The Survive and Thrive Boomer Guide

Scammers already eying the money you’re going to get from the federal stimulus

Be alert for scams related to the pending federal stimulus package.

While a deal has been negotiated and the bill awaits final votes and the president’s signature, Congress’ economic relief package proposes to send money to individual Americans due to financial distress caused by COVID-19. These one-time payments could range from $1,200 per individual and up to $2,400 for joint taxpayers, depending on income.

Some Americans may receive physical checks in the mailbox rather than by direct deposit. However, scammers are already using the proposed federal stimulus package as an opportunity to prey on consumers.

Attorneys general tell Facebook, Amazon, and other online retailers to do a better job on curbing price gouging

Thirty-one attorneys general are urging Amazon, Facebook, eBay, Walmart, and Craigslist to more rigorously monitor inflated consumer price practices by online sellers using their services.

“As our community faces an unprecedented public health crisis, I’m asking online retailers to do more at a time that requires national unity,” said Nevada Attorney General Aaron D. Ford. “Together, we need to crack down on inflated pricing so our consumers can get the goods and supplies they need at fair prices.”

A letter sent Monday to the companies lists several examples of inflated prices on their marketplace platforms, which took place in March: on Craigslist a two-liter bottle of hand sanitizer was being sold for $250; on Facebook Marketplace an eight-ounce bottle was being sold for $40; and on Ebay packs of face masks were being sold for $40 and $50.

Don’t get tricked by a charity scammer during the COVID-19 pandemic

Fraudsters are always busy trying steal your money. When a new emergency comes along, they look in their bag of tricks and repurpose scams that have worked in the past or they dream up something new. With social media reaching so many people and even the ability to text millions, consumers need to alert to avoid be taken advantage of.

To help people make their own wise giving decisions on charities addressing the coronavirus outbreak, the BBB Wise Giving Alliance offers these tips to avoid scams:

FTC bans three defendants from selling student debt relief and telemarketing

Three defendants in a student loan debt relief scheme have been ordered to pay millions to resolve Federal Trade Commission charges that they deceived consumers by promising to reduce or eliminate their student loan debt.

A federal court found that Brian Colombana, Impetus Enterprise Inc., and Fig Tree & Co. deceptively marketed student loan debt relief services, tricked consumers into paying illegal upfront fees, and failed to deliver the promised debt relief.

The court entered judgments against the defendants of nearly $11 million. They’re banned from selling debt relief products and services and telemarketing.

Federal financial agency charges Fifth Third Bank with opening unauthorized accounts and signing consumers up for unapproved products and services

Photo: Ed! (Photography)

The Consumer Financial Protection Bureau filed a lawsuit in Illinois Monday against Fifth Third Bank, one of the largest banks in the Midwest.

The CFPB alleges that for several years Fifth Third, without consumers’ knowledge or consent: opened deposit and credit-card accounts in consumers’ names; transferred funds from consumers’ existing accounts to new, improperly opened accounts; enrolled consumers in unauthorized online-banking services; and activated unauthorized lines of credit on consumers’ accounts.

The lawsuit claims that Fifth Third violated the Consumer Financial Protection Act’s prohibition against unfair and abusive acts or practices. It also charges the bank with violating the Truth in Lending Act and the Truth in Savings Act.

The CFPB alleges that for years and continuing through at least 2016, Fifth Third used:

Baby boomers have coronavirus on their minds

Two weeks ago, I went to my local co-op to stock up on food due to the possible need to stay home due to the COVID-19 outbreak. I bought two weeks’ worth of food.

Then, I heard that older people may need to stay home for more than two weeks. So I set out for Costco for a shopping trip. I spent $262. Costco was out of hydrogen peroxide, which I use to wipe chemicals off things. In addition, it was out of medium-size disposable gloves, so I bought two boxes of large.

I bought eggs, chicken thighs to freeze, carrots, beets, cheese, pine nuts, blueberries, raspberries, strawberries, and a large bag of “power” greens. Since I normally don’t buy Costco’s large sizes, I was looking around for something for dinner. I bought a large plastic container of shrimp. (Pretty exotic. I was able to eat it all and none spoiled.)

Don’t fall for COVID-19 scams

As usual when an emergency occurs, scammers are taking advantage of fears about COVID-19. They’re setting up websites to sell phony products and using fake emails, texts, and social media posts as ways to take your money and get your personal information.

The emails and posts may be promoting awareness and prevention tips and giving fake information about cases in your neighborhood. They also may be asking you to donate to victims or offering advice on unproven treatments. In addition, the emails and posts also can contain malicious email attachments.

Colleen Tressler, consumer education specialist for the Federal Trade Commission, offers these tips to help you avoid scams:

California funeral homes that hide prices are charging more than homes that disclose prices, study shows

California funeral homes that use a legal loophole to hide prices tend to charge more for basic services than funeral homes that prominently disclose prices, a study showed. For example:

• For the basic services fee, the $1,835 median price of price hiders was 36 percent higher than the $1,348 median price of price posters.
• For direct cremation, the $1,695 median price of price hiders was 31 percent higher than the $1,295 median price of price posters.
• For immediate burial without a casket, the $2,595 median price of price hiders was 37 percent higher than the $1,900 median price of price posters.

“Many funeral homes charging high prices use a legal loophole to hide these prices from the public,” said Josh Slocum, executive director for the Funeral Consumers Alliance. “The California legislature should close this loophole so that consumers can comparison shop among all funeral homes.”

It’s National Consumer Protection Week

This year’s National Consumer Protection Week is March 1-7. It’s an opportunity for consumers to learn about their rights as consumers, help them make well-informed decisions about money, and provide tips to avoid scams.

Here’s some NCPW activities this week:

All week

Follow USAGov (@usagov) on Instagram for quick, shareable consumer tips throughout the week.

Watch “The Impostors: Stealing Money, Damaging Lives,” a two-part webinar hosted by AARP. You’ll learn about the most-reported imposter scams, how to recognize one, and what to do if you think you’ve encountered a scammer.

Wells Fargo to pay $3 billion for fake account scandal

Wells Fargo has agreed to pay $3 billion to resolve civil and criminal charges related to its practice between 2002 and 2016 of pressuring employees to meet unrealistic sales goals that led to millions of accounts being created under false pretenses or without consent, the U.S. Department of Justice announced Monday. 

As part of the agreement with the department and the Securities and Exchange Commission, Wells Fargo admitted that it collected millions of dollars in fees and interest to which it wasn't entitled, harmed the credit ratings of some customers, and unlawfully misused customers’ sensitive personal information, including customers' identification.

“When companies cheat to compete, they harm customers and other competitors,” said Michael D. Granston, deputy assistant attorney general for the department’s Civil Division. “This settlement holds Wells Fargo accountable for tolerating fraudulent conduct that is remarkable both for its duration and scope, and for its blatant disregard of customer’s private information.”