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Health & Fitness

Fraud Never Sleeps

The Federal Trade Commission received over 1.8 million consumer complaints in 2011 (see graph). More than half of these were for various types of fraud. Despite improved consumer education and tighter controls, criminals continue to come up with new ways to separate unwitting victims from their hard-earned money.

A list of potential scams would fill many pages, but here are three relatively new ones to watch out for.¹

  • Cut your credit-card rate! An unsolicited caller offers to help you reduce your credit-card interest rate for a fee, and you must fill out a financial profile with account numbers, Social Security numbers, and other personal information. The scammer may arrange a conference call with your credit-card company and ask for a fee reduction, which is usually refused and could have been requested yourself. You are out the fee and at risk for the misuse of your personal information.
  • You’ve won a free gift! You receive a call from a local store claiming that you have won a gift or a gift card but must go to the store to pick it up. The call could really be from a thief who wants to get you out of your home in order to break in while you’re gone. If you receive this type of offer, call the store immediately and contact your local police if the offer appears to be a ruse.
  • Enter this online auction! A pop-up window appears while you are online inviting you to bid on a popular item, typically electronics, but you have to provide your cellphone number to enter. When you submit your entry, you receive a text message to your phone that you have subscribed to a paid “service,” which you may not notice on your bill. This trick is called “cramming.” Protect your cellphone number just as you protect other account numbers.

Remember, fraud never sleeps, so consumers have to stay wide awake! For more information, visit the Federal Trade Commission’s website, www.ftc.gov.

Feel free to share this article with your friends and neighbors.

If I can be of assistance to you in any way, please feel free to contact me.

Time is your best friend when investing for your future -- start today!

JON TEN HAAGEN, CFP, RPC
Founder and CEO
Ten Haagen Financial Group
191 New York Avenue
Huntington, NY 11743
631-425-1966
516-658-2827
jonlth@tenhaagen.com
www.tenhaagen.com

1) Consumer Reports, October 2012

The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. Copyright © 2013 Emerald Connect, Inc.

Ten Haagen Financial Group    
191 New York Avenue
Huntington , NY  11743    
Phone: 631.425.1966
Fax: 631.425.7621    
www.TenHaagen.com
WiseInvesting@TenHaagen.com    

Securities and Advisory Services offered through Royal Alliance Associates, Inc.

Member FINRA/SIPC and a Registered Investment Advisor.

Ten Haagen Financial Group is not affiliated with Royal Alliance Associates, Inc. or registered as a broker dealer or investment advisor.
This communication is strictly intended for individuals residing in the states of (CA, CT, FL, MN, NC, NJ, NY) No offers may be made or accepted from any resident outside the specific state(s) referenced.
                                      
IMPORTANT CONSUMER INFORMATION
A Broker/dealer, investment adviser, BD agent, or IA rep may only transact business in a state if first registered, or is excluded or exempt from state broker/dealer, investment adviser, BD agent, or IA registration requirements as appropriate. Follow-up, individualized responses to persons in a sate by such a firm or individual that involve either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made without first complying with appropriate registration requirements, or an applicable exemption or exclusion. For information concerning the licensing status or disciplinary history of a broker/dealer, investment, adviser, BD agent, or IA rep, a consumer should contact his or her state securities law administrator.


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