You may have read that hackers broke into the Equifax database and stole personal information tied to 143 million people. The hackers accessed people’s names, Social Security numbers, birth dates, addresses and, in some instances, driver’s license numbers. They also stole credit card numbers for about 209,000 people and dispute documents with personal identifying information for about 182,000 people. There is no reason to think that data is not for sale to criminals who can use it to open new lines of credit or file phony tax refund requests in peoples’ names.
People reach their peak decision-making abilities sometime in their 50s, and then decline slowly until after age 70, when the decline starts to take off more dramatically. This helps explain why sweepstakes frauds, Nigerian investment schemes and other scams target seniors and retirees.
When was the last time you heard of a company firing over 5,000 employees due to fraud? My answer is never. I’ve never heard of a company firing 2% of their workforce and citing fraud. Outside of a recession or a merger, a company announcing they are firing 5,000 employees is rare. If I had to give you one guess what industry such a company came from I’m willing to bet you’d guess the financial services industry…and you’d be right. Continue reading Wells Fargo Institutionalizes Fraud – Gets Slapped On Wrist
I saw a number from Washington, D.C. on my mobile and decided not to answer it, the voicemail that was left made it clear I was in a lot of trouble with the IRS and I need to call them back right away. Fortunately I’m pretty skeptical and up on the latest scams as well as actual IRS procedures, so I knew the voicemail was part of a fraud.
I reported the call, but I have a recording and a transcript that I thought you might be interested in hearing:
“This is officer Alex Watson calling from the Legal Department off Internal Revenue Service. This is in reference to a criminal lawsuit file against you. Your case number is CH94436. The moment you receive this message I need you or your retained attorney off records to return the call. The issue at hand is extremely time sensitive. My phone number is 202-795-1580. Do not-this(?) this message and do return the call. Now if you don’t return the call and I don’t hear from your attorney either then the only thing I can do is wish you a good luck as the situation unfolds on you.”
For more information on this scam, goto the following website: http://www.treasury.gov/tigta/press/press_tigta-2015-01_home.htm
Scott Dauenhauer, CFP, MPAS, AIF