The Best Ways to Get Rich Part 6/Scams and Phishing.

The Best Ways to Get Rich Part 6/Scams and Phishing.

My mother is an elderly woman. She is kind, trusting and generous.
The perfect victim for unscrupulous bastards. And there are far more of them than I thought possible.
She asks me to check her mail to filter the rip-offs from legitimate mailings. Because she’s a senior citizen and financially comfortable, she is constantly barraged with offers to help her find money owed to her by government agencies, defunct banks or insurance policies.
All they need to help her collect these monies is her signature, Social Security number, date of birth and mother’s maiden name.
I’m sure with that information they can find a lot of money that belongs to her. The thing is that money is in her bank accounts, 401ks, CDs and credit cards.
A friend of mine’s father, also a senior citizen, lost his entire life’s savings to a scamming outfit that seemed so legit, he was convinced they were working to protect his interests.
It cost him nearly two-hundred thousand dollars.
Another scam is the contract scam. This is usually found in time-shares/life insurance and campground memberships. What they use to sell you is the promise that your membership/insurance policy/campground membership costs will never increase or be canceled, regardless of how many times you take advantage of its benefits.
The key word here is NEVER BE CANCELLED. That means you will be paying for it as long as you live, regardless of whether or not you still want it. AND once you die, they will do their very best to convince your heirs that they are legally responsible to continue paying.
The mistake made here especially when dealing with timeshares and campground memberships is that you believe that once you tire of these amenities, they will sell your timeshare or campground membership for you and take a commission.
But they don’t. Nor do they let you “give it back to them.” Remember, that contract can never be canceled. And should you find someone to buy the contract from you, no problem. Just have those people call them to transfer the contract over.
Except they convince them to purchase a better contract at a cheaper price. So not only are you not getting out of your contract, you are actually getting them new customers.
There is an old saying, Just because you don’t eat lion, doesn’t mean the lion won’t eat you. There are financial predators and the easiest marks are the elderly and the trusting.
Here are a few points to keep in mind.
1. Never sign a contract without having a lawyer read it first. This doesn’t mean terms of service contracts that come with just about every website you belong to. This applies to timeshares, life insurance and campground memberships that require a monthly payment.
2. Never give anyone your social security number UNLESS they are employing you, OR if you are selling affiliate products. This is necessary because any organization that pays you money must report that payment to the IRS.
3. Never respond to an email or phone call from your bank or lending organization that asks for your social security number “for their records or because of a computer glitch.” Any information given should be done at their place of business.
4. If you have money, purchase a shredder. Simply ripping up financial documents will not prevent scammers from accessing your credit card or bank info.
5. Reduce the number of pre-approved credit card offers. The opt-out number is 888-567-8688
6. Don’t have new checks sent to your home, pick them up at the bank.
7. Don’t carry any personal information like your Social Security card, pin numbers or passwords in your wallet or purse.
The most important thing to remember is that what is morally right, is rarely legal. And that is something known back as far as ancient times, where they came up with the saying, Let the Buyer Beware!
On the other hand, these scammers focus on the elderly and uninformed. If you are taking precautions to protect your interests, like those mentioned above, scammers and phishers will likely shy away from you because you’re likely to report them and they want to avoid detection at all costs.
As for full disclosure regarding my website www.thebestwaystogetrich.com I write articles on how to get rich by making money over the internet. And the reason I do this is because I got a very rude awakening when I was downsized during the recent Great Recession and discovered that nobody was interested in hiring a 50-year-old guy.
So, I had to learn to become financially independent.
And in this shaky economy, you do too.
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