Finance Globe

U.S. financial and economic topics from several finance writers.
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Scams That are Targeting your Coronavirus Stimulus Checks

COVID-19 Scam - Dollars

Any time there is funding from the government, there is going to be scams out there to try to defraud you. Now scammers are going after your coronavirus stimulus checks. Many of you received a check, but if you were not aware, the federal government, has issued a one-time payment to tens of millions of Americans to provide financial relief amid this pandemic. The scams are focusing on college students and nursing home residents. The scams target aid like unemployment benefits and small business loans and really focus on cash-strapped Americans. To date, consumers have lost more than $40MM to coronavirus-related fraud.

One of the most common scams is fraudsters posing as officials from university financial departments. They send e-mails to students urging them to view a message about their Covid-19 economic stimulus checks, according to a warning issued by the Federal Trade Commission on Wednesday. This is a phishing scam where if the student clicks on the link, the fraudsters can steal the student’s username, password, and other personal information. They can also potentially download malware onto their device.

Also, some senior citizens have been defrauded as well. The fraudsters are trying to get senior citizens to sign over stimulus funds to them, claiming they’re entitled to the payments because the individual is on Medicaid. However, this isn’t allowed under federal law.

Make sure you project yourself from stimulus scams. Below are a few helpful tips.

  • Always verify the web address, or URL, of websites to ensure authenticity and always manually type them into your web browser.
  • Do not use any other website or service that claims to be able to process your economic impact payment or act as an intermediary between you and the IRS.
  • Do not share your personal information with anyone, whether claiming to be from the IRS or another business or agency offering to assist you with your stimulus payment. Payments will come directly from the Treasury Department.
  • Do not open attachments or click on any links within e-mails from senders you do not recognize.
  • Do not accept or deposit a stimulus check that someone else offers you other than one received directly from the Treasury Department through the mail


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Monday, 26 February 2024

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