New Scam Targets Older Individuals

The U.S. Consumer Financial Protection Bureau (CFPB) is warning of a new scam which targets older adults.

In this latest scam, victims are told that they have won a class-action lawsuit in a foreign country but must pay taxes or money upfront. While the CFPB occasionally sends money to consumers who have been harmed by companies, the agency would like to remind individuals that they will NEVER call to advise that you have won a lottery, sweepstakes, class-action lawsuit, or about any other fees or taxes. They also will never require you to pay money to receive payment.

Some warning signs include:

• You are told that you have won a lottery, sweepstakes, or class-action lawsuit that you did not enter or participate in
• You are asked to pay taxes or fees upfront
• You are pressured to act now, or threatened that the CFPB will open an investigation if money isn’t paid
• Someone pretending to be from the government contacts you and asks you to confirm your windfall

If you suspect that you are being scammed, the CFPB suggests the following:

• Report CFPB imposter scams to the Federal Reserve Office of the Inspector General  (OIG)
• Report consumer scams to the Federal Trade Commission  (FTC)