Business

<< Previous   of   Next >>   ADVERTISEMENT   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Monday, October 13, 2008 Scams on the rise: how to keep yourself safe By Mike Benbow My job has been a lot things through the years, but rarely has it been painful. Sure, there was the time that I agreed to race some television reporters in a supermarket parking lot as we all sat on the backs of circus elephants. They're a lot faster than they look. I had to hang onto a leather harness so hard to keep from falling off that the elephant's sandpaper-like skin bloodied my knuckles something fierce. Other than that, though, things have been pretty normal. Until last week. It was literally painful for me to watch the stock market drop look a rock everyday, taking my retirement funds with it. If that keeps up much longer, not only will I never be able to retire, I may have to get a second job. My friends tell me not to look. They tell me I'll feel better. But I have to look. It's my job. Besides, the market these days is like a train wreck. You don't want to look, but you can't help yourself. Sound familiar? If you're like me, you're wondering just what the heck to do. I'm not sure about that, but I do know the conventional wisdom is to safeguard the money you'll need during the next five years and to keep the rest invested while you ride things out. It's hard to do that right now, but I do know what you shouldn't do. Don't get so frustrated, worried or upset that you do something foolish. Keep your cool. That's also the advice from the Federal Trade Commission, which is warning people that there are a lot of scammers out there these days trying to capitalize on all the upheaval in the market, in the banks and anywhere else where finances are involved. Scams are especially heavy on the Internet these days, mostly because that's an easy way to quickly reach a lot of people. The FTC told people Thursday to look out for "phishing" scams designed to make them give out information that can be used to steal money from their accounts or to create new credit in their name. "Scammers are taking advantage of upheavals in the financial marketplace to confuse consumers into parting with valuable personal information," the FTC said in an advisory note on its Web site. Phishers pretend to be employees of financial institutions such as banks or mortgage companies. The agency said that consumers should be extra careful about responding to any e-mails that appear to be from financial institutions because of the increased likelihood of scams. "These messages may be from 'phishers' looking to use personal information -- account numbers, passwords, Social Security numbers -- to run up bills or commit other crimes in a consumer's name," the FTC said. Most banks and similar businesses will tell you that they never ask people to send such information over the Internet or the phone. You're better off ignoring such things or visiting your bank in person to see if they're on the up and up. In addition to numerous phishing scams, the agency said there's a specific fraudulent e-mail to watch out for with the subject line: "Funds wired into your account are stolen." The agency said it's an attempt to gain access to your online banking services and should be ignored. For more information, go to www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt089.shtm. I've said this before, but it doesn't hurt to say it again. You should never give out personal or financial information over the phone, via a letter or by e-mail to people whom you didn't contact first. The market has been taking enough of our money away from us these days. There's no reason for us to start giving it away. Mike Benbow: 425-339-3459; or benbow@heraldnet.com. READER COMMENTS Be the first to comment. You must be a registered user and verify your e-mail address to post comments to blogs or articles on HeraldNet. To register, click here. To read other terms and conditions, click here. Log out

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