The coronavirus has created a new group of scammers.
They want to steal your money, personal information, and often both. Government agencies, including the FBI, are alerting us that phone calls, texts or emails asking for personally identifiable information to be eligible for federal payments are not legitimate.
Many of the scams being used are re-works of classic financial scams. They use the pandemic and stimulus payments as a hook. People anxious to receive their stimulus money often take the bait and give up personal details before looking closely at the details.
Most of these scams use one of these tactics:
- Fake checks sent in the mail
- Phishing schemes sent out over text messages, email and social media
- Phone calls by impersonators pretending to be a government official
The fake check scammers create fake stimulus checks for more money than was expected. The victim is then notified that they were overpaid and need to send the overpayment back through various means, including cash, gift card or money transfers. Later, the fake check bounces and the victim is out the money they sent to the scammer.
The phishing scammers attempt to trick the victim by pretending to be someone who is known and trusted. They send out emails aimed at collecting the victims personal and/or financial information, such as Social Security numbers, bank account information or login information. They then use the information to drain the victims bank account, open credit cards, or other similar identity frauds.
Here are some tips to keep your stimulus check out of the hands of these scammers:
- The IRS will not call or text you about your stimulus payment.
- If you have filed taxes for 2018 and/or 2019, you don’t need to do anything to claim your stimulus payment.
- The official term for this payment is economic impact payment. If someone is using terms like coronavirus check or stimulus payment, there is a good chance they are scammers.
- It is not likely you will be overpaid by the IRS. They use your recent tax returns to calculate your payment. An overpayment could be a sign of the fake check scam.
During this pandemic, any of us can be particularly vulnerable. Be aware, be vigilant and remember, “If it feels too good to be true… It probably is!”
Paul Toepel is a CPA who has lived in Las Sendas for more than 18 years. His firm, Toepel Company P.C., is a full-service, Mesa based CPA firm offering a variety of services for more than 30 years.
These services include tax preparation and representation, accounting, fraud prevention, and QuickBooks setup and support. Their mission is, “To provide exceptional service, knowledge and experience, all while making you and your business successful.”