COVID-19 and Fraudsters

We’re several weeks into a global pandemic. The U.S. and other countries around the world are dealing with unprecedented measures implemented to keep the public safe. I gave you tips on social distancing, hand washing and covering your cough or sneeze, and talked about how to navigate our new normal by transitioning to contactless shopping and payment methods. Now, I’ll talk about some common schemes that fraudsters are cooking up concerning COVID-19.

I’ve lost count of how many times I have said that scammers are opportunists. They thrive on fear and misinformation to con unsuspecting people out of their money. Unfortunately, this pandemic is no exception, and it provides just the opportunity scammers look for.

Panic Shopping

You know how you can’t find toilet paper in the store right now? That’s because shoppers are desperately trying to feel in control; preparation is one way to feel in control. Scammers take advantage of this reaction and dupe people into believing they are getting a great deal on goods to fight the virus. If you see an unbelievable deal on masks, hand sanitizer, or disinfecting wipes, it’s likely a scam. It should also be noted that you shouldn’t overpay for these products, either. If you wouldn’t spend $100 on hand sanitizer on a normal shopping trip, don’t do it now. If you are in search of these products and can’t find any, you can always make your own.

Donation Sites

Fraudsters are counting on you being a good person and wanting to help. That’s why they set up phony donation sites posing as relief efforts for those afflicted with COVID-19. Be very cautious when you donate your money. Be sure that the link is valid, secure, and legitimate. Follow our tips for verifying a website in this post. If you want to help, but don’t know where to start, consider sewing masks for your local hospital. You can find more resources here.

Physical Safety

The threat goes further than cyber-crime. Police have issued a warning regarding the physical safety of residents in our communities. Imposters are going door-to-door posing as inspectors testing homes for the coronavirus. NEVER open your door to anyone you do not know or are not expecting. In one case, a phony inspector entered a woman’s home through an unlocked door. Now more than ever, please pay close attention to your surroundings and take an extra measure of caution to protect yourself against all types of fraud. 

What did you think of this post? Did you have anything to add? Feel free to comment below, or email me directly.

Krista Kyte is a personal finance blogger and personal banker with over 17 years of experience in the financial industry. Krista is passionate about helping our members  understand their financial situations. She writes tips that will help consumers reach and  maintain financial security, and start living the life they’ve always wanted.