Scams are very similar to phishing, but are not usually interested in obtaining your details, they often appeal to a sense of compassion or to human greed. They often attack someone’s emotions just like these Top 10 Financial Scams pointed to us by NyDailyNews.
Top 10 Financial Scams To Avoid
1. Fake foreclosure prevention
Scammers claim they can negotiate with lenders, then pressure desperate homeowners to pay an upfront fee for nothing in return. Some even persuade homeowners to sign over their deeds for credit repair — taking not just your house but all the equity you put into it, too.
2. Phony debt consolidation
Debt consolidation loans can promise to wrap up all your bills in one easy-to-manage monthly payment — but they can’t wipe out what you owe. Some try to leverage your bills against the value of your house and could leave you homeless as well as broke.
3. Unscrupulous employment agencies
Stay away from employment agencies that guarantee you a job. Be wary of any that want to charge you an upfront fee — few are allowed to, and you can demand a refund at any time before being placed in a job. Legitimate agencies are licensed by the city and give you detailed written contracts. Call 311 to see if an agency qualifies.
4. Online job scams
Beware of online-only job postings that want you to turn over your Social Security number or pay a “background check” fee. Some Internet ingrates send out e-mails pretending to be from legitimate job search sites like Monster.com or Careerbuilder.com, so read very carefully.
5. Work-at-home frauds
Unsolicited pitches to make big money working from home usually have a catch. If a con artist sends you a check as upfront payment, beware — he or she can use it to siphon up your bank account information, and the check likely will bounce.
6. Bogus “going out of business” sales
A store needs a special license from the Department of Consumer Affairs to hold a “going out of business” or “liquidation” sale. If the store can’t produce it, something fishy’s going on.
7. Rent-to-own ripoffs
Renting furniture you can’t afford to buy is almost always a bad deal. Those low monthly payments add up to two or three times the upfront price, and you can lose it all if you miss just one payment.
8. Sleazy debt collectors
If you owe money, a debt collector can call only between 8 a.m. and 9 p.m., no more than twice a week, and cannot harass your employer, threaten violence, swear or make false statements. You have the right to question any debt. If a collector doesn’t follow the rules, call 311.
9. Credit counseling scams
Reputable credit counselors don’t charge high upfront or monthly fees, or pressure you for credit card and bank account numbers. Ask questions and read the fine print.
10. Tax refund loans
They’re legal, but usually a ripoff, charging you outrageous interest rates just to get at your own tax rebate money a few weeks early.
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