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The caller had a nice voice. He asked how he and his family were. Did he have any pets? Before he knew it, he was convinced to give the voice his social security and bank account numbers. Furthermore, he was persuaded to buy low cost, no strings attached, life insurance which required a credit card number for a deposit. The caller assured him because of poor returns on his retirement investment, he could buy high yield investments which would provide him with life time investments. According to the U.S. Postal Service and the U.S. Attorney General, telemarketing fraud is a $40 billion epidemic in the US alone. The majority of the victims are senior citizens. Pennsylvania is the state with the second largest concentration of senior citizens. More telemarketing fraud has taken place here than anywhere else in the nation. Most of the Allegheny County senior citizens who are outwitted are conservative investors who rely on their investment to supplement their social security. Many are afraid they will outlive their sources of income and will take any measure to stretch whatever resources they have. It is this fear of which many fraud criminals take advantage. Those who have been defrauded feel foolish and frustrated. They are too embarrassed to ask for help. They don’t want anyone to think they can’t take care of themselves. Many of these scams operate out of the country and it is nearly impossible to prosecute or regulate these swindlers. A note of extra caution: a caller advises that a supposed toll free number should be called to obtain information on the extraordinary investment opportunity. This scam operates out of the Dominican Republic. The area code is "809," but calls to this number are $25 per minute. Some people have been charged more than $1,000 for a call. Stolen identity is another increasing scam problem where key pieces of someone’s identifying information, including social security, credit card numbers or even mothers’ maiden names are stolen. This information enables the identity thief to take over the victim’s financial account, make credit card purchases or apply for a loan. One major precaution is to shred pre-approved credit applications. Save all credit card receipts and match them with your monthly bills. Should identity theft occur, call the three Credit Bureau Fraud units and ask your accounts to be marked with fraud alerts. - Dan Zabo Helpful hints to avoid being a victim of scams: Be alert to fraud baits: foreign lotteries, low-cost vacation, sure-fire investments requiring immediate decision and front-door pick-up and payments, credit repair scheme, work at home offers. Be skeptical of phrases such as: You have been specially selected..., free bonus if you buy..., tax free or risk free, Trust me you just won big money, Limited time offers, You have to make up your mind now, offer will not be repeated. Protect yourself!: Hang up, ask for information in writing, do not act quickly, check caller’s record with the Better Business Bureau or the Postal Inspection. Never give out information over the phone unless you initiated the call (i.e. credit card number, social security number, bank account number). You can: In Allegheny County a senior action coalition made up of law enforcement and postal officials, attorneys and concerned citizens is working to help people against financial fraud. The group aims to inform senior citizens on how to identify and act against scams, creating a clearing house where seniors can comfortably ask questions and report fraud. Coalition Contacts: U.S. Postal Inspection Service Report Identity Theft to: Equifax Fraud Bureau Experian Solutions (formerly TRW) Trans Union Credit Bureau |