The home repair scam. Another old favorite. It used to be done door-to-door,now it is arranged mostly over the phone. This usually involves an initial payment to a “salesman”who claims to be calling you legally since his company has had some undefined prior contact with you. A “handyman”shows up on schedule (or perhaps not even on schedule) and takes his sweet time on the repair. Which by the way,is usually not done well. Or maybe it’s done too well:step two often involves a call or visit from a “bill collector”explaining that there were cost overruns with the work and that you owe more money.
The recovery room scam. A phone call or letter from what seems to be a credit bureau tells you that you are a victim of identity theft. But don’t worry. All you have to do is pay a “recovery fee”(upfront,of course) to restore your credit. This scam can also be a “second act”pitched to an already defrauded party:it has been “discovered”that you are a fraud victim,but just pay a fee now and the “consumer affairs department”will make it right.
Your defenses. The Internet is your friend here:when you get nebulous or suspicious offers in the mail or over the phone,use Google or Yahoo! or any of the other Internet search engines to see if what you are being offered is a scam. In short,make educated decisions. You can also talk to your financial advisor or your attorney. The great majority of victims do not.
Scott S. Lovell is the founder of Lovell Hathaway,Your Retirement SpecialistSM ,and is a registered representative offering securities and advisory services through Geneos Wealth Management,Inc. Member FINRA and SIPC. For additional information,Scott can be reached at (435) 656-2518.
These are the views of Peter Montoya,Inc.,not the named Representative or Broker/Dealer,and should not be construed as investment advice. Neither the named Representative or Broker/Dealer give tax or legal advice. All information is believed to be from reliable sources;however,we make no representation as to its completeness or accuracy. Please consult your Financial Advisor for further information.
