Money & Debt

Fraud The deception of someone(s) with intent to cause damage (not including  forgeries and counterfeiting). is when someone is intentionally deceptive in order to gain your money and/or information. Types of fraud include tax fraud, credit card fraud, wire fraud The use of electric or electronic communications to transmit a false message for the purpose of fraud , securities fraud, and bankruptcy fraud. Below you can find some tips for how you can prevent fraud.

Make sure you know who you send money to and who you receive money from

If you're buying something or giving to a charity, you can check if it's reliable by looking it up on the Better Business Bureau. You can also call the phone number on their website to make sure it really belongs to them.

Pay using safe methods

Using a credit card is the safest way to pay for things online. If you don't get what you ordered or if what you paid for isn't what was promised, you can tell your credit card company. If you report the problem quickly, they usually will remove the charge from your bill.

If you are not paying by credit card, you may consider paying with a cashier’s check or credit card. Learn more about these options and how they can help prevent fraud. 

Protect your personal information

Some companies may call or send you an email saying that they need to verify your personal information. A good rule of thumb is to not provide your credit card or bank account number unless you are paying for something and know who you are sending payment to. Similarly, do not give your social security number A number that the federal government gives to each U.S. citizen. It keeps track of their earnings and retirement benefits. unless you are applying for credit. Learn more about how to spot phishing scams.

It is also a good idea to be cautious of who you are giving your phone number or email information to. Learn more about how and why to protect your personal information.

You can get fewer unwanted telemarketing calls by signing up for the Do Not Call Registry with the Illinois Attorney General. If you sign up, you'll still get calls from companies you've done business with before or from those you've given permission to contact you. The registry helps cut down on commercial and unwanted ads. To sign up, visit the Federal Trade Commission website or call (888) 382-1222. If you use TTY, call (866) 290-4236. 

Be careful with unsolicited emails

Most of the time, emails from people, companies, or organization you don't know are scams. Sometimes, these unknown senders might ask you to confirm your email address, which can lead to more unwanted emails if you reply. Don't click on any links or open any attachments from these emails. The best thing to do is delete them or mark them as spam.

Watch out for scammers who want to pressure you

Real companies and charities will usually give you time to decide. If someone is rushing you to act right away or won't take "no" for an answer A written statement used to respond to the complaint or petition in a lawsuit , it might be a scam. It's best to check who is asking for money before you pay. Learn more about other signs of scams. 

Get all of the details about the offer

A scammer may reach out to you with promises of easy money. If an offer seems too good to be true, it probably is. Before buying something, make sure you get all of the details. these details should be the total price, the delivery time, the refund and cancellation policies, and the terms of any warranty. If you don't get a clear answer on these questions, you might be dealing with a scammer.

Check your credit report

Make sure you check your credit report regularly. If you see incorrect information on your credit report, you can dispute those items. You can request free copies of your credit report once a year. If you are the victim of identity theft, you can get free copies of your reports. Learn more about identity theft. It is also a good idea to be cautious about offers for credit monitoring services. Unless you’re a victim of serious and ongoing identity theft, it may not be worth your money to pay extra for a credit monitoring service. You can purchase copies of your credit report any time for about $9 through Equifax, Experian, or TransUnion. 

Protect your social media

An important part of preventing fraud is protecting your privacy. You can do this by:

• Reviewing the privacy settings on your social media and modifying them
• Limiting the amount of biographical information you reveal on social media and limiting the amount of biographical information displayed on your social media (like your birthday, for example)
• Never putting sensitive information on social media, like your social security number, bank account information, or other information. Sometimes this can happen if you upload a picture and catch some sensitive information, like a piece of mail, in the background. 
• Not accepting friend or follower requests from people you don’t know well
• Using a strong password for you accounts
• If you have your social media on your phone, by making sure your phone is password protected in case it is stolen or you lose it
• Being cautious of accessing your accounts on a public, wireless network. It is very easy for someone to eavesdrop on Internet traffic, including passwords and other sensitive data, on a public wireless network.

Specific resources for military and senior citizens

The Securities and Exchange Commission has released guides specifically for people who were or are in the military, and senior citizens regarding fraud that are worth looking into if you fit into one of the categories.

Where can I go for help?

If you think you have encountered one of these frauds, please contact the SEC, FINRA, or the Illinois state securities regulator to report the fraud and to get assistance.

U.S. Securities and Exchange Commission
Telephone: (800) 732-0330
Fax: (202) 772-9295

Financial Industry Regulatory Authority (FINRA)
Telephone: (301) 590-6500
Fax: (866) 397-3290

North American Securities Administrators Association (NASAA)
Telephone: (202) 737-0900
Fax: (202) 783-3571