Beware economic stimulus scams

The ink was barely dry on the new stimulus bill before scammers started using the program as an opportunity to take advantage of unsuspecting consumers.

The stimulus-related schemes are the latest in a growing list of attempts to con consumers. In one variation, consumers receive a call from someone who claims to work for the IRS. The caller attempts to persuade the victim to reveal personal information like bank account and Social Security numbers by claiming the information will get them a stimulus payment.

Other scams involve official-looking e-mail messages. Again, these emails are "phishing" for personal information from the consumer to perpetrate a fraud.  Some of the messages entice consumers to enter their financial and personal data at bogus IRS Web sites by stating that the information is necessary to process a stimulus payment.  Others encourage consumers to download an attached IRS form to apply for stimulus funds. But the attachments usually contain spyware that can steal passwords and financial data from the victim's computer.

Bottom line: the IRS is not going to call you about receiving a part of the stimulus monies.  No legitimate source is going to send you an email requesting personal information. This is true NO MATTER HOW REAL THEY LOOK!

NOT AN "ILLEGAL" SCAM, BUT...

Another new "scheme" to make money has people calling consumers, guaranteeing they can save you hundreds or thousands of dollars in interest on your credit card.  They guarantee this savings by promising to get your credit card interest rate lowered.  You pay a fee up front anywhere from $995 to $1500 and they ask you for the credit card number of your highest interest rate card.  They setup a time to "conference call" your credit card company to negotiate a lower rate.  In many instances, they will be successful in negotiating a lower interest rate for you.  Here's the hitch.  If your credit card company IS willing to lower your interest rate with them on the phone, they will do the same directly for you.  And if you put that $995-$1500 fee "on your card" making monthly payments, that fee will actually cost you SIGNIFICANTLY more with the accumulating interest going forward.

Bottom line: Before you pay someone to negotiate a lower interest rate for you, make the call yourself.  If you have good credit history, you may be pleasantly surprised when you are able to get the lower rate without paying a large fee!