Avoiding Financial Scams During the COVID-19 Pandemic

We are all trying to navigate a “new normal” in our daily lives. It has been inspiring to see how many individuals, small businesses, and families are coming together to lift up their community and strive to make a difference in the lives of those who are facing difficulties. 

Yet, despite this new “distant” community connection, we must still be wary of scams that try to take advantage of the vulnerability and generosity that we see today.

We have some basic tips to keep yourself safe from scammers during these times.

3 Essential Rules:

  1. Do not give your Social Security number, any bank account numbers, or credit/debit card numbers to someone over the phone. You have no way of guaranteeing the identity of whoever is on the other line. 
  2. If someone solicits you for something that you’ve “won,” an investment opportunity, or a “limited time offer,” walk away. If it seems too good to be true, IT IS. 
  3. If you are looking at financing or loan options, look for the Truth in Lending Act within the loan documents. If you are unable to find reasonable interest rates on a personal loan, contact HFLA of Northeast Ohio.

From the Ohio Department of Health: 

  • Robocalls – Never provide personal information such as social security numbers, bank account numbers, or credit card numbers to automated messages. If you think that the message is legitimate, call the organization via a local branch number and speak to a representative. 
  • Emails from the Federal Centers for Disease Control and Prevention (CDC) – Legitimate information is available from the CDC via coronavirus.gov and from the Ohio Department of Health at coronavirus.ohio.gov. 
  • Federal stimulus checks – Updates can be found on the Federal Trade Commission website: https://www.consumer.ftc.gov/blog/2020/03/checks-government – You WILL NOT need to pay money in order to receive your stimulus check, you WILL NOT need to provide social security numbers, bank account numbers, or credit card numbers. DO NOT GIVE THIS INFORMATION OUT.
  • Research charities before donating (that includes us!) – Find a database of registered charities on the Ohio Attorney General’s website: https://charitableregistration.ohioattorneygeneral.gov/Charities/Research-Charities.aspx

If you suspect unfair or deceptive sales practices, contact the office of Ohio Attorney General Dave Yost: www.ohioprotects.org – 1-800-282-0515

Keep up to date with the latest scam alerts on the Federal Trade Commission website: https://www.consumer.ftc.gov/features/scam-alerts