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FDIC Consumer News
Important Update: FDIC Insurance Coverage Increased in Late 2008
In the fall of 2008, Congress temporarily increased the basic FDIC insurance coverage limit from $100,000 to $250,000 through December 31, 2009. In addition, the FDIC simplified the rules for the calculation of deposit insurance coverage for revocable trust deposits, including an expanded definition of the "eligible beneficiaries" for additional insurance coverage. As a result, certain previously published information related to FDIC insurance may not reflect the current insurance coverage. For more information, go to www.fdic.gov/deposit/deposits/index.html or call toll-free 1-877-ASK-FDIC (1-877-275-3342) Monday through Friday, 8:00 a.m. to 8:00 p.m., Eastern Time. For the hearing-impaired, the number is 1-800-925-4618.
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Special 10th Anniversary Edition - Fall 2003
Shopping and Paying From Home Over the Internet...Do Your Homework First
The Internet lets you research products, comparison shop among hundreds of businesses, sign up for special deals, and pay for purchases 24 hours a day, seven days a week. But there also can be hazards, including identity theft, which happens when a criminal obtains personal information and uses it to commit fraud in someone else's name. Some suggestions:
Deal with a reputable company. "Practically anyone anywhere in the world can set up a Web site anonymously," says Michael Jackson, an Associate Director of the FDIC's Division of Supervision and Consumer Protection."That increases the potential for fraud and other troubles." So, be suspicious if the merchant doesn't list a physical address or a phone number. Closely review the Web site's address (URL), especially if you are provided a link to that site in an unsolicited e-mail. Some
con artists also try to lure consumers to fraudulent Web sites by using corporate names or Internet addresses that are similar to those of legitimate companies. Also contact a knowledgeable friend, your state's Attorney General's office (listed in your phone book or other directories) or the Better Business Bureau and ask about a merchant's reputation.
Protect your personal information. Read about how the company safeguards bank account, credit card and other confidential information. Don't divulge your Social Security number, credit card number or other personal information unless you're sure the Web site is legitimate and you know why that information is needed. And never disclose your password to anyone.
Excerpted from "Shopping and Paying from Home Over the Internet," Summer 2001.
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