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Scams to Watch For In 2012 (Part One)

March 27, 2012

he coming year won’t herald the end of the world nor will it be the end of scams and rip- offs, reports the American Association of Retired Persons (AARP). To help you know what to watch out for, consumer advocate Ron Burley has compiled a hit list of the i ve most malicious scams consumers are likely to encounter in 2012.

The Nigerian Letter: While this advance-fee scam is an oldie-but-goody, new variations are making it much more ef ective in trapping the vulnerable and unwary. You receive an email from a foreign country (Nigeria is where the scam originated but now it could be a number of African countries) where a person claims that their funds have been frozen (usually because their beloved Presidential Father had his funds frozen by rebel scum who took over the country), now that their Father is dead they wish to move all their money to your country by getting you to pretend to be the REAL owner of the money and transfer it to your own country; then they’ll l y over and everyone will live happily ever atfer.

What should consumers do? Do not respond. Delete email. Toss paper mail.

Exploitation by Education: Unemployment woes and job anxiety cause some folks to consider retraining for new careers. Scammers entice the education-seeking unemployed with promises to get rich quick with their secret plan, win a high- paying job with their streamlined schooling, or pass a test for a chance at a swank government gig.

What you should do? Avoid same-day decisions. Any career or education decision deserves at least a day’s consideration: research, get referrals, and reconsider.

Devilish Diagnoses: Most of us know to be wary of an auto mechanic discovering a previously undetected, but expensive, car repair. We can see he’s got personal interest in pointing-out the pricey problem. that same conflict of interest is now appearing more ot en in other industries. From the hearing specialist who also hawks hearing aids to the financial planner pitching her own brand of mutual funds, consumers are being taken advantage of by exploiters who prey upon their trust.

What you should do? Separate the diagnosis from the product or service deliverer. Get additional estimates for the work you were told needs to be done. While it may take more time, the money saved may be worth many times the delay.

Look for Part Two of this article to follow in next quarter’s newsletter.

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