Fraud Foresight

Having easier access to information, especially online, has many positive implications, but it also means the risks of getting scammed, having your identity stolen, or being a victim of fraud are at an all-time high. Some financial and economic columnists go so far as to say it’s not if, but when each of us will get hacked.

Scammers are smart and have one goal: tricking their victims. Imposters call and say you’ve won a prize; misrepresent themselves as an official with a financial institution (or the IRS); or claim a relative needs help and phish for account details.

Montana’s credit unions are committed to providing a variety of relevant and timely consumer education resources. The first week of March is designated National Consumer Protection Week and an opportunity to encourage consumers to take full advantage of their rights and make better informed decisions.Tax scams are more prevalent this time of year than others. Seniors who depend on others to assist and children are often seen as easy targets for financial exploitation. And, there are many cases where unethical businesses overcharge and take advantage of diligent bill-payers.

The Montana Office of Consumer Protection, which is under the umbrella of the Department of Justice, works to protect your rights. Investigator Ryan Sullivan fields calls and e-mails from consumers about scams and bad business practices.

“We try to answer them to the best of our knowledge and steer (consumers) in the right direction,” he says, adding that many times it just takes some communication. “We look to help consumers and businesses get on the same page and work for a fair resolution.”

Sullivan says a communication break-down is often behind a consumer’s complaint. The first step for the consumer is to contact the business. “Businesses are typically more than willing to work it out given the chance,” he said. “But when that doesn’t work out, we can step in and play the moderator.”

But, it’s not always about bad communication. Sometimes it’s fraud.

Recent attempts to scam consumers involves those using a computer with Microsoft OS. The scammer calls and claims there is an identified computer issue in an attempt to gain access to install an anti-virus. But, Sullivan says the anti-virus is actually a program that tracks keystrokes, allowing the culprit to replicate passwords and steal personal information. If consumers have unwittingly allowed access to their computer, Sullivan advises that they should completely unplug all power sources and Internet connections and notify his office for further assistance and guidance.

The best advice is to be proactive. Pay close attention to financial statements, receipts, and credit activity. If a credit card is stolen, contact the issuer immediately and monitor the account activity online, never waiting for monthly statements. When fraudulent activity is identified, put a freeze on credit with all three reporting bureaus. It’s also a good idea to get your free annual credit report at http://www.annualcreditreport.com

“The more proactive you stay, the less damage that can happen,” says Sullivan. “If you ever wonder if something is legitimate, don’t hesitate to call because our office is a gateway to help people get through the battle. People should never be embarrassed, because there is nothing we haven’t heard.”

To reach the Office of Consumer Protection toll-free call 1-800-481-6896. Throughout this month visit http://www.montanacreditunions.coop for weekly posts on preventing scams and fraud.