Tips to Avoid Financial Scams

Avoid Phony Debt Collectors and Other Scams

Protect your money — don’t fall victim to any phony debt collectors or other scams. Avoid financial scams by reviewing the situations below and following the advice given.

  • Have you been called by someone claiming you have defaulted on a loan and will be arrested unless you immediately wire as much as $1,000 to them?
  • Has an Internet seller insisted you wire money?
  • Are you sending money to family traveling in another country and not sure they’re actually there?
  • Has someone you don’t know asked you to send money and keep it a secret?

It could be a scam. If it sounds too good (or too urgent) to be true, it probably is. Here’s what to do if you receive a suspicious telephone call regarding an outstanding debt:

  • Ask the caller to provide official documentation verifying the debt.
  • Don’t provide or confirm any bank account, credit card, or other personal information over the phone.
  • Report suspicious calls to the Federal Trade Commission at 1-877-382-4357 or www.ftc.gov.