the FDIC and made promises of investments having little or no risk. You need to realize the FDIC regularly warns people about scammers using their names to commit fraud. The agency will not send people any type of unsolicited mail requesting personal information or money. The FDIC never asks anyone for details of their finances such as credit card numbers or bank account information.
When the markets are sinking, and you are losing money, it may be a challenge to think clearly. This is when you are most vulnerable to a scammer. Concern for your health combined with a lack of information can make you want to learn more about it from any source. This is when you may be tempted to open an attachment or click on an outbound link. This is a time when you must be mindful and aware of what could happen to you if you fall for an online scam.
Source: https://www.wsj.com/articles/in-quarantine-a-glimpse-of-what-retirement-might-look-like-11587135637
Investment Advisory Services offered through Retirement Wealth Advisors (RWA), a Registered Investment Advisor. Pennsylvania Wealth Management and RWA are not affiliated. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision.
This information is designed to provide general information on the subjects covered, it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Pennsylvania Wealth Management and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney.
Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products. Fixed insurance and annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Retirement Wealth Advisors.
Million Dollar Round Table (“MDRT”) is a membership organization. Qualifying criteria for membership includes attaining specified levels of commissions earned, premiums paid or income earned on the sale of insurance and other financial products. MDRT membership requirements include the payment of annual dues, compliance with ethical standards, and maintaining good standing with an MDRT-approved professional association. The MDRT logo and/or trademarks are property of their respective owners and no endorsement of Jason Bergey or Pennsylvania Wealth Management is stated or implied. MDRT and Retirement Wealth Advisors, Inc. (RWA) are not affiliated.