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Be Aware of the Biggest Money Scams

Dec-22-2017 By Frugal 101

According to recent statistics 1 in 20 people lose money to scams. People who are seeking jobs or are trying to get out of debt are the main targets of scam artists.
Here are the biggest money scams to be aware of, especially if you fall into these two categories:

1. One of the most popular scams that targets job hunters is job offer with an upfront fee. The “employer” posts an ad then they are hiring people for different positions for their new company or new headquarters. However in order to apply they require that you pay a certain amount for them to do a background check. This amount is usually not high ($20-$50), but if hundreds of people apply, it adds up. Needless to say, no background check will be done and you are not going to get this job simply because it doesn’t exist.

Paying money to the company upfront should raise a red flag, so be very careful and do your research thoroughly before paying anyone any money.

2. Another popular job hunters’ scam which is very dangerous is phishing or identity theft scam. Some scam artists post fake jobs ad to get your identity and personal information stolen. Again, always do your search before giving any information to anyone. Make sure the company is legitimate and/or exists before applying.

3. Work from home opportunities often turn out to be scams as well. Some claim that they will share secrets on how to assemble items at home or how to get paid to be a mystery shopper (oh how I wish this one was not a scam!). Some scammers hire you to ship stolen goods. Of course they never pay you, plus on top of that you may get in big trouble with the law.

4. Check-cashing is another huge money scam. People are “hired” to use their personal account to cash a check (usually a large sum of money). As a reward they are promised to get 10-15% commission. So you are asked to cash a check, keep your commission and wire the rest of the money somewhere else (as a rule somewhere outside the U.S.).

As you may have guessed, the checks are fake and by the time your bank notices that YOUR money will be far away.

When you are desperate to find a job and/or to get out of debt you may lose your ability to think clearly. Remember that if something seems too good to be true, it probably is.

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