Fraud

Fraud

When times are tough it is important to think rationally and not do things to make conditions worse. Money can play a big role on emotions and behaviors where individuals act illogically and make decisions without giving the situation a thorough analysis. The amount of fraud and scams has reached record highs and without proper precautions, you too could be a victim.

Beyond just being scammed by unethical companies protecting your identity is an asset of very high importance. Communicating with your families about what to do if you feel uncomfortable about how a situation is being handled will help prevent theft. Social Security Numbers are highly vulnerable given their common use for all kinds of account creations from credit cards to mobile phone plans, and for that reason people may sometimes give out their SSN without thinking twice. Please ask questions and be very careful.

Once you're in tune with the key elements to look out for, Gather all of your financial documentation including income, tax information, and current mortgage/financial statements and make sure to keep them in a safe place, such as a fireproof box or other style of lock box. Regardless of whether you hire a professional or attempt to do things yourself always find out how your documents will be handled, and ask about the safety precautions in place to insure that all of your personal information will be secure.
The amount of additional time and effort that will be required to conduct due diligence and assess the overall credibility of individuals and firms who you choose to work with will pale in comparison to the devastation that will occur if you rush into a decision.

The Better Business Bureau is a great place to start and will aide in your decision in determining the legitimacy of the company. Next, research online for local and nationwide scams to look out for making sure to utilize the state and national government resources for additional areas of caution. The Financial Crimes Enforcement Network (FinCEN) report fincen.gov is a terrific resource for past and current criminal trends.

At the end of the day you must take personal responsibility for any decisions you make. Overwhelmingly the majority of companies and individuals who you may choose to will work are honest law abiding citizens. However, the extra time and effort which you put forth is needed to avoid the small minority of unethical companies who operate in an illegal capacity.


Back to Homepage