Consumer Protection Week

Consumer Protection Week

March 1, 2024

Source: Federal Trade Commission

National Consumer Protection Week is March 3-9. It is a time when government agencies, consumer protection groups, and organizations like Bank of the Valley work together to share information about consumer rights and help people learn to spot, report, and avoid scams.

The Federal Trade Commission has published a list on their website of the most commons scams, and included tips to help you know “What to do” if you feel you’ve become a victim:

  • Identity Theft: Protect your information by shredding documents and using strong passwords. Also make sure to check your monthly account statements and credit reports.
  • Unwanted Calls: Hang up on unwanted calls, and ignore unexpected texts. You can also ask your phone carrier about call and message blocking options.
  • Impersonator Scams: Stop and investigate any requests from someone you’re not completely sure is telling the truth, or whom you haven’t met in person before you send any money.
  • Health Insurance Scams: Before you share any information with anyone who contacts you offering “big discounts” on a new Medicare card, do some research and check with someone you trust.
  • “You’ve Won” Scams: Never share your financial information with someone who contacts you and claims to need it in order to award you with a “prize” like a vacation, lottery, or sweepstakes.
  • Home Repair Scams: Before you make any home repairs, ask for recommendations from people you trust and check to make sure that companies or contractors have licenses and insurance. Do not pay for repairs by cash or wire transfer.
  • Investment Scams: Do your research before making any type of investment by searching online for the name of the company. Any person or business that tries to rush you into making an investment decision is likely a scammer.
  • Job and Money Making Scams: Never pay money to earn money, and don’t share any personal information until you’ve done your research on the organization.
  • Charity Fraud: Don’t trust your caller ID, tell anyone calling to request a donation to their charity to send you information by mail. Remember, legitimate Charitable Organizations will never ask you for cash, gift cards, cryptocurrency or a wire transfer as a way of donating.

The FTC has a ton of great resources and materials available to help you educate and empower yourself this Consumer Protection Week. Visit ftc.gov/ncpw to learn how to get free consumer education materials.

 

Bank of the Valley is a Member FDIC