One of our close family
friends, an accountant and real estate investor,
came too close to making a huge mistake online.
Like many banks, Greg's bank sends out business
banking emails to their customers. Our friend
opened an email that looked just like the usual
newsletter and clicked on a link to read more of
an article. The website looked just like his
bank's website. After reading the article, he
clicked on a link to go to his account. Greg put
in his password and ended up in a page that wanted
to verify his account.
Although our friend stopped, he still had given
his email and password. Many online services only
require that information to enter their database.
Do you always use the same password? Greg had to
spend the day changing passwords on all the
websites he remembered.
Beware of Credit and Mortgage
Scams Online & Email
If you check your email every
morning like millions of other Americans, you
probably already know that scammers have become
even more aggressive in trying to steal
information about unwary consumers than ever
before. Recently, one of the most prevalent
schemes has been to send scam emails about home
mortgage information. There are five main
approaches scammers use to try to dupe you out of
your personal information.
Fix Your Credit in 24 Hours!
The first is a new twist on an old scam: an offer
to fix your credit in twenty-four hours. In this
scam, scammers promise that all your credit
problems will be resolved in one day. It's a
ridiculous promise, and one that can't possibly be
fulfilled, no matter how much you're willing to
pay. Fixing your credit can only be done over time
and with serious effort.
Fake Mortgage Websites
The second scam is more sophisticated, and
involves fake mortgage websites. These sites are
often very slick-looking and meant to mimic those
of genuine mortgage lenders, but their sole
purpose is to steal your personal information.
Since they look so real, these sites can be
dangerous, but legitimate companies will never
send emails asking for personal information, so
make it a rule that if you get emails asking for
such information, don't respond.
Phishing Still Works
A third common strategy is called phishing, which
is an even more sophisticated tactic, since the
email itself is designed to look completely
official, as if from a well-known lender, bank,
credit card, or online auction company. These
emails ask for sensitive financial information
such as Social Security numbers, passwords, or
account information. As with the other scams we've
mentioned, the key is to remember that legitimate
companies don't send emails asking for such
personal information.
Pay off Your Mortgage in Seven Months!
Another scam offers to completely eliminate your
mortgage in as little as seven months. The email
promises that you can use certain loopholes in the
law to rapidly eliminate your mortgage, but it's
not possible. Although the concept is tempting,
it's not real, so don't fall for this scam.
This One Makes Scammers Wealthy!
In the fifth tactic, scammers send out
official-looking emails that tell consumers to
begin sending their mortgage payments to a new
lender. If you get such an email, don't respond.
If you follow the directions in the email, you'll
only find yourself sending your money to the
scammer's bank account. If you have any questions
about possible changes to your mortgage terms,
call your lender directly and ask. Although loans
are often sold to investors and lending
institutions do sometimes change names, you'll
never be notified of changes via email.
If you believe that you've been victimized by an
email consumer scam, you can file a complaint at
www.ftc.gov. You can also visit www.consumer.gov/idtheft
if you think your identity has been stolen or
compromised. As a precautionary measure, you can
further minimize your risk of becoming a victim of
identity theft by ordering a free copy of your
credit report from one of the three major credit
bureaus once a year. However, your first line of
defense will always be NOT responding to the
various email scams you receive in the first
place!
Copyright 2006 Jeanette J. Fisher
Free Credit Tips for Mortgage Financing
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Help.
Copyright © 2006 Jeanette J. Fisher
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