National Consumer Protection Week is March 3–9, 2024
We’re sure you’ve heard the adage, “If it sounds too good to be true, it probably is.” In an ever-changing financial environment, this still rings true today.
In the current landscape where customers can be contacted by varying means (i.e., telephone, email, text messages, and the U.S. Mail®), fraudsters are always looking for an opportunity to get in on the action for a piece of the financial “pie.” Investment scams are a good example of this.
If you receive a pitch by phone, mail, or computer that promises you’ll get rich quick, that you’ll receive high returns with a low risk, or that urges you to invest now — watch out. Investment opportunities or “get rich quick” schemes are a favorite of fraudsters. Whether they sell bogus securities and commodities, oil wells, or gold coins, these fraudsters try to get you to invest your money — and lots of it.
While older Americans are the prime targets for investment scammers because they possess most of the nation’s individual wealth, all consumers who want to secure their financial future are targets. In recent times, older Americans have seen their “nest eggs” and retirement funds shrink. Fueled by the stock market’s offering of high returns on income-generating investments and with the rising costs of medical insurance, prescription drugs, and general expenses, they have been targeted even more by scammers. Every year, thousands of older Americans lose between a few dollars to their life savings to fraudsters.
Consumers are tricked by fraudsters in several different ways. Often, fraudsters send enticing and official-looking mailings urging consumers to call. They also use emails and text messages, making it even easier for fraudsters to reach millions of potential victims.
U.S. Postal Inspectors warn consumers, “Don’t take the bait — the ‘offers’ could cost you plenty.”
Use these tips to protect yourself:
- Take your time when deciding to invest — don’t rush into accepting so-called “high-return, low-risk” offers.
- Get all information in writing before you consider investing.
- Check out the firm by calling the Better Business Bureau, state attorney general, or consumer protection agency.
- Put your phone number on the National Do Not Call Registry at 888-382-1222 or at donotcall.gov.
- Visit uspis.gov/additional-resources#handouts for fraud resources (available online and to print).
For more information about how to protect yourself from fraud, visit uspis.gov. Remember — if it sounds too good to be true, it probably is!
U.S. Postal Inspection Service, 2-22-24
Postal Bulletin – February 22, 2024
Source: USPS