Consumer Car Buying Advice Blog

In a recent press release, the Federal Trade Commission issued a warning to Web users to be on guard for spam relating to the Wall Street crisis.

When in doubt, contact your bank first

While the current news coming out of the financial markets is certainly atrocious for banks and other businesses, it is seen as a golden opportunity for one group individuals – phishers. Since those of us here at Auto Credit Express feel that the educated consumer is our best customer, we want you to be aware of a warning issued by the FTC this month regarding the latest in online scams.

As we’ve stated in the past, any time you’re asked for personal information, you should verify it with your institution (with a phone call, direct email or from the actual web site – not the link in the email) before you pass it on.

Here is the FTC press release:

Online scammers are taking advantage of tough economic times. While e-mails phishing for sensitive data are nothing new, scammers are taking advantage of upheavals in the financial marketplace to confuse consumers into parting with valuable personal information.

The Federal Trade Commission urges caution regarding e-mails that look as if they come from a financial institution that recently acquired a consumer’s bank, savings and loan, or mortgage. In fact, these messages may be from “phishers” looking to use personal information – account numbers, passwords, and Social Security numbers – to run up bills or commit other crimes in a consumer’s name.

Consumers are warned not to take the bait. The FTC has advice about how to stay on guard against this type of scam. To learn more, see the consumer alert “Bank Failures, Mergers and Takeovers: A ‘Phish-erman’s Special,’” at http://www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt089.shtm.

The FTC works for the consumer to prevent fraudulent, deceptive, and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues, visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft, and other fraud-related complaints into Consumer Sentinel, a secure online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.

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