Financial Reflections

When the Federal Trade Commission calls a special press conference, you know something’s up. You may have seen one of the hundreds of ads with President Obama’s image and often a shot of a stimulus check. They offer a way to get some of the billions the government is handing out. Well the FTC has had enough and is holding a press conference to show what they call “Economic Stimulus Scams.” So what’s all the fuss about?

Just how safe is your identity?  Identity theft is all over the news, but I wanted to learn a little more about how prevalent this crime actually was, so I did a little research and came up with some stats to make it seem a little more real, and it wasn’t exactly encouraging.

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Think you can spot a scam? Think again. After all, Bernard Madoff bilked some pretty smart people out of some serious cash with his 50 billion dollar Ponzi scheme. Everyday people end up falling for it as one guy did for the classic Nigerian email scam. Even Oprah’s had the wool pulled over her eyes. So how can a one tell what’s legit?

You’ve got a property to rent. Maybe you’re a little desparate to get the place rented — you own two houses and need to rent one out, are trying to relocate, or keep your investment property out of foreclocusre. These days, all those situations are common. That’s where the scammers step in.

Suppose you’re a someone who’s looking to rent, and you’ve just found an ideal place online — cheap rent for a big place in a great location.  The only hitch is that the owner is out of state or out of the country so you can’t meet. You’ll also need to wire some money for [...]