Yesterday, we reported on a telemarketing scheme that targeted timeshare owners across the United States. (The Radar Screen – Time After Time).
How successful were the aggressive telemarketers? Authorities says
they defrauded over 20,000 investors out of more than $12 million. Now
they face criminal charges that could land them in jail for up to 20
years.
How can people protect themselves from falling victim to such schemes? AARP-Massachusetts offers the following tips for avoiding telemarketing fraud:
• Beware of anyone who asks you to send money or buy anything sight unseen, unless you are certain you are dealing with a reputable firm.
• Never give out your credit card information over the phone.
• Don't pay for a free prize. Free is free. If a caller tells you the payment is for taxes on the prize, he or she has violated federal law.
• Offering to send a messenger to pick up your payment is a clear sign of fraudulent activity.
• Asking the caller to put the offer in writing rarely offers protection to the consumer. It often leads to credible-looking letters that in the consumer' s mind seem to legitimize what in fact is a bad deal.
We have a few thoughts of our own to add:
• It pays to be skeptical when a stranger telephones to offer you a “terrific opportunity” or “can’t miss” deal. Ask for credentials and references that you can verify independently.
• Check out telemarketers with your local and state consumer protection agency.
• If you don’t want to be bothered by telemarketers, don’t waste time listening to their pitch. Just asked to be placed on their “do not call” list. Then, if they call you again, report them to your local consumer protection agency or the State Attorney General’s Office.
• Don’t be swayed by intimidation or high-pressure tactics.
• Beware of anyone who tells you that you must make a decision immediately, or run the risk of losing out on an investment opportunity.
• Use common sense. If it seems too good to be true it usually is.
And, as we have said many times before, the buyer should always be wary.
Hartley T. Bernstein is a corporate and securities attorney and civil litigator with a specialty in business transactions and civil litigation.
How can people protect themselves from falling victim to such schemes? AARP-Massachusetts offers the following tips for avoiding telemarketing fraud:
• Beware of anyone who asks you to send money or buy anything sight unseen, unless you are certain you are dealing with a reputable firm.
• Never give out your credit card information over the phone.
• Don't pay for a free prize. Free is free. If a caller tells you the payment is for taxes on the prize, he or she has violated federal law.
• Offering to send a messenger to pick up your payment is a clear sign of fraudulent activity.
• Asking the caller to put the offer in writing rarely offers protection to the consumer. It often leads to credible-looking letters that in the consumer' s mind seem to legitimize what in fact is a bad deal.
We have a few thoughts of our own to add:
• It pays to be skeptical when a stranger telephones to offer you a “terrific opportunity” or “can’t miss” deal. Ask for credentials and references that you can verify independently.
• Check out telemarketers with your local and state consumer protection agency.
• If you don’t want to be bothered by telemarketers, don’t waste time listening to their pitch. Just asked to be placed on their “do not call” list. Then, if they call you again, report them to your local consumer protection agency or the State Attorney General’s Office.
• Don’t be swayed by intimidation or high-pressure tactics.
• Beware of anyone who tells you that you must make a decision immediately, or run the risk of losing out on an investment opportunity.
• Use common sense. If it seems too good to be true it usually is.
And, as we have said many times before, the buyer should always be wary.
Hartley T. Bernstein is a corporate and securities attorney and civil litigator with a specialty in business transactions and civil litigation.
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