This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Five Signs It’s A Scam! MoneyGram Spotlights Fraud Education

It’s the phone call from a stranger who claims your relative is in trouble and needs cash or an email that says you’ve won a prize for a contest you never entered. These are tell-tale signs you’re being scammed. As part of National Consumer Protection Week, MoneyGram (NASDAQ: MGI), a leading global money transfer and payment services company, is educating consumers on how to spot fraud.

According to the Federal Trade Commission, Americans lost an estimated $1.6 billion dollars in fraud related crimes in 2013. To help consumers keep their hard earned money out of the hands of fraudsters, MoneyGram is warning them to watch out for these five signs they are being targeted by scam artists.

You Hit the Jackpot!

You receive an email or phone call stating you won a prize but you must pay fees before receiving it. This is the Sweepstakes Scam. No legitimate sweepstakes will ask for money up front. You should never send money to receive money!

The IRS is Looking for You

You get a phone call claiming you owe “back taxes” and will be arrested if you don’t transfer money fast. This is a scam. Remember, the IRS typically contacts people by mail, not by phone. The agency will never ask for payments via a wire transfer or ask for a credit card number over the phone.

Your Relative is in Trouble

You get a phone call from a person claiming to be a friend or family member in trouble who needs cash quickly. This is the “person in need scam” also referred to as the “grandparent scam.” Don’t send the money unless you can verify with your friend or family member that the story is true.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs