Stay Cautious about Stimulus Scams
One provision of the CARES act is a stimulus check for millions of taxpayers. These payments began to roll out the weekend of April 11 and will continue to be deposited to taxpayer bank accounts, with paper checks possibly following in May. The stimulus checks have created a ripe environment for fraudsters, likely heightened by confusion about exactly how the benefit would be paid. Keep on heightened alert for any communication you receive related to your stimulus check – whether it’s by phone, email and attachments, or social media. And, as always, be careful of clicking on attachments from unknown sources.
The first and easiest thing to know is that the IRS is not going to call you, email you, or show up in person requesting any of your financial information related to the stimulus check. In general, your money will be deposited in your bank account or a check will be mailed to the address provided in your 2018 (or, if you already filed, 2019) tax return, or if you receive Social Security, the account where your benefit is deposited.
The IRS has published warnings about potential scams, outlining potential communication by scammers. Their communications might include
- Emphasis on the words “Stimulus Check” or “Stimulus Payment.” The official term used by the IRS is “economic impact payment.”
- Asking the taxpayer to sign over their economic impact payment check to them.
- Asking by phone, email, text, or social media for verification of personal and/or banking information, saying that the information is needed to receive or speed up the economic impact payment.
- Suggesting that a tax refund or economic impact payment could arrive faster if the scammer works on the taxpayer’s behalf. This scam could be conducted by social media or even in person.
- Mailing the taxpayer a bogus check, perhaps in an odd amount, then telling the taxpayer to call a number or verify information online in order to cash it.
The IRS has established a portal on their website, IRS.gov, where you can check the status of your stimulus payment if you have not already received it and you can get further details. Not unexpectedly, the website has been reported to be overburdened at times, so be prepared to exercise some patience.
As always, keep a keen eye open for fraud, don’t let a rush to receive the funds cloud your judgment, and use caution when a fraudster might be on the other end of the phone.
Categories
Recent Insights
-
The Balancing Act: Navigating Mid-Mom Phase and Office Priorities
Finding Balance in Career and Motherhood Work-life balance—does anyone ever truly achieve it? Probably not, but with each season of life, we find ways to make it work for the present moment. As a mother of five with a full-time career in financial advising, I’ve learned that the concept of balance is often more about…
-
Financially Ever After? Exploring the Dollars and Cents of Marriage for Same-Sex Couples
Since the landmark 2015 Supreme Court decision legalizing same-sex marriage nationwide, LGBTQ couples have gained equal access to the financial benefits and considerations that come with marriage. However, the decision to marry involves complex financial implications that deserve careful consideration. Let’s explore whether it makes financial sense for same-sex couples to get married by examining…
-
Stuck in the Middle: Life as a Sandwich Generation Caregiver
Psst! Over here, down here in between the sliced bread, lettuce, tomato, cheese, and deli meat. Yes, that’s right, I am in the sandwich generation! This term was coined in the early ’80s to describe individuals sandwiched between raising their children and caring for aging parents. We juggle our careers, home responsibilities, and family caregiving…
-
Talk Your Chart | Fed Rate Cuts, Weak Recession Signals, and a Bull Market in Slow Motion| Episode 61
In Episode 61 of Talk Your Chart, Brett and Marcos explore the latest on the Dogs of the Dow, Utilities’ surprising rise, and Constellation Energy’s nuclear power dominance. Dive into the current bull market, Fed rate cuts, inflation signals, and why recession indicators remain weak.