November 2020

When you talk with friends and family over the holidays, you may hear about new puppies, old sports rivalries, and dreams of the next vacation. As you join the conversation, why not share some ideas from the FTC’s Pass it On campaign to protect the people you care about from scams?

During the past four years, the FTC logged more than 378,000 reports from veterans — and nearly 161,000 were fraud-related. More than 24,000 of those reported a loss (with total losses of $205 million). Veterans had a median loss of $755, compared to active duty servicemembers who reported a median loss of $500 over the same period.

“It’s been almost a month and we still don’t have our money. We’re broke and putting groceries on credit cards . . . .” That’s just one of many customer reviews posted about the mobile banking app offered by Beam Financial Inc. and founder Yinan Du – the defendants in a lawsuit filed today by the Federal Trade Commission.

Daily life has changed a lot since the pandemic started. Because face-to-face interactions aren’t possible for so many of us, we’ve turned to videoconferencing for work meetings, school, catching up with our friends, even seeing the doctor. When we rely on technology in these new ways, we share a lot of sensitive personal information. We may not think about it, but companies know they have an obligation to protect that information. The FTC just announced a case against videoconferencing service Zoom about the security of consumers’ information and videoconferences, also known as “Meetings.”

Scams come in many forms: texts, emails, letters, and lots of calls. Scammers plot schemes from tech support scams to fake check scams to try to knock us off balance just long enough to take advantage. They want to get our money and personal information, like account numbers and our Social Security number. How can we fight back? By sharing your story and reporting what happened to the FTC.

During Medicare’s Open Enrollment Period, which end ends December 7, Medicare beneficiaries can choose the plans that are best for them. It’s good to understand what sellers are — and aren’t — allowed to do, so you’ll be prepared if an insurance agent or representative tries to enroll you in a Medicare plan that isn’t right for you.