6 Ways To Spot A Payday Loan Scam 

Payday loan scams may seem like old news, but they’re more common than ever. In fact,payday loans sign in 2018, the FTC paid a total of $505 million to more than one million victims of payday loan scams.

In this scam, a caller claiming to represent a collection agency who is acting on behalf of a loan company tells victims they must pay their outstanding balance on a payday loan. They’ll ask victims to confirm identifying details, such as their date of birth or even their Social Security number. They claim they need it as proof that they’ve seen the victim’s loan application and actually do represent the company. Unfortunately, the caller is actually a scammer trying to rip off victims or steal their identity.

In many payday loan scams, victims may have applied for a payday loan but not yet completed the application, or they may have submitted the application but not yet received the funds. In these scenarios, the victim has unknowingly applied for a loan with an illegitimate company which proceeds to sell the victim’s information to a third party. This way, the caller can appear to be an authentic loan collector because they know lots of information about the victim.

If you’ve applied for a payday loan, be on the lookout for these six red flags, any of which should alert you to the fact that you’re being scammed:

You’ve never received a payday loan

While these scams usually target people who have filled out an application for a payday loan, fraudsters often go after victims who haven’t completed one or who have done so but have not yet been granted the loan. Obviously, you can’t be late paying back a loan you never received.

If you haven’t completed your application or you haven’t yet received an answer from the loan company you applied to, you’re talking to a scammer.

The caller demands you pay under threat of arrest

Scammers often dishonestly align themselves with law enforcement agencies to coerce victims into cooperating. A legitimate loan company will never threaten you with immediate arrest.

The caller refuses to divulge the name of his collection agency.

If the caller actually represents a collection agency, they should have no problem identifying this agency by name. If they refuse to do so, you may be looking at a scam.

You can’t find any information about the agency the caller allegedly represents.

The caller is sometimes willing to name the agency, but the company is completely bogus. If you’re suspicious about the call, do a quick Google search to see what the internet has to say about this company. If you can’t find any proof of the company’s existence, such as a web page, phone number or physical address; or the search turns up evidence of previous scams, hang up.

You have not received a validation notice in the mail.

By law, anyone representing a collection agency and attempting to collect on an outstanding debt must send a validation letter to the debtor. This letter will inform the borrower that they can dispute the debt within 30 days. It will also detail the amount of money owed and the party to whom it must be paid.

If you have not received any such letter in the mail before the alleged debt collector calls, you’re probably looking at a scam.

The caller only accepts immediate payment over the phone.

If the caller was reaching out to you on behalf of a legitimate collections agency, they’d be happy to work out a payment plan with you, and provide you with an address to which you can mail your payments. When a “collector” insists that you pay in full over the phone and refuses to furnish an address to which you can mail your payments, you’re likely talking to a scammer who is only interested in getting your financial information and your money.

If you find yourself struggling to survive financially between paychecks, call, click or stop by Destinations Credit Union today. We’ll be happy to help you learn how to keep your finances it optimum health.

Your Turn: Have you ever been targeted by a payday loan scam or a similar con? Share your experience with us in the comments.

SOURCES:
https://www.consumer.ftc.gov/blog/2018/09/505-million-refunds-sent-payday-loan-customers

https://lendedu.com/blog/watch-out-for-payday-loan-collection-scams/
https://www.scam-detector.com/article/payday-loans
https://www.avvo.com/legal-guides/ugc/how-to-spot-a-payday-loan-collection-scam

Don’t Call Back One-ring Calls

It’s Murphy’s Law: The landline will always, always ring when you’re clear across thewoman with a baby holding a phone house. You leap over furniture and make a grab for it, only to find the caller has already hung up-after just one ring. You thumb through the Caller ID, poised to give your mysterious caller a ring back when you note the strange area code. You hesitate. Should you, or shouldn’t you, make this call?

Let’s play out the end of this story in two different ways:

In Scenario 1, you flippantly hit the Call Back button and wait until someone on the other end of the line answers the phone. However, instead of a live person picking up, you get a recorded message that says something like, “Hello? Can you hear me? Hello?”

Or, you might hear a recording like this: “You’ve received a song from someone who loves you. After listening to this song you will find out who sent this song as a gift.”

Both recordings are designed to keep you on the phone for as long as possible. Unfortunately, you’ve just called a foreign country and you’ll be hit with a sky-high phone bill for your overseas call. Worse, the bad guy who conned you into making this call will walk away with most of that money.

In Scenario 2, you stand with the receiver in hand, deliberating. After a moment, you shrug and return the phone to its base. You walk away, mildly curious about who has just called you, and blissfully unaware that you’ve only narrowly missed being targeted by an ugly scam.

The FTC is warning of a recent surge in one-ring scams. As detailed above, scammers lure victims into placing overseas calls by targeting them with one-ring phone calls. When the victim returns the call, the scammer will employ any of a number of means to keep them on the phone for a while, thereby extending the length of the call. Sadly, the victim will be hit with sky-high international rates and other connection fees, much of which will end up in the scammer’s hands.

Here’s how to spot these scams and protect yourself if you’re targeted.

Red flags

The primary clue that you’re being targeted by a one-ring scam is, quite obviously, a phone call that only rings once. If you get a call like this, by all means do not call back.

You can also be on the lookout for foreign area codes, particularly those of countries in the Caribbean, including the following: 284, 473, 664, 649, 767, 809, 829, 849 and 876.

Sometimes, scammers will spoof a local number, including those of recognized businesses, to get you to place a return call to foreign shores. They may even get your own name and number to appear on your Caller ID screen. Ignore these calls, as well. If you unknowingly return a scammer’s phone call, look for a plus sign to appear ahead of the area code. This is your clue that you’re placing an international call.

If you see a plus sign, hang up immediately.

If you’re targeted

If your phone rings once and then stops, follow these steps to protect yourself from this scam and help the authorities close in on the bad guys.

  • Don’t call back.
  • Ask your phone provider to block outgoing calls to international numbers. This way, you won’t be conned into thinking an overseas number is a domestic call. You’ll also be protected from accidental phone calls in which a simple mistake can end up costing you a pretty penny.
  • File a complaint with the FTC at www.donotcall.gov and to the FCC at www.fcc.gov/complaints.
  • Check your phone bill for suspicious charges. If you see a charge that has likely been incurred through one of these scams, speak to your phone carrier about resolving it.

Scammers are always looking for new ways to con people out of their money. Do your part in bringing an end to these nefarious schemes by arming yourself with the latest information about prevalent scams and reporting all scam attempts to the proper authorities. Together, we can put the bad guys out of business!

Your Turn: Have you been targeted by a one-ring call scam? Tell us about it in the comments.

SOURCES:
https://www.consumer.ftc.gov/blog/2019/05/get-one-ring-call-dont-call-back

https://about.att.com/pages/cyberaware/ar/wangiri?source=ESCyCy4cy0000000P&wtExtndSource=ad_camp3_one_ring
https://www.telecalmprotects.com/2019/05/07/one-ring-caribbean-scam/

What Can I Do About Robocalls?

Are you sick of grabbing your ringing phone five times a day only to find yet another Hand holding phone with answer or decline call optionsrobocaller on the other end?

If robocalls are getting to you, you’re not alone. Those super-annoying automatic calls have recently exploded, and it’s enough to make anyone go bonkers. More than 30 billion robocalls were made in the United States in 2017, and the Federal Trade Commission answered a whopping 375,000 complaints about robocalls each month.

Unfortunately, those numbers are only rising.

If you feel like your phone is ringing off the hook from robocalls and you’re just about ready to throw it against the wall, read on. We’ll give you the inside scoop on these dreaded calls and show you what you can do to put a stop to them once and for all.

How do they have my number?

Many people ask how so many businesses and scammers have their number. It’s because robocallers are becoming increasingly more sophisticated and the internet is making their job easier. Scammers and telemarketers can scrape almost anyone’s phone number off the web.

They might find it on your Facebook page, another social media platform you frequent, or even drag it off your business’s website. Robocallers also buy phone numbers from popular companies or websites that require visitors to log in by submitting some basic personal information that includes their landline and cellphone numbers.

Or, robocallers may simply be dialing thousands and thousands of numbers at random, with no rhyme or reason at all.

Who’s on the other end of the line?

Robocalls come in many forms. Sometimes they’ll be trying to sell you a product or urge you into signing up for a service. Other times, they’ll try to scam you by appearing to represent a government agency, like the IRS.

You might think no one’s buying the marketed product, or that whoever actually believes the robotic voice telling them they’re about to be arrested is super naïve. Remember, though, that even if just a few people agree to buy the product or are taken in by the scam, the minimal cost of running the calls is more than worth it for the person behind the calls.

Here’s how the robocalls take a stab at appearing authentic:

  • Spoofing. Using software, the robocaller can tweak the way their number shows up on caller ID. They can make it look like the IRS is on the phone, that your electric service company is calling you or like a representative from Apple is seeking you.

Recently, scammers have been using neighbor-spoofing, in which their caller ID looks like a local number. This throws victims off and can help robocallers gain their misplaced trust.

  • Disguised identity. Robocallers may also choose to appear mysterious and show up on your caller ID as “private number,” “unavailable” or “unknown.”

Steps you can take

Thankfully, you don’t have to be bombarded by those irksome calls for the rest of your life. Here are several steps you can take to keep most robocalls from reaching your landline or cellphone:

  1. Don’t answer calls from unfamiliar numbers – If you don’t recognize the number on your caller ID, let it go to voicemail. If the ID shows a local number or the name of a recognized company you have no reason to believe is calling you, ignore it as well.
  2. Block unwanted numbers – It’s time to get offensive and start intercepting those numbers before they reach your phone. First, if there’s any specific number that calls you persistently, use your phone to block it and you won’t have to hear from them again.

    Next, check with your phone service provider about possible technologies you can download to block anonymous calls or those from specific area codes. Some systems allow you to create your own blacklist of numbers that will be blocked or sent directly to voicemail. You can also create a “white list” of numbers you allow to go through and stop every other number from reaching you.

    You may also want to enlist the help of a robocall-blocking app that can offer you a stronger defense against unwanted calls. Here are some apps that provide this service along with their prices:

○     Nomorobo: 14-day free trial. $1.99/month or $19.99/year

○     RoboKiller: Free 7-day trial. $2.99/month or $24.99/year

○     Hiya: Free. Hiya partners with Samsung, AT&T and T-Mobile and also has standalone apps.

○     TrueCaller: Free

  1. Require caller input –  To keep all automatic calls from reaching your phone, you can set up a call-blocking technology, such as the Sentry Active Call Blocker, that greets all callers with a message requiring them to enter a number before the call can proceed. That’s something robots can’t yet do.
  2. Don’t share your number – Never share your phone number on your social media profiles or pages. If a business asks for your number, do not give it out unless you absolutely must.
  3. Sign up for the Do Not Call Registry – Visit www.donotcall.gov to add your landline and cellphone numbers to the list of registered callers who don’t want to be bothered by telemarketers. Scammers won’t pay much attention to this list, but law-abiding companies that ignore the listed numbers risk being fined and will usually abide by the registry’s rules. This service is free and your number will never be taken off the list.
  4. File a complaint – If you’ve signed up for the Do Not Call Registry and, after a month, you are still receiving robocalls from specific companies, file a complaint with the FTC at ftc.gov. When the agency receives enough complaints about a number, it will take action.

    If you’re constantly receiving unwanted calls from a known business after signing up for the Do Not Call Registry, you can file a complaint with the Better Business Bureau.

You don’t have to let those robocalls overtake your life. Take action today and reclaim your peace!

Your Turn: What’s your best defense against robocalls? Share your favorite tip with us in the comments.

SOURCES:
https://www.consumerreports.org/robocalls/how-to-deal-with-robocalls/

https://www.moneytalksnews.com/7-tips-stop-annoying-robocalls/
https://www.google.com/amp/s/www.theverge.com/platform/amp/2018/3/6/17071478/spam-calls-how-to-stop-block-robocalls-robots-scam-iphone-android
https://www.robokiller.com/blog/why-do-i-receive-robocalls/