of this trust — and take advantage of
consumers — by tricking them into thinking they’re dealing with legitimate
government officials. We want you to beware of scams, deceptive marketing campaigns or
otherwise questionable activities that trade on the government’s good name and
reputation. They include:• Charging a fee for services
that are available free from the government. Common schemes involve writing or
calling with claims of inside information and offers to help recover unclaimed property or
get a refund from the government, for a fee, when all of that can be done at no charge by
dealing directly with the agency involved.
• Getting up-front payments for bogus offers.
The files of the FDIC’s Office of Inspector General include the case of a Texas
motorcycle dealer who was convicted for persuading people to invest millions in FDIC-owned
luxury automobiles and corporate airplanes that did not exist. Other cases involve
convictions against imposters who convinced home buyers to send them big down payments for
special deals on real estate supposedly owned by the government.
• Falsely claiming that goods or services are approved
or backed by a government agency. Two examples — phony banks that falsely advertise themselves as
FDIC-insured and crooks who pretend to be bank
examiners — are described in other stories in this issue.
One way companies dupe consumers is by using a name or acronym that leads people to
believe they are dealing with a government agency (although there are many legitimate and
law-abiding companies or organizations with names similar to a government agency).
How can you protect yourself? Beware of unsolicited offers for deals that seem too good
to be true and from a person or company claiming or appearing to be from the government.
When in doubt, go to your phone book or another directory of government agencies and call
to confirm the validity of the offer. Don’t trust the phone number given to you
otherwise. That could be part of the scam. Also consider contacting your state government
(the consumer affairs office or attorney general listed in your phone book), the local
Better Business Bureau (also in your phone book) or the Federal Trade Commission’s
Consumer Response Center (6th & Pennsylvania Avenue, NW, Washington, DC 20580, phone
202-326-3128 or e-mail). If you’re
suspicious about someone you’re suspicious about someone claiming to represent the
FDIC, call our Office of Inspector General toll-free at (800) 833-3310.
