
Managing Money In A Crisis
Weekly tips sent straight to your inbox
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Widespread anxiety, supply shortages and a surge of misinformation have created the perfect storm for scammers to capitalize on coronavirus. While the Internet is a critical tool for communication and information during this time, it also provides a platform for scammers to prey on people at their most susceptible.
Finder has compiled a list of the common scams to watch out for, along with tips for protecting yourself online.
On April 2nd, the Internal Revenue Service (IRS) issued a warning to taxpayers to be on the lookout for phone calls, emails, text messages and social media posts from scammers posing as IRS officials.
These criminals might ask you to verify or provide your financial information so you can get your stimulus check faster. But don’t be duped — the IRS will never call you or send emails to verify such details. And retirees should be especially careful, as many scammers are preying on older Americans specifically.
Also, avoid clicking on any links you receive in an email or text message claiming to be from a government agency. Instead, visit the government website directly for trustworthy information.
Aside from asking for your personal information, the IRS warns that these criminals might also:
If you receive any unsolicited emails, phone calls or messages from a potential scammer, notify the IRS by emailing phishing@irs.gov or following the steps outlined on the IRS website. You can also report a complaint on the Federal Trade Commission (FTC) website.
There’s been a growing report of identity theft during this global pandemic. The first few weeks of April saw four times as many complaints than the three previous months combined, according to the Federal Trade Commission reports. Although the IRS created an online portal for Americans to check on their stimulus payment status, and add or update their direct deposit information, it has also made it easier for fraudsters to claim checks with little information, such as a social security number, address and date of birth.
There’s also been an increase in identity theft where criminals are filing for unemployment under someone else’s name. If you’ve recently lost your job, don’t wait to file for unemployment. But be wary of fraudulent websites or pop-ups to confirm eligibility for unemployment benefits, as criminals may obtain your information this way.
The World Health Organization (WHO) has warned against fake emails attempting to steal personal information and money. Criminals disguised as WHO officials have been targeting the public with emails that ask for sensitive information like account passwords and usernames. Victims have been tricked into clicking malicious links or opening malicious attachments.
The WHO has confirmed that it will never ask for personal information or ask you to visit a link outside of www.who.int. Read the organization’s full cybersecurity statement here.
Other reported phishing scams include “doctors” claiming to know about a vaccine, offers for a COVID-19 tax rebate and requests for donations to help fund vaccine research.
The Federal Trade Commission (FTC) has warned of coronavirus-themed phishing scams being sent via text message and email. The messages may contain real information from a reputable source with a phony link or it may come from someone claiming to be with a government organization. Don’t give out personal information, including your Social Security number, logins or passwords, via email or text.
The WHO has confirmed that there is no known cure for coronavirus at this stage. Current treatments are based on the type of care given for influenza and other respiratory illnesses. With this in mind, be wary of websites or emails offering vaccines, pills or medication claiming to treat or cure the disease.
Coronavirus “cures” or prevention myths have also been circulating on social media and the Internet. These include gargling bleach, ingesting “drinkable silver” or drinking water every 15 minutes to push the virus into your stomach where the stomach acid will kill the bacteria. Celebrity-endorsed “virus protection guides” have also been promoted online, despite their authors having no medical experience or training.
Remember, this is a new virus that we haven’t seen before. This means articles or emails claiming that certain supplements or products can “cure” or prevent the disease are fake. The most reliable health information comes from sources like the government, the WHO and Centers for Disease Control and Prevention (CDC). Steer clear of celebrity endorsements or fake websites.
As of June 5th, the World Health Organization recommends every person wear a face mask in public when physical distancing is difficult. This worldwide demand for protective face masks has led to a global shortage. As a result, there’s been a surge in counterfeit face masks available on Amazon, Facebook and Craigslist. Cybercriminals on the dark web have also been selling fake masks to exploit the shortage.
These counterfeit masks haven’t been approved by the CDC and offer little to no protection against preventing the spread of germs. Top-selling face mask companies have warned against counterfeit masks and recommend that consumers purchase from a reputable brand to ensure they’re protected. The CDC has provided a guide to recognizing counterfeit masks here.
Increased demand for products like toilet paper, hand sanitizer and face masks has led to widespread panic buying and stock shortages. Some eBay and Amazon sellers are capitalizing on the surge in consumer demand, with health products like hand sanitizer selling for as much as $400 online.
Amazon has cracked down on price gouging in the US by restricting the types of accounts that can sell sanitation products. The company has also removed millions of products making fake coronavirus claims and banned sellers that have jacked up their prices for health items. Both Amazon and eBay are also working towards removing any listings guilty of price gouging.
Coronavirus tracking dashboards have been promoted online as a way to keep up to date with the spread of the virus. But an investigation by Reason Security found that some of these coronavirus maps contain harmful malware, like the AZORult malware.
Downloading this software onto your computer can give hackers access to your personal information. This includes your browser history, social media account logins and bank account or cryptocurrency information.
While it’s wise to keep informed, you should be relying on respected media outlets or government sites for information.
Counterfeit products and cyber scams aren’t the only things to watch out for. Fake news should also be on your radar. Because COVID-19 is a new virus, health authorities have been reluctant to release new information unless they’re assured it’s correct.
But this has fueled the spread of fake news, conspiracies and misinformation online, primarily on forums like Reddit and Twitter. These sites may spread false information about unproven and possibly unsafe treatments or infected suburbs and areas to avoid.
Below are some tips for weeding out fact from fiction:
The COVID-19 pandemic has been spreading rapidly, and scammers have been using it as an opportunity to spread false information and fear while scamming people out of their money. Trust in official government communications and follow the FTC’s guidelines to avoid being scammed.
Visit Finder’s coronavirus hub for the latest information, tips and guides.
With the deadline to file extended to May 17, we asked industry experts to weigh in with their top tips.
And 7 tips to get your money faster.
With third-party marketplace listings available from big-box stores, online shopping scams are on the rise. Use these tips to have a safer shopping experience.
7 tips on smart ways you can think about using your stimulus check. Description on our main page that summarizes what the article is about.
Learn how your cyber risks might change during the coronavirus and how insurance covers you.
How this new federal program can help your small business survive the coronavirus outbreak.
Emergency loans and grants for business owners in the Empire State.
Learn how to get financial help and maintain your savings during the pandemic.
Financial tips, resources and tools for businesses during the coronavirus outbreak.
See our list of where to buy verified N95, KN95, 3M and respirator masks online, including made-in-USA options. Page is updated daily with in-stock masks.