5 Money Scams to Watch Out For

BY BISHOY AYOUB

Thieves have evolved their schemes when it comes to fraud. There are many types of scams out there and identity swindlers are always looking for their next victim. We’ve compiled a list of scams you should be aware of. These scams have stolen millions from consumers and your first line of defense against them is knowing what they are and how you can be affected.

Billing schemes

This popular scam has stolen millions from consumers and businesses. Extortionists will send a sophisticated invoice that is indistinguishable from any ordinary invoice and request a certain amount of money. The outreach is wide enough that many consumers overlook the bill and pay the amount that is claimed to be due.

According to the Consumer Sentinel Network, 9.7% of all fraud related complaints reported in 2012 contained some sort of billing scheme.

Users will either ask you through these letters to open a new account such as a utility to extract your information or send unauthorized charges on an existing account. Be sure to thoroughly check the billing source before shelling out any money.

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