Coronavirus Scams Are on the Rise

Financial tips

Coronavirus Scams Are on the Rise

Posted by Infinite Wealth Advisors, LLC
5 months ago | May 3, 2020

It is an unfortunate fact of life that when trouble strikes, there are those who would take advantage of fear, confusion, or a desire to help. As we all navigate these uncharted waters together, we wanted to share signs of a few scam operations that are becoming more common these days.

Calls or emails from “the IRS”. As economic impact payments are distributed throughout the country, con artists are just itching to get their hands on some of this money. Remember that the IRS will not call or email you to inquire about where they should send your payment (or to ask any other questions). You do not need to “qualify” for a payment if you filed a 2018 or 2019 tax return, since they already have your information on file.

If you file your taxes electronically, your payment (if you qualify for one) will be sent to your bank account automatically. If you file paper returns, a check will be mailed to you at the address on file.

Therefore, any calls or emails from the IRS are likely to be fraudulent. If you do want to check on the status of your economic impact payment, or provide bank account information to the IRS, you can do that directly at www.irs.gov/coronavirus

Contact from the CDC or WHO. If you receive a call or email from the CDC or WHO, this is likely to be a con artist attempting to gain access to your personal information. Never give this information over the phone, and don’t click links in emails if you don’t know the sender personally. Websites with “coronavirus” or “covid” in the name are likely to be fake.

Snake oil salesmen. It’s only natural to fear coronavirus infection, but keep in mind that the FDA has not yet approved a vaccine, treatment, or specific preventive methods. Anyone trying to sell you these items is likely to be a con artist preying on your fear.

One home test has been approved by the FDA, and will become available soon, but you will receive it by doctor’s order only. Ignore advertisements, phone calls, and emails, and communicate with your trusted health professional instead.

Phony charities. There are even those who would take advantage of your compassion, so be wary of anyone who solicits you for money to help with coronavirus patients, unemployed workers, or other impacted groups. Check the IRS website for the name of the charity; if it’s not registered, it could be a scam.

Financial fears. If you’re worried about your finances, call us to schedule a consultation. We can help you assess your situation and decide your next move, so that you can make rational, informed decisions about your future.

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