Looking for relief from inflation prices? Be wary of these scams

Dennis Horton
·4 min read
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I’ve written these words so often I could start nearly every column with “scammers, fraudsters, crooks, con artist – pick the name – follow the news.”

They do so to determine how to best, and when to launch their next scam to rip-off unsuspecting targets.

What’s in the news today? Inflation.

The International Association of Better Business Bureaus which is the umbrella organization for all BBB’s and other non-profits like Scambusters.org have issued alerts about what the scammers are up to and how the crooks are playing on the fears brought about because of concerns over inflation.

As you know, inflation is at a 40-year high impacting the purchasing power of nearly everyone. It is especially difficult for individuals and families who are living paycheck to paycheck. And they are the most likely to be targeted.

Using the issues that surround inflation the fraudsters are taking on the mantle of “do-gooders” wanting to help during these difficult times.

They’ve launched scams to snare their victims. Many of them aren’t new just re-worked to fit the times.

Among them are:

  • Debt relief – Many people are turning to their credit cards to make ends meet. Even worse some turn to the extremely high interest rates of payday loans. Either of these situations can easily spiral into debts that are difficult or can’t be re-paid. Scammers will claim to be able to renegotiate or have the debt reduced. Of course, there is a fee attached to this “help." Rather than paying for this help, a better option is to contact your lender and discuss what arrangements can be made.

  • Government grants – Fraudsters have for many years used social media, email, and text messages announcing government grants that are available to help get you out of debt. With the exception of COVID economic stimulus payments, those don’t exist. If you respond to the scam, you will be told you can only receive your payment through direct deposit so you much fork over your banking information. Your account is drained once that's done.

  • Fake coupons and giveaways – Again, social media, emails and text messages play big here. It seems nearly everyday I see an email supposedly from a national retailer offering a free gift card for taking a quick survey. If you follow that link you will be asked to provide personal and/or financial information. Equally dangerous, you can also upload malware onto your device. The goal is identity theft.

  • Gas, gift, and discount cards – Faced with the trauma of going to the gas station, to get a text or email saying you’ve won a $500 gas card could have you leaping for joy. All you need to do is provide a credit card to cover shipping costs. That credit card will soon be maxed out and of course you’ll never receive the gas or gift card.

  • Work from home schemes – With so many companies still allowing employees to work remotely, work from home scams are bigger than ever. Scammers claim you can make thousands of dollars per week with little effort or skills required. However, often you have to pay a fee for training and materials. The red flag – if it costs you money to begin a job you’re dealing with a crook.

  • Online shopping bargains – There are thousands of websites that offer products to help you stretch your dollar. There are some that are legit. But there are many that are scams offering products that don’t exist, that are substandard, or are never delivered.

The best thing to do to protect yourself and your money – keep a skeptical eye. Any time you see an offer that claims instant relief or requires an up-front payment and/or personal and financial information delete and move on.

If you need to find assistance do your research. Start with a search for the business on BBB.org.

Before you provide any information, do an online search of the name of the offer with the word scam following your search phrase. If it’s a scam, there will certainly be more than one victim who has reported it.

Scambusters.org can’t make it clearer; "the bigger the apparent bargain or benefit, the more likely it could be a scam. Don’t let crooks add to your inflation woes.”

Dennis Horton is director of the Rockford Regional Office of the Better Business Bureau, which serves Winnebago, Boone and Stephenson counties among others in northern Illinois.

This article originally appeared on Rockford Register Star: Looking for relief from inflation prices? Be wary of these scams