Following the enactment of the stimulus package, there has been a significant surge in reports of fraud involving stimulus payments. People may be vulnerable to Stimulus Payment Scams because of pandemic and the high level of economic uncertainty. In addition to well-known department and nonprofit organizations, scammers often pose as representatives of government departments such as the IRS, Social Security Administration, and Medicare. To take advantage of their victims through dishonesty and fear, criminals pretend to be agents of departments like the IRS.
U.S. residents can anticipate receiving stimulus checks in one of three ways, according to the IRS: paper checks, payment cards, or direct deposit into an account. In spite of this, the American public still comes across examples of hackers deceiving people into sharing bank account information and private data by sending them emails and texts in name of stimulus checks.
Stimulus Payment Scams
The government’s distribution of stimulus relief checks has provided scammers with another opportunity for fraud, as evidenced by the ongoing Stimulus Payment Scams 2024 Payment. There are more and more complaints of stimulus payment thefts now that a number of government payments and rebates have passed.
Since some people are still trying to get their stimulus money back from the IRS and because of the ongoing economic downturn, people may be more susceptible to fraud than usual. Since January 2020, victims of COVID-19 and stimulus payment scam have lost over millions of dollars. For individuals who qualify, stimulus funds will be disbursed via one of three methods: prepaid payment cards, real checks sent to the address you provided, or direct deposit into your account.
Most common rebate and government payment scams
A $2 trillion rescue package authorized by Congress to aid Americans, businesses, and non-profits in surviving the coronavirus pandemic has led to the emergence of new frauds that prey on people’s financial necessities. Here are some of the Most common rebate and government payment scams to stay away from and tips for spotting them.
Fake Checks
Avoid being taken advantage of by a scammer because of your excitement or necessity. It’s probably a scam if you receive a stimulus check in the mail’s spam section. You should be cautious if you receive a check that needs to be verified, for an odd amount, or too fast.
Social Media Messages
Never will the US government seek for your financial or personal information on X, Facebook, Instagram, or any other social media platform. Experts have got know increasing number of frauds that promise to provide emergency grants, pay senior medical bills, or send extra cash. For the purpose of stealing important information, each directs you to a fraudulent website.
Fake SSN Requests
Last year, the Social Security Administration received more than 451,000 complaints about scammers requesting the Social Security numbers of Americans, according to news. During the pandemic, this figure was huge as scammers impersonate the IRS in order to obtain Social Security numbers. Never share this information unless it is via a government department that has been approved.
Processing Fees and Cash Advances
It’s untrue, even though some people claim that if you pay a modest amount, you could receive your money more quickly. You will either get checks in your account or have them sent to you in person. On your stimulus funds, some lenders offer to grant you an advance. The downside is that you have to pay a hefty interest rate, which can quickly mount up and drive you over budget.
How to spot a scam?
- Asks for your information while using the terms “Stimulus Payment” or “Stimulus Check.” This word will be used in place of official government payments, which are officially known as economic impact payments.
- Uses a phone call, email, text message, or social media platform to “confirm your banking and/or personal information.” Official government entities will never ask for your private information in this manner, although these scammers will probably say that the information is required to expedite your payment.
- Allows for a quicker tax refund or payment. Social media or in-person proposals may be used by these scammers, who will pretend to act on behalf of the taxpayer.
- The IRS recommends people to hang up right away if they get an unexpected call from someone posing as the IRS without any prior mail notification in order to prevent falling for these scams.
- They should not answer calls using the number that was displayed on the caller ID or shared by the caller. You can call the IRS TTY/TDD line at 800-829-4059 or IRS customer service at 800-829-1040 for verification. Additionally, taxpayers can use IRS.gov to view their tax account information online.
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