scams

Beware of SSA impersonators

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SSA impersonatorsSocial Security Scam Targets Retirees

CPA Practice Advisor, July 20, 2017

“The Acting Inspector General of Social Security, Gale Stallworth Stone, is warning citizens about a new Social Security Administration (SSA) employee impersonation scheme.
SSA and its Office of the Inspector General (OIG) have recently alerted citizens about an OIG employee impersonation scheme and a scheme targeting former clients of Kentucky disability attorney Eric Conn; the agencies are now receiving reports from citizens across the country about other phone calls from an individual posing as an SSA employee.  The caller attempts to acquire personally identifiable information from victims to then edit the victims’ direct deposit, address, and telephone information with SSA.”

 

Protect your retirement annuity

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Companies Offering To Buy Your Annuity, Be careful!

by Ken Zawodny, June 15, 2017

“Office of Personnel Management (OPM) has recently learned of an aggressive marketing push targeting Federal annuitants. Companies are offering a cash payment in exchange for a portion, or all, of your future annuity payments generally much less than their long-term worth, and typically charging high interest rates and fees. We have specifically received numerous phone calls from one company in particular asking us to not just verify annuity amounts, but also banking information, including routing numbers and account numbers. Our suspicions were confirmed by our Inspector General’s office who discovered this company is currently under investigation by the Consumer Financial Protection Bureau (CFPB).

CFPB lists three things you can do to protect your retirement annuity:

  1. Avoid loans with high fees and interest. Pension advance companies may not always advertise their fees and interest rates, but you will certainly feel them in your bottom line. Before you sign anything, learn what you are getting and how much you are giving up.
  2. Don’t sign over control of your benefits. Companies sometimes arrange for monthly payments to be automatically deposited in a newly created bank account so the company can withdraw payments, fees and interest charges from the account. This leaves you with little control.
  3. Don’t buy life insurance that you don’t want or need. Pension advance companies sometimes require consumers to sign up for life insurance with the company as the consumer’s beneficiary. If you sign up for life insurance with the pension advance company as your beneficiary, you could end up footing the bill, whether you know it or not. Go to https://www.consumerfinance.gov/about-us/blog/consumer-advisory-3-pension-advance-traps-to-avoid/ for more information.”

For where to report a possible scam or to file a complaint