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This One Mistake Could Cost You Your Stimulus Check

April 13, 2020 by Eric C. Jansen, ChFC®

Economic Impact Payment checks have started going out. If you qualify for a stimulus check and want to be sure you don’t lose it due to one simple mistake, read on.

For most Americans who qualify, their stimulus checks will be a direct deposit into their bank accounts, which started on April 11, and will go out in waves in the coming weeks.  For the unbanked, or people who still prefer paper checks, the IRS will begin mailing checks at the end of April, but this process could take 20 weeks or more.

That’s the good news; the bad news is scammers have taken this opportunity of heightened uncertainty and confusion regarding the distribution of millions of stimulus checks, to do everything they can to take it from you. Here’s how:

  • Scammers may try to get you to sign over your check to them.
  • Scammers may use this as an opportunity to get you to “verify” your filing information in order to receive your money, using your personal information to file false tax returns in an identity theft scheme.

“While much of the country is working from home, scammers and con artists are also working – on schemes to steal your money,” said the United States Attorney Nick Hanna. “Criminals are taking advantage of the health emergency, so I urge everyone to heed the warnings to protect your personal information, your bank account, and anything potentially valuable to a fraudster. The Justice Department will vigorously investigate and prosecute criminals, but we need everyone to be extra careful so they can avoid becoming a victim.”  Source: irs.gov

Here is what you need to know to protect yourself:

Most taxpayers do not need to do anything to get their checks

As long as you filed taxes for 2018 and/or 2019, the federal government likely has the information it needs to send you your money. Social Security recipients and railroad retirees who are otherwise not required to file a tax return also do not need to do anything to receive their money.

If you do not typically file a tax return, you can use the IRS’s “Non-Filers: Enter Your Payment Info Here” application to provide simple information so you can get your payment. Don’t forget to enter your bank account information so that your payment will be directly deposited in your bank account.

No one can help you gain early access to your stimulus money.  Anyone that claims they can is a scammer. 

As the distribution of stimulus checks will take many weeks, leaving people anxious as to when they will receive theirs, particularly when the funds are urgently needed, scammers are preying on this uncertainty to attempt to steal your check.

Scammers are exploiting the lack of detail on when you might receive your check to try to trick you into giving them your personal information so they can “help you” speed up when you get it. Don’t fall for it.

To find out the status of your check – The IRS is building a tool called “Get My Payment,” expected to be available mid-April.  Once launched, you will be able to :

  • Check your payment status
  • Confirm your payment type: direct deposit or check
  • Enter your bank account information for direct deposit if you do not have your direct deposit information and you haven’t sent your payment yet

The IRS will not send you an overpayment and make you send the money back in cash, gift cards, or through a money transfer.

If you get an official-looking check for more than what you were expecting–say, for $3,000–the next call you’re likely to get is from a scammer. They’ll tell you to keep your $1,200 payment and return the rest by sending cash, gift cards, or money transfers. It’s a scam that will leave you owing money to your bank.

If you receive a “check” for an odd amount (especially one with cents), or a check that requires that you verify the check online or by calling a number, it’s a fraud.

That is not the IRS calling, texting, or emailing.

Scammers are sending official-looking messages – including postcards with a password to be used online to “access” or “verify” your payment or direct deposit information. The IRS will not call and ask you to verify your payment details. Do not give out your bank account, debit account, or PayPal account information – even if someone claims it is necessary to get your economic impact payment.

One common scam currently circulating the country has scammers posing as IRS employees who claim you owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. If you refuse to cooperate, they then threaten you with arrest, deportation or suspension of a business or driver’s license.

Now with COVID-19, scammers may urge you to pay this fake tax “debt” with your economic impact check. For those who receive an actual check, they may ask you to endorse it and forward it to them for “payment of past debts.”

If you receive a call, do not engage with scammers or thieves. Just hang up. If you receive texts or emails claiming that you can get your money faster by sending personal information or clicking on links, delete them. Do not click on any links in those emails.

Banking Related Coronavirus Scams

Scammers from around the world are trying every trick in the book to capitalize on Coronavirus fears.  Stealing your banking information, and then your money is one of them

These scams may come in a variety of forms, but they will generally try to impersonate your bank or credit union, sending you phishing emails with malicious links or attachments, calling you, social media posts, and text messaging to trick you into revealing sensitive banking related information

These messages may say things like, “Operations have been suspended. Please provide your debit card number and PIN to ensure you can continue to use your account.”

Here’s an example of the type of text messaging that is currently circulating:

 

 

 

 

 

 

Your bank will never contact you and ask for full card numbers, account numbers, or personal information, whether by text, email, or telephone call.

Always exercise due diligence when opening any email related to COVID-19 and be wary of social media ads, texts, or calls.

Coronavirus Mobile App Scams:

Scammers are creating and manipulating mobile apps designed to track the spread of COVID-19 to insert malware that will compromise users’ devices and personal information.  Once your devise is compromised, they can steal your banking information and, subsequently, your money, including your Economic Impact payment.

Be wary of downloading Apps without verifying the source.

To get official updates and more information, visit the IRS’s page on economic impact payments. And if you come across a scammer trying to take your check, report it at ftc.gov/complaint.

____________________

Sources: IRS.gov  | justice.gov | consumer.ftc.gov

The information provided in this article is being provided strictly as a courtesy and is intended for informational purposes only and should not be construed or used as tax, financial, investment, or other professional advice. Finivi Inc. makes no representation as to the completeness or accuracy of information provided. If you have questions regarding your financial situation, you should consult your tax professional, financial planner, or investment advisor.

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Eric C. Jansen, ChFC

Fun Facts About Me

When he is not researching the next great stock to add to client portfolios, you can find him travelling frequently with his family to Jackson Hole Wyoming.

  • Hometown: Chicago, IL
  • Birth Month & Year: November, 1964
  • Favorite Hobby: Goldmining in Nome, AK
  • Favorite Food: Steak at Charley’s Steakhouse in Orlando FL
  • Can't be interrupted when: Watching the Discovery Channel
  • Hidden Talent: Finish Carpenter
  • Something on bucket list: Obtain Helicopter Pilot License
  • Family Pet: Goldfish

Steven C. Johnson, ChFC

Fun Facts About Me

Steve would tell you that one of the best parts of the day is spent talking to clients and relationships that result from it. When away from the office, he loves to travel the back roads of New England enjoying all the great sites that can be found off the beaten path.

  • Hometown: Townsend, MA
  • Birth Month & Year: December, 1967
  • Favorite Hobby: Playing Hockey
  • Favorite Food: Chicken Caesar Salad
  • Can't be interrupted when: Watching the Bruins
  • Hidden Talent: Cooking – Makes a great Thanksgiving turkey
  • Something on bucket list: Travel to Italy and Greece
  • Family Pet: Max – our Pomeranian

Frederick M. Lane, ChFC, CASL

Fun Facts About Me

When not managing client portfolios, Fred can be found relaxing with family and friends.

  • Hometown: Nutley, NJ
  • Birth Month & Year: July, 1954
  • Favorite Hobby: Dog Walking
  • Favorite Food: Italian
  • Can't be interrupted when: Listening to Pink Floyd
  • Hidden Talent: Landscaping
  • Something on bucket list: Space Flight - Tourism
  • Family Pet: None

Catherine M. Gareri

Fun Facts About Me

When not caring for her clients Cathy enjoys relaxing in her yard at home.

  • Hometown: Bellingham, MA
  • Birth Month & Year: July, 1957
  • Favorite Hobby: Cooking and Entertaining
  • Favorite Food: Steak at the Capital Grille
  • Can't be interrupted when: It's family time
  • Hidden Talent: Dog Whisperer
  • Something on bucket list: Spending a couple months on the Almalfi Coast
  • Family Pet: In Between Mastiffs now so a little blue fish “Willy”

Katie E. Moore, CLTC

Fun Facts About Me

When Katie is not busy taking care of her clients, she spends her time being a mom to her two little ones, Owen and Isla.

  • Hometown: Modesto, CA
  • Birth Month & Year: September, 1982
  • Favorite Hobby: Swimming
  • Favorite Food: Mexican Food
  • Can't be interrupted when: I'm cooking
  • Hidden Talent: Climbed Yosemite's Half Dome, twice - no fear :)
  • Something on bucket list: See the Northern Lights and Potty Train my 2 year old
  • Family Pet: Caddy and Sierra – our two cats

Hesper Duval

Fun Facts About Me

Loves spending time with 2 daughters and enjoys participating in 5k obstacle races throughout the year.

  • Hometown: Charlton, MA
  • Birth Month & Year: October, 1981
  • Favorite Hobby: Running
  • Favorite Food: Cheesecake
  • Can't be interrupted when: Reading a good book
  • Hidden Talent: Interior Design and furniture restoration
  • Something on bucket list: To travel cross-country in an RV
  • Family Pet: Charlie and Nora, both black labs from the same litter

Donna Fournier

Fun Facts About Me

When not cheering for the Patriots, Donna spends her free time travelling throughout the United States looking for new haunted places to explore. She loves to wear her cowboy hat and boots when travelling out west.

  • Hometown: Swansea, MA
  • Birth Month & Year: February, 1961
  • Favorite Hobby: Exploring haunted locations
  • Favorite Food: Pizza
  • Can't be interrupted when: Eating my pizza
  • Hidden Talent: Rollerblading
  • Something on bucket list: Travel to Australia
  • Family Pet:  Had a pet skunk

Danielle Drew

When Danielle does not have her head in a book studying to expanding her financial planning knowledge, she enjoys anything active and outdoors, including visits to the beach and hiking.  

  • Hometown: Dennis, MA
  • Birth Month & Year: November, 1985
  • Favorite Hobby: Working out, concerts, and exploring wineries
  • Favorite Food: Lobster pot pie, cheeseburgers, BBQ, the list goes on...
  • Can't be interrupted when: Working out 
  • Hidden Talent: Country line dancing
  • Something on bucket list: To hike the 48, 4000 footers of New Hampshire
  • Family Pet: none, hopefully a big dog someday

Jay Willwerth, ChFC

Fun Facts About Me

Jay’s days are spent helping clients achieve their financial goals, followed by nights and weekends typically watching his daughters play competitive volleyball.

  • Hometown: Melrose, MA
  • Birth Month & Year: September, 1959
  • Favorite Hobby: Golf
  • Favorite Food: Anything at a Patriot’s Tailgate
  • Can't be interrupted when: Watching the Patriot’s Game
  • Hidden Talent: Competitive Volleyball Watcher (Mostly his 2 daughters)
  • Something on bucket list: Play a round of Golf at Pebble Beach
  • Family Pet: Bella, our Shih-poo
 

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