Archive for the ‘Education’ Category

In Highlighting Elder Abuse Awareness Day, State Officials Urge Mainers to Report Suspected Cases of Financial Exploitation

PRESS RELEASE
June 13, 2017
Contact:  Judith Shaw
Administrator Maine Office of Securities
1-877-624-8551
TTY:  Maine Relay 711

June 15th Observance Draws Attention to under-reported ‘Crime of the 21st Century’, and the Need for People to Report Concerns about Abuse of Seniors

AUGUSTA Officials at Maine’s Department of Professional and Financial Regulation (DPFR) are focusing attention on World Elder Abuse Awareness Day–recognized each June 15th throughout the United States and in other countries, and often referred to as the ‘crime of the 21st century,’ because of its increasing prevalence and devastating impacts.

“The abuse of seniors is among the most under-reported crimes, and its impact can have devastating consequences for its victims,” DPFR Commissioner Anne Head said.  “Unfortunately, the perpetrator is often a relative or caregiver, making it more difficult for the senior to come forward.  Each of us has a responsibility to report concerns about potential abuse.”

Commissioner Head noted that financial abuse is among the most common forms of elder abuse, costing its U.S. victims an estimated $2.9 billion a year.

The Commissioner highlighted the Department’s five agencies, all of which are dedicated to educating the public and helping the victims of financial abuse.  She pointed out the Downeaster Guide to Elder Financial Protection available through the Department’s Bureau of Consumer Credit Protection by calling 1-800-332-8529 or at www.Credit.Maine.gov under “Publications”.  She also highlighted the many resources available through the Bureau of Financial Institution’s online Consumer Library (www.maine.gov/pfr/financialinstitutions).

Maine Securities Administrator Judith Shaw, who serves on the Maine Council on Elder Abuse Prevention, noted the frequency of investment fraud and the importance of reporting suspected cases.  “Of special concern, is investment fraud of seniors,” Administrator Shaw said.  “Victims can lose their entire life-savings, with little opportunity to recover financial stability.”  For investment-related questions or concerns, the Office of Securities within the Department of Professional and Financial Regulation can be reached at 1-877-624-8551 and at www.investors.maine.gov.

Signs that an older adult may be vulnerable to possible abuse or exploitation may include:

  • Social isolation and/or recent loss of a spouse or partner
  • Recent decline in health or in the ability for self-care
  • Lack of familiarity with financial accounts
  • Dependence on another to provide everyday care or essential services
  • Willingness to listen to telemarketing calls or respond to solicitations from unverified charities or businesses

Red flags of possible victimization include:

  • Senior has injuries that are not adequately explained
  • Change in appearance or poor hygiene
  • Senior is missing checks, account statements or documentation regarding finances
  • Running out of money at the end of the month
  • Senior appears fearful or depressed
  • Senior is accompanied by a caregiver who is overly protective or dominating

Partial List of State Agencies and Organizations in Maine providing information, services and education on elder abuse, including financial exploitation: 

Maine Office of Aging and Disability Services:

www.maine.gov/dhhs/oads

1-800-262-2232 or 207-287-9200

Adult Protective Services:

www.maine.gov/dhhs/oads/aging/aps/

Hotline: 1-800-624-8404

Legal Services for the Elderly:

www.mainelse.org

1-800-750-5353 

Maine Area Agencies on Aging:

List of regional agencies with full contact information:

www.maine.gov/dhhs/oes/resource/aaa.htm

Maine Department of Professional and Financial Regulation:

(Five Agencies Offering a Wide Range of Assistance to Seniors and Caregivers)

www.maine.gov/pfr

Office of Securities:  1-877-624-8551

(Investment Questions or Concerns)

www.investors.maine.gov

Bureau of Financial Institutions:  1-800-965-5235

(Banking Questions or Concerns)

www.maine.gov/pfr/financialinstitutions

Bureau of Consumer Credit Protection:  1-800-332-8529

(Credit, Foreclosure, General Financial Scam Concerns)

www.maine.gov/pfr/consumercredit

Bureau of Insurance:  1-800-300-5000

(Insurance-related Questions or Concerns)

www.maine.gov/pfr/insurance

Office of Professional and Occupational Licensing: 207-624-8603

(Questions or Concerns Related to Licensed Professionals)

www.maine.gov/pfr/professionallicensing

Protect yourself with help from FINRA*

You Can Protect Yourself from Fake Check Scams

  • Mystery Shopping Scam

  • Modeling Scam

  • Unexpected Check Scam

Here’s How (from FINRA’s investor newsletter)

  • Know the hallmarks of fraud. Fake check scams typically have a number of red flags, such as:
    • Typos: Watch out for online postings or emails that are riddled with typos and poor grammar.
    • Mismatched names: Compare the name of the person or company posting the opportunity with the name on the check you receive—and beware if they don’t match.
    • Pressure to act quickly: Be aware that it can take 10 days or even more for your bank to determine that a check is counterfeit. Don’t wire or transfer funds until you have verified with your bank that the check has cleared—even if the bank allows you to withdraw the money sooner.

If you receive a suspicious check, be sure to contact one or more of the following organizations right away: your local police, the Internet Crime Complaint Center (a partnership between the FBI and the National White Collar Crime Center), or the U.S. Postal Inspections Service (if the check arrived by U.S. mail).

Do you have questions about credit cards? Check out this source.

offers news and advice.

May 22, 2017 from 6 steps to close accounts when a cardholder dies

When someone dies, the task of notifying financial institutions and closing credit card accounts can easily be forgotten or pushed aside.

Unfortunately, if card accounts are not dealt with properly and immediately, problems can crop up that make life more difficult later. Family members and others may innocently – or not so innocently – continue to use the deceased person’s card. Identity thieves troll the obituaries and online records to learn about recent deaths, so they can steal from accounts or create new ones. Banks may send out late notices and add extra fees when the next payment is missed…

Additional information provided by Maine’s Bureau of Consumer Credit Protection: 

As the article states, creditors like a credit card company come last in priority, just in front of heirs.  Secured claims, taxes, administrative expenses and various rights of spouses and heirs all come before unsecured creditors receive anything.  If there is no money left in the estate, such creditors will receive nothing.

In Maine, a notice to creditors is published by the clerk of probate.  Creditors (other than the government) have four months to file a claim or the collection of the debt is barred.  Payment is not usually made until at least 6 months has passed and usually longer.

May 19, 2017 from Suspect card fraud? How to file a claim

If you spot an unauthorized purchase on your credit or debit card statement, will you know what to do, who to call, and how to protect your account?

Forty-seven percent of Americans have experienced card fraud in the past five years, according to the ACI Worldwide 2016 Global Consumer Card Fraud report.

Knowing what actually constitutes fraud, and what to do when it happens, is the best way to protect yourself from additional bogus charges, and potential liability for not reporting it in a timely manner…

 

More information provided by Maine’s Bureau of Consumer Credit Protection: 

Mainers are uniquely protected by one of the finest file freeze law in the U.S.

Maine’s file freeze law went into effect on 10/15/15, and allows adult Maine residents to place a lock or freeze on their credit files with the major reporting agencies: Equifax (1-800-349-9960), Experian (1-888-397-3742) and Trans Union (1-888-909-8872).   Each consumer reporting agency (CRA) has a separate file freeze number (previously listed), which allows consumers to speak on a secure, automated line—providing personal information like their name, address, Social Security number, and date of birth.  The file freeze is immediate, and the length of the freeze is the option of the consumer.   The CRA then mails (10 days to 3 weeks) an envelope to the consumer containing a special personal identification number or PIN, and a dedicated toll-free number to call to lock/unlock the credit file.  A personal assistant or executor of an estate should consider locking down the decedent’s credit file upon death to reduce the chance of nefarious/illegal uses of that person’s identity. 

A national law, the Fair and Accurate Credit Transactions Act or FACT Act, allows each consumer to order a free copy of their credit files (Equifax, Experian & Trans Union) once each year by calling 1-877-322-8228).   A review of the active credit accounts of a decedent, including credit cards, is a good first step in determining if the estate has any outstanding credit accounts that need to be paid off. 

Secretary Dunlap releases animated version of Used Vehicle Buyer’s Guide

05/15/2017 11:16 AM EDT

AUGUSTA – Secretary of State Matthew Dunlap is unveiling an animated version of the Used Vehicle Buyer’s Guide, which explains the buyer’s rights when purchasing a used car in the State of Maine.

“Many people have misconceptions about the law when purchasing a used car, so we hope that putting this information in an animated format will make it easier for the public to access the facts they need to know before making such a significant purchase,” said Secretary Dunlap.

Bureau of Motor Vehicles, is the only law enforcement agency that specializes in the enforcement of regulatory compliance and prosecutes crimes under motor vehicle and criminal law. Its detectives investigate an average of 4,000 cases a year. Their work includes enforcement of laws concerning various types of vehicle dealers, title fraud, odometer fraud, automobile identification, auto theft investigations, registration evasion, insurance fraud, driver license and state identification card fraud, and consumer complaints.

Another vulnerability of credit cards – CreditCards.com issues a warning

The new card skimming is called ‘shimming’

It targets EMV chip cards and is hard to detect, but remains rare

By

Remember the card skimming wave, in which fraudsters attach false fronts to outdoor ATM and gas pump point-of-sale terminals to harvest the details off your card’s magnetic stripe and clone your card?

The bad guys are back with a new, improved data pickpocketing technique called shimming, in which they secretly insert a shimmer, a paper-thin, card-size shim containing an embedded microchip and flash storage into the “dip and wait” card slot itself, where it resides unseen to intercept data off your credit or debit card’s EMV chip. Although the scammers can’t use that purloined chip data to clone an actual chip card (for reasons we’ll discuss shortly), they can clone a mag stripe version that’s fully capable of defrauding banks and merchants who may not be paying close attention to their card security protocols.

What makes shimmers potentially more effective that skimmers? They can easily be inserted into indoor, in-store POS terminals, where they record the data being shared between the card’s chip and the terminal. What’s more, when the scammers periodically collect the shim to harvest its bounty, they appear to be doing nothing more than paying at the terminal.

Both scams gained momentum domestically as the United States ramped up for what has turned out to be a slow, rocky and ongoing transition from mag stripe to chip cards, contributing to a record 15.4 million victims of U.S. identity fraud in 2016.

Tap this image to read entire article including tips for protecting yourself.

Click image to link to article

New development could cause scammers to capitalize on potential confusion

Senator Collins Cautions Consumers of IRS’s Use of Private Debt Collection Companies

PRESS RELEASE
April 14, 2017

Click image for more information

Washington, D.C. – U.S. Senator Susan Collins, the Chairman of the Senate Aging Committee, is cautioning consumers to be aware of the Internal Revenue Service’s (IRS) new policy of using private debt collection companies to collect unpaid taxes.

Under the new protocol, the IRS has authorized four private debt collection companies to collect unpaid taxes. They are CBE Group of Cedar Falls, IA; Conserve of Fairport, NY; Performant of Livermore, CA; and Pioneer of Horseheads, NY. Only one of these companies will contact you in the event you owe money to the IRS.
Here is what you need to know about this new development:

  • If you have an overdue balance on your account, the IRS will first send you a letter informing you that it is giving your information to one of the four companies listed above, providing the company name and contact information.
  • The debt collector will then send you a letter confirming the account turnover prior to contacting you by phone.
  • Upon calling you, they will be able to discuss payment options, but the only way you can pay your tax debt is electronically or by check payable to the US Treasury.

“The IRS’s use of private debt collection companies to collect unpaid taxes is in the spirit of efficiency, but may create confusion for those already susceptible to the IRS impersonation scam, like our nation’s seniors,” said Senator Collins. “I urge consumers to remain vigilant and protect themselves from potential scams that could stem from this new development.”

If you know you don’t owe taxes or do not immediately believe that you do, you can report the incident to the Treasury Inspector General for Tax Administration (TIGTA) at 1-800-366-4484.

To read more about this change from the IRS, click HERE.

Never give personal information, such as bank account or credit card numbers, to someone you do not know. If you suspect fraud, please contact the Aging Committee’s Fraud Hotline at 1-855-303-9470

April is Financial Literacy Month

Washington Post columnist, Michelle Singletary ‘s column in Maine Sunday Telegram offers advice to many of us who have fallen for “Fake News” that now appears in online news sources as  “Paid Promoted Stories” or “Sponsored Content.” Read her column How to protect yourself — and your wallet — from fake news. In part, she writes:

April is Financial Literacy Month. It’s an annual effort by consumer advocacy groups to highlight the need for all of us to be better informed. As part of this year’s campaign, the FoolProof Foundation has rolled out a “Fake News” resource page on its website (foolproofme.com/topics/fake-news).

Her conclusion: “Understanding the evolving strategies by marketers and advertisers will ultimately save you real money and real time.”

 

 

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