Bitcoin and Cryptocurrency Trading for Beginners 2021: 3 Books in 1

Title: Bitcoin and Cryptocurrency Trading for Beginners 2021: 3 Books in 1: The Ultimate Guide to Start Investing in Crypto and Make Massive Profit with Bitcoin, Altcoin, Non-Fungible Tokens and Crypto Art

Author: Nicholas Scott

Paperback: 397 pages

Publisher: Independently published

Publishing date: April 11, 2021

Who is this book for? 

  • Aspiring cryptocurrency investors who are looking for advice on entering this unique market. 
  • Experienced cryptocurrency investors who want to expand their knowledge of cryptocurrency, non-fungible tokens (NFTs) and crypto art.
  • Readers who don’t want to take the risk of investing in cryptocurrency, but are interested in learning how it works. 

What’s inside this book?

  • A down-to-earth beginner’s guide into the world of crypto investing. 
  • Advanced analysis of the cryptocurrency market. 
  • Tips and tricks for making it big through cryptocurrency.
  • Strategies for choosing the perfect coin and keeping your investments safe. 
  • A step-by-step guide for creating and selling your own NFTs. 

3 lessons you’ll learn from this book: 

  1. How to make your first cryptocurrency investment.
  2. How to build the perfect cryptocurrency trading strategy.
  3. The 6 secret qualities of a high-value NFT.

5 questions this book will answer for you: 

  1. What is cryptocurrency and how does it work? 
  2. Is it a good idea to invest in cryptocurrency? 
  3. What are NFTs and why are they the currency of the future? 
  4. How can NFTs be used in the digital world?
  5. What is crypto art? 

What people are saying about this book: 

  • “Don’t know what a Bitcoin is? Confused by cryptocurrency and art? These three books explain what they are and how to invest in them. The author also explains how crypto art can be a profitable investment.”
  • “I found this book understandable and well written. I found the part on the NFTs really interesting. I used to be skeptical about NFTs, but after reading this book, I understood how they work and how they can be used as an investment.”

Your Turn: What did you think of Bitcoin and Cryptocurrency Trading for Beginners? Share your opinion in the comments. 

Scam Free Summer

Hello, summer! It’s the season of flip-flops and ice pops, of sun-drenched afternoons and lazy days at the beach. And, unfortunately, summertime is also prime time for scammers. People are more relaxed, schedules are looser and vacationers are traveling in unfamiliar locations. All of this can lead people to let their guard down during the summer, and the scammers know it. 

Don’t get scammed this summer! Follow these tips to stay safe. 

1. Never pay for a “prize” vacation

So you won an all-expense-paid trip to Aruba? Or a vacay in a remote French chalet? Sounds like a dream come true, but if you follow through, you’ll be caught up in a nightmare.  If you’re asked to pay even a small fee to claim a free vacation prize, you’re looking at a scam. A legitimate company will never ask winners to pay a fee for a prize.

2. Use a credit card when traveling

A credit card will offer you the most protection in case something goes wrong. You’ll be able to dispute unauthorized charges, and in most cases, reclaim your lost funds.

3. Ignore celebrity messages

Celebrities might have a direct line with the public through their social media platforms, but don’t believe a private message appearing to be from your favorite movie star, singer or athlete. A direct message from a celeb asking for money for a charity, or claiming you’ve won a prize, but need to pay a processing fee, is a scam.

4. Check for skimmers at the pump

If you’ll be spending a lot of time on the road this summer, and pumping gas in unfamiliar places, it’s a good idea to check the card reader for skimmers before going ahead with your transaction. A card skimmer will read your credit or debit card information, enabling a scammer to empty your accounts. Here’s how to check for a skimmer on a card reader:

  • Try to wiggle the card reader; this should dislodge a skimmer if there is one. 
  • Check the keypad to see if it looks newer than the rest of the card reader.
  • Touch the surface of the keypad to see if it’s raised.

5. Research vacation rentals carefully before booking

With so many vacationers now booking stays at private homes instead of hotels, scamming travelers is easy. All it takes is a few fake photos, a bogus address, and you’ve got yourself a fake vacation rental. In other vacation rental scams, scammers will falsely advertise a rental as a beachfront property when it’s not, claim that it’s larger or more up-to-date than it is or promise amenities that are missing when you arrive. 

Don’t get scammed! Before booking a vacation rental, read the reviews left by previous guests. If there aren’t any, or they don’t sound authentic, you’re likely looking at a scam. You can also look up the address of the rental to see if it in fact exists and if the location matches the description in the listing. As another precaution, you can ask the owner for more details about the property just to see their reaction; if they sound vague or uneasy, it’s likely a scam. Finally, as mentioned above, use a credit card to pay for the stay so you can dispute the charges if it ends up being a scam.

6. Vet potential contractors well

Contractors who go from door-to-door looking for work are a fairly common summertime sight. Unfortunately, though, some of these “contractors” are actually scammers who are only looking to con innocent homeowners out of their money. They’ll deliver shoddy work at an inflated price, go AWOL once a down payment on the job’s been made or do more harm than good with their “home improvement” work.

It’s best to only hire contractors whom you’ve personally reached out to instead of waiting for one to come knocking on your door. Also, before hiring, thoroughly research a potential contractor, asking for contact info of previous clients, checking out their online presence and looking up the business on the BBB website. Finally, it’s best not to agree to pay more than a third of the total cost of a job before the work commences. Even then, only pay when you see the materials arrive. 

Don’t let summertime turn into scam-time. Stay alert, follow the tips outlined above, and stay safe!

Your Turn: What are your tips for a scam-free summer? Share them with us in the comments. 

Scam Alert: Beware Child Tax Credit Scams

The Child Tax Credit, a part of the American Rescue Plan Act of 2021 that takes effect in July, is already drawing the attention of scammers. The newly expanded Child Tax Credit (CTC) will provide monthly payments of up to $300 per child for approximately 40 million households across the country. Payments will be issued via direct deposit, paper check, or debit cards, providing a plethora of opportunities for scammers to get in on the action.

Here’s what you need to know about Child Tax Credit scams and how to avoid them.

How the scams play out

There are several variations of the Child Tax Credit scam, each ultimately designed to trick parents and guardians out of their rightful CTC funds.

In one variation of the scam, victims receive phone calls, emails or social media messages appearing to be from the IRS and asking them to authenticate their personal details or share sensitive information in order to receive their CTC funds. In lieu of pretending to represent the IRS, the scammer may also claim to be in the position of “helping” the victim receive their funds. Unfortunately, in either scenario, if the victim follows the instructions of the contact, they will be playing right into the hands of a scammer.

In another variation of the scam, victims land on a spoofed government website where they are prompted to input their personal information. This scam is especially common, as the IRS has announced that it will be launching two web-based portals for families who’d like to update their information for the CTC: one for taxpayers who file annual returns and would like to share their banking details or a change in the number of dependents they have in their household, and one for taxpayers whose income level falls below the threshold for filing returns. While the two separate sites will make the application process smoother for the IRS, they also open the door for more bogus sites to spring up and snag unsuspecting victims in their trap.

What you need to know about the Child Tax Credit

As always, knowledge is your best protection against potential scams. Here’s what you need to know about the CTC and the way the IRS operates:

  • The IRS does not make unsolicited calls or emails. All official communications from the IRS are sent via standard USPS mail. The IRS will never call, email, text, or DM you asking you to share sensitive information.
  • You do not need to take any action or share personal information to receive the Child Tax Credit. If you’ve filed taxes in 2020, or even in 2019, and you’re eligible to receive the CTC funds, they will arrive via paper check, debit card or direct deposit without any action on your part. You only need to update information on one of the upcoming IRS portals if you’ve had a change in income, the number of dependents in your household or you’d like to share your banking information with the IRS.
  • Only the IRS will be issuing the Child Tax Credits. Anyone else claiming to “help” you receive the payments is a scammer.

If you’ve been targeted

As the date of the first advanced CTC approaches, scams are exploding everywhere. If you believe you’ve been targeted by a CTC scam, follow the cardinal rule of personal safety by never sharing sensitive data with an unverified source. Triple-check the URL on any IRS webpage you visit, as these are easily spoofed. Note that all authentic government sites will end in .gov. Finally, report all suspicious activity to the IRS and the FTC immediately.

For additional information on the upcoming Child Tax Credits, to check if you qualify or to update your dependent or banking information, visit the IRS’s CTC webpage directly at IRS.gov.

The advanced Child Tax Credits will help millions of families struggling with the economic fallout of the pandemic, but scammers can ruin it all. Follow the tips outlined above and stay safe!

Your Turn: Have you been targeted by a Child Tax Credit scam? Tell us about it in the comments.

Is Plaid Safe?

Q: When using peer-to-peer payment apps, banking apps and free-trading apps, I’m often redirected to the Plaid network, where I’m asked to input personal information. Can I feel safe using Plaid?

A: The instinct to be wary of any service that’s asking you to share sensitive information is appropriate and commendable. Most financial apps will ask you to share your banking information, and some will even ask you to share your Social Security number. But it begs the important question; Should you be sharing this information?

While the safety and security of each financial app is individual, apps that are powered by Plaid are safe to use. Plaid is a reputable company that uses encryption and industry-standard security measures to protect your sensitive information.

Here’s what you need to know about Plaid.

What is Plaid? 

Plaid is a financial technology company that serves as an intermediary between financial services and their users. Apps like Venmo, You Need a Budget and Robinhood use Plaid to securely link their users’ financial accounts to their own platforms. This way, the financial apps do not have access to their users’ information; they instead rely on Plaid to supply it for them.

Plaid works by using a universal Application Programming Interface (API) to share users’ data with other applications. APIs are software intermediaries that allow two different applications to communicate. Plaid has developed an API that can be used by any financial institution or application, making it simpler and safer for users to share their financial information digitally.

How does Plaid work?

When you sign up for any of the 3,000+ financial applications currently powered by Plaid, you’ll be asked to choose your financial institution from a list that’s provided by Plaid. Next, you’ll enter your banking login info and password. Some apps will have you create a new password at this point. Once you’ve logged in, Plaid securely shares the information you’ve chosen to link, such as your checking account number, with the app you’re using.

It’s important to note that Plaid itself does not move money around. The technology merely enables other financial apps and their users to send funds from one account to another. Plaid holds onto your encrypted password information without touching your money, while the linked financial app can move your money, but cannot access or know your login credentials.

Is Plaid safe?

Sharing personal information with an app can be unsettling — and it should be. However, you can rest easy, knowing that Plaid uses the highest levels of security possible. When you link your checking account with a financial application by using Plaid, the company instantly encrypts the sensitive data and then shares it with the application using a secure connection.

According to the Plaid website, the company uses these measures to keep your information secure:

  • End-to-end data encryption. Plaid uses a combination of the Advanced Encryption Standard (AES-256) and Transport Layer Security (TLS) to keep your personal information completely safe.
  • Multi-factor authentication.  An extra login step adds another layer of security.
  • Cloud infrastructure. Plaid uses secure cloud infrastructure technologies to enable quick and safe connection.
  • Robust monitoring. The Plaid API and all related components are continuously monitored by a security team.
  • Third-party security reviews. Security researchers and financial institutions regularly audit Plaid’s API and security controls.

When using an application that is powered through Plaid, practice standard online safety measures. Check the URL to ensure you have the correct site, look for the lock icon and the “s” following the “http” in the address. Also, make sure the security settings on your device are updated and set to their strongest levels. Finally, if you need to choose a new password for the app, be sure to choose a strong, unique code and not to share it with anyone.

In a world that is increasingly mobile, Plaid safely connects users to thousands of financial apps and 11,000 financial institutions across the country. Follow basic online safety protocol, keep your login info private, and you can use Plaid knowing your information is secure.

Your Turn: What steps do you take to keep your data safe? Tell us about it in the comments.

Learn More:
getdivvy.com
plaid.com

Micro-Deposit Scams

It probably doesn’t surprise you to know that scammers are always coming up with creative ways to con people out of their money. Recently, there’s been an uptick in an old scam in which crooks reach out to targets and try to gain access to their accounts through micro-deposits. Unfortunately, too many people have already fallen for this scam, and we don’t want our members getting caught in the trap. To that end, we’ve compiled this guide on micro-deposit scams, how they play out and what you can do if you’re targeted.

What is a micro-deposit?

Before we can explore the actual scam, it’s important to understand how a micro-deposit works.

Micro-deposits are small sums of money transferred online from one financial account to another. The purpose of the deposits is to verify if the account on the receiving end is actually the account the sender intended to reach. Micro-deposits are generally less than $1 and can be as small as $0.02. They are also typically deposited in pairs; within one to three business days of linking accounts, two micro-deposits should appear in your account.

As mentioned, micro-deposits are primarily used to verify account ownership. For example, if you’d like to link your checking account at Advantage One Credit Union with an investment account, the investment brokerage firm will want to verify that it’s sending your dividends to the correct account. Before sending any of your investment earnings, it’ll do a test run by sending a pair of micro-deposits to your checking account. You’ll be notified that the firm has sent these deposits, and asked to verify the amount of the deposit by logging into your newly linked account. Once you’ve completed this step, the brokerage account will withdraw the small amount of money sent through the micro-deposits and proceed with regular deposits of investment dividends, as planned.

How the scams play out

Micro-deposit scams can take one of two forms.

In one type of micro-deposit scam, a crook will open as many investment accounts as they can, linking each one to one of a handful of bank accounts. When the micro-deposits begin to come in, the scammer will quickly transfer the money to another account before the brokerage company withdraws the deposits. Though each micro-deposit is small, when multiplied by thousands, the scammer can pull in quite a lot of money  — until they get caught, that is.

But it’s the other type of micro-deposit scam that concerns us more — and should concern you as well. In this scam, crooks will link brokerage accounts with strings of random numbers, hoping to hit a valid account. When a deposit is verified from an account, they will use additional information about the account holder to withdraw funds from this account as they please. Unfortunately, many people are uninformed about this scam and innocently verify the micro-deposits, giving the scammers free access to their accounts.

[Here at Advantage One Credit Union, we’ve had an alarming number of micro-deposits made to some of our members’ accounts. To protect our members and their money, we’ve started sending automatic text message alerts to members when they’ve received a micro-deposit. This way, the member knows about the deposit and, if they don’t recognize the sender, they can let us know they’ve been targeted by a scammer. We can then refuse to let the deposit clear and consider placing a fraud alert on the member’s account. Most importantly, the member will know they’ve been targeted and they can refuse to verify the deposit.]

What to do if you’re targeted

Micro-deposits are small enough to fly under the radar and you may unknowingly verify one of these deposits with an uninformed click. [However, now that we’ve initiated our micro-deposit alert system, you will know when to be on the lookout for a micro-deposit and the verification request that follows it.] Here’s what to do if you’ve received a micro-deposit from an unknown source:

  • Do not verify the deposit. Without verification, the scammer won’t know they’ve hit an authentic account.
  • Do not click on any links embedded in the verification request message or download any attachments.
  • Let us know you’ve been targeted.
  • Report the scam to the Federal Trade Commission at FTC.gov so they can do their part in catching the scammers.
  • Let your friends and family know about the scam so they can be on the alert as well.

Scammers are using micro-deposits to gain access to our members’ accounts, but Advantage One Credit Union is doing everything possible to stop them before they can do any real damage. Together, we can beat the scammers at their game and protect your accounts and your money. Stay safe!

Your Turn: Have you been targeted by a micro-deposit scam? Share your experience in the comments.

Lean More:
schneier.com
learn.stash.com
finextra.com
support.wealthfront.com

Beware of the USPS Smishing Text Scam

Your phone pings with an incoming text. You swipe it open to find a message from the USPS. They’re texting to let you know that the scheduled delivery time for your package has been changed. Unfortunately, though, the message is not from the USPS and you’ve just been targeted by a scam.

Here’s what you need to know about the USPS smishing text scam.

How the scam plays out

In the USPS smishing text ruse, a target will receive a text like the one described above. The message prompts the victim to click on a link to reschedule the delivery. However, if the victim follows the instructions, they’ll be falling victim to a smishing text scam.

The United States Postal Inspection Service (USPIS) is warning of an uptick in smishing scams that use the USPS as a cover, conning unsuspecting victims into downloading malware onto their phones or sharing personal information with scammers they assume is the USPS. The scammer will then go on to empty the victim’s accounts or steal their identity.

Individuals who’ve recently made online purchases and are expecting a package delivery within the next few days are especially vulnerable to this scam. To the uninformed, the text looks legitimate, and with just one careless click, the scammer has access to the victim’s device and personal information.

However, with one crucial bit of information, you can protect yourself from falling victim to the USPS smishing scam: The USPS never sends out unsolicited text messages about a package. The company will only send a message when a consumer has signed up for alerts about a package’s delivery. If you have not signed up for messages from the USPS, and you receive a text like the one described above, you know you’re being targeted by a scam.

What to do if you’re targeted

If you’re targeted by a smishing text scam, the USPIS recommends taking the following steps:

  • Verify the sender. Confirm the identity of the message sender by checking with the USPS if you actually have a delivery schedule change. Don’t call the number on the text. Instead, reach out to your local USPS office directly.
  • Don’t reply or click on links. Replying to the message or downloading an embedded link can install malware onto your phone.
  • Delete. Save a screenshot of the text to share with law enforcement agencies and then delete the message.
    Block the number and update the security on your device. Prevent a recurrence of the scam by putting the number on your “Do Not Call” list and beefing up the security settings on your phone.
  • Keep personal information personal. Never share sensitive information, like your Social Security number or financial account details, with an unverified contact.

Report the scam

Do your part to stop the scammers by reporting it to the proper authorities.

First, you can report smishing scams that impersonate the USPS to the Inspection Service Cybercrime Team at the USPIS by email. Take a screenshot of the text and send it to spam@uspis.gov. Make sure your screenshot shows the number of the sender as well as the date it was sent. You’ll also need to include your name in the email so the team can reach you, along with any other relevant details about the scam, such as money you may have lost, links you may have downloaded, and personal information you may have shared. The USPIS will contact you if it needs any additional information to help nab the scammers.

You can also report the scam to the Federal Trade Commission at FTC.gov and let your friends and family know about the circulating scam.

Stay alert and stay safe!

Your Turn: Have you been targeted by a USPS smishing text scam? Tell us about it in the comments.

Learn More:
wmbfnews.com
keloland.com
wkbw.com
link.usps.com

Beware Stimulus and Tax Scams

It’s stimulus season and tax season at once, and scammers couldn’t be happier. They know that taxpayers are eager to get their hands on their stimulus payments and tax refunds. As consumers are working to file their taxes before the May 17 deadline, all that paperwork and payments mean people may be letting their guard down. For a scammer, nothing could be better!

The IRS is warning of a surge in scams as the tax agency continues processing tax returns and distributing stimulus payments to eligible adults who have not yet received them. Here’s all you need to know about the latest round of stimulus and tax scams:

How the scams play out

In the most recent IRS-related scams, scammers will con victims into filing phony tax returns, steal tax refunds or stimulus payments or impersonate the IRS to get victims to sign documents or share personal information, such as Social Security numbers or checking account numbers. The scams are pulled off via email, text message or phone. Sometimes, victims will be directed to another (bogus) website where their device will be infected with malware. Other times, the victim receives a 1099-G tax form for unemployment benefits they never claimed or received, because someone has filed for unemployment under their name. Unfortunately, the losses incurred through most of these scams can be difficult or impossible to recover.

What you need to know

As always, information is your best protection against these scams. Here’s what you need to know about the IRS, the stimulus payments and tax returns:

The IRS will never initiate contact by phone or email. If there is an issue with your taxes or stimulus payment, the agency will first communicate via mail.
There is no “processing fee” you need to pay before you can receive your stimulus payment or tax refund.
The IRS is not sending out text messages about the stimulus payments. If you receive a text message claiming you have a pending stimulus payment, it’s from a scammer.

There is no need to take any action to receive your stimulus payment. Likewise, aside from filing your tax return, there is nothing additional you need to do to receive your tax refund.

If you’ve been targeted

If you receive a suspicious phone call, text message or email that has allegedly been sent by the IRS, do not engage with the scammer. Block the number on your phone and mark the email as spam.

If you are a victim

If you are the victim of identity theft related to taxes or stimulus payments, there are steps you can take to mitigate the loss.

If you received a 1099-G for unemployment benefits you’ve never filed for or received, it’s best not to ignore it. Contact your state’s unemployment office to report the fraud. It should be able to send you a corrected 1099-G showing you did not get any benefits.

First, report the scam to the correct authorities. If a fraudulent tax return was filed in your name, the IRS will mail you a Letter 4883C or 6330C to verify your identity. You may also need to call the toll-free number provided on the letter and visit an IRS Taxpayer Assistance Center . After reporting the fraud, you’ll likely need to file a paper tax return. Complete an Identity Theft Affidavit (Form 14039) and attach it to the back of your paper return.

If you’ve mistakenly shared your information with a scammer and they’ve stolen your stimulus check, you will likewise need to let the IRS know. Visit Identitytheft.gov where you will receive a personal recovery plan that will hopefully minimize the damage done by the scammer and help you reclaim your lost funds.

It’s tax season and stimulus season, so it’s also scam season! Keep your guard up and follow the tips outlined here to prevent yourself from falling victim to one of the many circulating scams. Stay safe!

Your Turn: Have you been targeted by a stimulus or tax scam? Tell us about it in the comments.

Learn More:
wfmz.com
freep.com
cnbc.com
irs.gov

Beware the Amazon Watch Raffle Scam

Everyone admires Amazon’s scope and efficiency. Scammers are no exception. Recently, they’ve been piggybacking on Amazon’s reach and excellent name to pull off a scam that’s already taken in thousands of innocent victims. The scam – also known as the “fitness watch text” or the “Apple Watch raffle scam” – involves a congratulatory text message pop-up on consumers’ phones and the fraudulent promise of a big win.

Here’s all you need to know about the Amazon watch raffle scam:

How the scam plays out

In the Amazon watch raffle scam, the target receives a text message that appears to be from Amazon and tells them they’ve won an Apple Watch, or a similar prize, such as Airpods or a Garmin Fitness watch.

The text may look like this: “Amazon: Congratulations [your name], you came in 2nd in this week’s Amazon Apple Watch raffle! Click this link to arrange delivery: t3fzv.info/7047VldUlg.”

The text appears to be sent by Amazon, and the victim, thinking they’ve just landed a big one, will happily click on the embedded link. Unfortunately, this move will lead the victim to another page where they will be asked to provide their personal information to claim the prize. Alternatively, clicking on the link may download malware onto the victim’s device. In either scenario, there is no prize waiting at the end of the rainbow.

Red flags

For the informed consumer, it isn’t difficult to identify the signs of a scam.

First, it’s important to note that Amazon will never ask a consumer for their personal information, such as their Social Security number or account information, or for remote access to the consumer’s device.

Second, familiarize yourself with the red flags that can help you know when you’ve been targeted by an Amazon watch raffle scam or a similar ruse:

  • The text message includes an unusual link.
  • The text message promises an instant and/or large reward.
  • The text message urges you to act now. If the prize is authentic, there’d be no rush.
  • The text appears to be sent from Amazon, but you know you have never signed up to receive text messages from this company. In general, companies cannot send you unsolicited text messages.
  • The text appears to be sent from a suspicious-looking number, such as a number that ends in “5555.”

Avoid the scam

Follow these precautions to protect yourself from becoming the next victim of the Amazon watch raffle scam.

  • Never click on a link sent in a message from an unverified number. This is likely an attempt to access your personal information, or to install malware on your device.
  • If an offer sounds too good to be true, it probably is. If you’re still not sure, you can try calling the number to verify if it is legitimate.
  • Never respond to suspicious-looking text messages. According to the Better Business Bureau (BBB), it’s best not to even reply “STOP” or “NO” to messages that are likely fraudulent, as every interaction can encourage the scammer to target you further. Instead, block the number.
  • If you receive a text message that appears to be sent from Amazon, update the login credentials on your Amazon account. If you’ve already clicked on the link, you may want to do a security sweep on your device for viruses and malware.

If you’re still unsure whether a text message has actually been sent by Amazon, you can check out Amazon’s scam information page here to help you verify the authenticity of the message.

Stop the scam

Do your part to stop those scammers by reporting all scam attempts to the FTC and the BBB. You can also warn your friends and family about the circulating scam.

Stay safe!

Your Turn: Have you been targeted by an Amazon watch raffle scam? Share your experience in the comments.

Learn More:
scam-detector.com
richmond-news.com
nerdsonsite.com

Don’t Get Caught in an Auto Warranty Scam

Another phone call, another scam.

It can sometimes feel like scammers have some kind of competition going to see who can hit you with the most robocalls in a day. In fact, according to Truecaller, scams and robocalls account for 67% of all phone calls in the U.S. Each American will receive an average of 28 of these calls a month. More than just an annoyance, scam calls cost 56 million Americans a financial loss in 2020.

One of the most common scams pulled off over the phone is the auto warranty scam. Here’s all you need to know about this scam and how to protect yourself from falling victim:

How the scam plays out

In this ruse, scammers posing as representatives of a car dealer or manufacturer will call to tell you that your auto warranty is about to expire. The scammer will then segue into a pitch for renewing your warranty. During the call, you may be prompted to press a number to stay on the line, and then are asked to provide personal information to continue the process of renewing  your warranty. If you follow instructions, you will be playing right into a scam.

How to spot a scam

It is possible for legitimate auto warranty companies to call you about purchasing or renewing a warranty. Look out for these red flags to help you pick out the authentic calls from the scams:

  • Hello, it’s Mr. Robot calling. When it’s a robocall on the line, you’re almost certainly talking to a scammer. A legitimate company will hire a live salesperson to promote their services.
  • Feel the pressure? Scammers notoriously lead victims to act without thinking by claiming their offer is available for a limited time. If a caller pressures you to act now, you’re likely talking to a scammer.
  • Just a small fee … Is the caller demanding a small processing fee, or a down payment on the plan before supplying you with real details and information on it? If yes, you’re being scammed.
  • You’ve got mail! Scammers aren’t content with playing games over the phone; they’ll often send bogus documents in the mail, too. These can be disguised to look like genuine alerts from the DMV or auto manufacturer, prompting you to act now because your auto warranty is expiring. Of course, when you call the number on the letter, you won’t be connected to the DMV or auto manufacturer, but to a full-blown scamming operation.

Protect yourself

Follow these tips to keep yourself safe from auto warranty scams and similar ruses:

  • Never share your personal information, such as your Social Security number, credit card information or checking account details, with an unverified caller.
  • It’s also a good idea to screen all incoming calls by checking the Caller ID before answering the phone. Legitimate telemarketers are required to display their phone number and the name/or phone number of the company they represent. If this information is missing, it’s likely a scam.
  • It’s important to note that scammers often spoof authentic phone numbers to make it appear as if they are calling from a legitimate company. If you suspect spoofing, you can always ignore a call, and then call the number of the company that allegedly reached out to you, to ask about the contents of the call. If the call was indeed spoofed, the company will not be aware that the call was made.
  • If those robocalls are not letting up, consider blocking the number on your phone. You may have to do this several times, as scammers often use more than one phone number to carry out a scam.

Alert the authorities

If you are targeted by a suspected scammer, you can alert the Federal Communications Commission (FCC) at the FCC complaint center . These calls likely violate telemarketing and robocall regulations, and by alerting the FCC, you can help them identify the scammers.

If the call you received involved fraud, you can also file a complaint with the Federal Trade Commission at ftc.gov.

Robocalls are incredibly annoying, but getting scammed is more than just an irritating experience. Follow our tips to protect yourself from auto warranty scams and similar ruses.

Stay safe!

Your Turn: Have you been targeted by an auto warranty scam? Share your experience in the comments.

Learn More:
fcc.gov
thebalance.com
cylanda.com

How Does Financial POA Work?

Q: What is a financial power of attorney and how does it work?

A: A financial power of attorney (POA) is a legal document that grants a designated agent the authority to act on behalf of the principal agent in financial matters. The designated agent is often referred to as the attorney-in-fact and the principal agent is often referred to as the “principal.”

Here’s all you need to know about financial POA:

What is the purpose of financial POA?

The primary purpose of financial POA is to protect the principal and their family from a legal battle. The POA ensures that the principal’s finances will continue running smoothly, regardless of what happens to them.

How does a financial power of attorney work? 

Financial POA allows the designated agent to manage all of the principal’s financial matters. This includes paying bills, managing all accounts and investments and signing financial documents.

Financial POA is most commonly used when the principal is out of commission due to a medical emergency. Being laid up in a hospital bed does not mean the principal’s financial accounts are frozen and bills are put on hold. Having a financial POA in place will allow their finances to continue running smoothly until the agent is functioning in their usual capacity.

Which powers are granted to the attorney in a financial POA?

The extent of authority a POA grants can vary greatly, depending on how it’s worded. Most POAs extend the following powers to the agent on behalf of the principal:

  • Make financial decisions
  • Manage the principal’s accounts and investments
  • Manage the principal’s property
  • Conduct financial transactions
  • Collect retirement benefits
  • Pay bills
  • Pay medical expenses
  • Pay taxes
  • Purchase insurance
  • Sell assets

When does a power of attorney become effective?

The circumstances that dictate when a POA becomes effective will vary according to how the POA is worded. It may become effective as soon as it’s signed, or only upon the occurrence of a future event as indicated in the document.

If the document stipulates that the POA is effective immediately, the agent can act upon the principal’s account even if the principal is not incapacitated in any way. This kind of POA is often used for an agent to represent someone who travels often and may not be physically present to make important financial decisions.

Usually, though, a POA only becomes effective if the principal can no longer manage their own finances because they have become incapacitated, or one or more doctors have certified that they are physically or mentally unable to make decisions. This can be due to mental illness, a medical emergency, the onset of dementia, or any other event that renders the principal unable to function as usual.

In some states, a POA automatically becomes effective when the principal is incapacitated, even if this is not indicated in the contract.

When does a power of attorney end?

The authority conferred by a POA will always end upon the death of the principal.

Unless otherwise indicated in the contract or state law says otherwise, the POA also ends if the principal becomes incapacitated. If the authority continues after incapacity, it is called a durable power of attorney, or a DPOA.

A POA can also end if the principal revokes it, a court invalidates it or the agent is no longer able to represent the principal. In some states, the POA also becomes invalid upon divorce if the agent is a spouse.

What are the potential consequences of not appointing a POA? 

If an individual becomes incapacitated for any reason and they have failed to appoint an agent to act on their behalf, their financial matters will generally be left up to the government of their home state. If there are family members who want to step up, they will need to go through the courts to gain legal control of the principal’s finances. Generally, though, when someone does not have a durable power of attorney and becomes incapacitated, their financial accounts and assets will automatically revert to the state.

Can anyone be granted power of attorney? 

Most states have very few guidelines for who can serve as a financial agent. The only general stipulations are that the document be signed, witnessed and notarized. Of course, it’s best to choose someone you trust to responsibly manage your finances in your stead.

If you’re looking to set up a POA, we can help. Reach out to us at 734-676-7000 or shoot us a line at news@myaocu.com to talk about your options.

Your Turn: Have you drafted a POA? Tell us about it in the comments.

Learn More:
investopedia.com
daveramsey.com
legalzoom.com
legalnature.com