Tag: Timothy Caminos

Combating Investment Fraud

Unfortunately, too many seniors across the United States fall victim to investment fraud. It is a growing trend we see here in Hawai‘i where criminals are targeting our seniors. To protect yourself, family and other loved ones, Hawai‘i’s BBB provides a few sound tips on how to spot the red flags and avoid investment fraud.

Red Flags For Fraud And Persuasion Tactics

How do successful, financially intelligent people fall prey to investment fraud? Researchers have found that investment fraudsters hit their targets with an array of persuasion techniques that are tailored to the victim’s mental profile.

No such thing as a “Guaranteed Return”: Every investment carries a certain degree of risk. Safe investments generally yield very low returns. Most con-artists spend a lot of time trying to convince investors that extremely high returns
are guaranteed, don’t believe it!

Reciprocity: Scammers often try to entice investors through free investment seminars; they hope that by doing a small favor for you, such as a free lunch, you will invest in their pitch. There is never a reason to make a quick decision on
an investment. If you attend a free seminar, take the material home and research it.

Pressure to invest right now: Scammers often tell their victims that this is a once in a lifetime offer and it they won’t see it again. It is important to resist the pressure to invest immediately and take the necessary time to investigate before
committing your hard earned money.

What You Can Do to Avoid Investment Fraud

Ask questions: Scammers are counting on you not to investigate before you invest. It is imperative that you take the time to do your own independent research.

Research before you invest: Unsolicited emails, fliers and company investment letters should never be used as the only basis for your investment decisions. Understand a company’s business and its products or services before investing.

Know the salesperson: Take the time to check out the person offering the investment before you invest — even if you know the person. Always find out whether the securities salespeople who contact you are licensed to sell securities in your state and whether they or their firms have had run-ins with regulators or other investors. You can check out brokers and their licensing for free with FINRA’s database and call Hawai‘i’s BBB for information on any firm they work for.

During 2013, Hawai‘i’s BBB, in conjunction with FINRA, will be educating the public on investment fraud. If you have any questions or would like someone from our office to speak with your group, give us a call at 808.536.6956.

Better Business Bureau, Hawai‘i
808-536-6956 | 877-222-6551 Neighbor Islands

www.hawaii.bbb.org

Unfortunately, too many seniors across the United States fall victim to investment fraud. It is a growing trend we see here in Hawai‘i where criminals are targeting our seniors. To protect yourself, family and other loved ones, Hawai‘i’s BBB provides a few sound tips on how to spot the red flags and avoid investment fraud.…
BBB: Volunteering: Keep Yourself Active
For the past 50 years, May has been a month to appreciate and celebrate the vitality and aspirations of older Americans and their contributions to our communities. Many seniors are productive, active, and influential members of society, sharing essential talents, as well as passing on wisdom, and life experience with their families, friends, and neighbors.

With busy lives, it can be hard to find time to volunteer. However, the benefits are enormous to you, your family, and your community. The right match can help you find friends, reach out to the community and even learn new skills.

Volunteers are often the glue that holds a community together. It allows you to connect to your community and make it a better place. However, volunteering is a two-way street. Dedicating your time expands your network and can help you maintain a healthy lifestyle.

Hawai‘i’s BBB recommends taking the four following steps to make sure your time and energy are put to great use as a volunteer:

Identify your skills. Volunteering opportunities are available for any skill level. Consider what you’re good at and what services you’d be particularly well-equipped to provide. From stuffing envelopes to construction, to providing pro bono legal advice, you can find a good fit regardless of your education or talents.

Consider your passions. Maximize your enthusiasm for volunteering by finding an issue that resonates with your own personal passions. If you’re a runner, consider a marathon fundraiser. If you like history, look for opportunities to help out at an archeological dig. By identifying your passions, you’re more likely to stay engaged with the charity and be a more effective volunteer.

Determine your availability. Make a realistic estimate of how much time you’re willing to give. Maybe it’s just a weekend of picking up trash at a park, a week of building schools in a foreign country or maybe you’re willing to make a long-term commitment to tutor someone to read. It’s better to volunteer the amount of time you can reasonably handle, rather than drop out in the middle of a longer commitment.

Research the charity thoroughly. Just as you would before making a cash donation, research the charity fully before you volunteer to make sure the organization has a commitment to standards and accountability. You can contact Hawai‘i’s BBB to hear or get news on local and national BBB charity reviews.

Better Business Bureau, Hawai‘i
808-536-6956 | 877-222-6551 Neighbor Islands

www.hawaii.bbb.org
For the past 50 years, May has been a month to appreciate and celebrate the vitality and aspirations of older Americans and their contributions to our communities. Many seniors are productive, active, and influential members of society, sharing essential talents, as well as passing on wisdom, and life experience with their families, friends, and neighbors.…
Better Business Bureau: Tax and Scams
This time of year, fliers, yard signs, emails and other advertisements offering tax preparation assistance and promising bigger, faster refunds are popping up everywhere. When you alone are ultimately responsible for the information on
your tax returns, how do you separate the professionals from the scammers? Over the past few years seniors have become prime targets of the tax scammers.

One popular scheme works by convincing seniors that they qualify for reimbursement through the American Opportunity Tax Credit (AOTC). The AOTC allows people paying for college to reduce their taxable income by as much as $2,500.

A key requirement of the AOTC is that a person be currently enrolled in an institute of higher education — a condition that most seniors do not meet. But, scammers lie, telling seniors that they can collect benefits even if they went to school many years ago or even if they helped pay for their children’s schooling.

Here is a list of some of other recent tax related scams:

Fictitious claims for refunds or rebates based on excess or withheld Social Security benefits.

Claims that Treasury Form 1080 can be used to transfer funds from the Social Security Administration to the IRS enabling an IRS-payout.

Unfamiliar for-profit tax services teaming with local churches.

Homemade fliers or brochures implying credits or refunds available without proof of eligibility.

Offers of free money with no documentation required.

Promises of refunds for “Low Income — No Documents Tax Returns.”

Claims for the expired Economic Recovery Credit Program or for the Recovery Rebate Credit.

Senior stimulus payment. Retirees and other Social Security beneficiaries are eligible for a senior stimulus payment — $250 for individuals and $500 for couples — as part of the new stimulus plan. Some scams claim seniors can get a second, much larger payment by calling a telephone number and surrendering personal information.

Hawaii’s BBB offers the following tips for avoiding tax preparation scams:

Be cautious of tax preparers who claim they can get larger refunds than other preparers, or who base their fee on a percentage of your refund.
Consider whether the individual or firm will be around to answer questions about the preparation of the tax return months, or even years, after the return has been filed.

Check the preparer`s credentials. Only attorneys, certified public accountants (CPAs) and enrolled agents can represent taxpayers before the IRS
in all matters including audits, collections and appeals.

Find out if the preparer is affiliated with a professional organization that provides its members with continuing educational resources and holds them to a code of ethics.

Ask friends and family if they know of people who has used the tax preparer before, and whether they were satisfied with their service.

Check out the firm with Hawaii’s Better Business Bureau at Hawaii.bbb.org

Keep your money and your identity safe this tax season. And remember the IRS provides free telephone assistance for people who have questions at 1-800-829-1040.
This time of year, fliers, yard signs, emails and other advertisements offering tax preparation assistance and promising bigger, faster refunds are popping up everywhere. When you alone are ultimately responsible for the information on your tax returns, how do you separate the professionals from the scammers? Over the past few years seniors have become prime…
Wire Fraud
How money coming in is actually going out

Western Union, Moneygram and similar businesses allow you to send money quickly. Their services are useful for transmitting funds to friends, relatives and others you know well. But scammers frequently take advantage of victims by convincing them to wire money to a stranger, often someone in a foreign country.

The initial hook can take many forms. In every case, the scam ends the same way … you are asked to wire money; once you do, it’s gone for good.

Consumers lose millions of dollars each year through wire fraud. Hawai‘i’s BBB receives calls often from duped residents who believed they “won a prize” or they were going to “work” as a secret shopper. Locally, we have seen consumers lose as much as $50,000, or taking a mortgage out on their house in order to claim a winning.

The most important thing for consumers to remember is this: Never wire money to someone you haven’t known for a long time. If you have truly won a lottery (which are illegal in Hawai‘i) or a sweepstakes, you would not need to pay a penny to receive your winnings.

Hawai‘i’s BBB warns residents to look for the following red flags:

You are asked to wire transfer money.

You are sent a check in connection with a payment request. Scammers often win their victims’ confidence by sending a fake check for more than the so-called processing fees, shipping costs or other expenses. It may be a cashier’s check, personal check or money order. They instruct the victim to cash the check at their personal bank account and send them a portion of the money back.

The contact indicates a confirmation code or money transfer control number (MTCN) is needed before your money can be withdrawn. Once you wire money, it can be picked up immediately.

A caller or e-mail appears to originate from overseas.

The person communicates via TTY service. TTY is used by the hearing impaired. Cons prefer the service because it disguises thick accents and makes calls untraceable.

If you are a victim of fraud, report it to the police and FBI. If you have any questions about someone who wants you to wire or tranfer money, contact Hawai‘i’s BBB for information.

Complaints or Questions, contact BBB:

808-536-6956 (O‘ahu)
877-222-6551(Neighbor Islands)
www.bbb.org/file-a-complaint/
How money coming in is actually going out Western Union, Moneygram and similar businesses allow you to send money quickly. Their services are useful for transmitting funds to friends, relatives and others you know well. But scammers frequently take advantage of victims by convincing them to wire money to a stranger, often someone in a…
Better Business Bureau: Scammers Take Advantage of Health Reform
Con artists are always seizing on the public’s financial struggles and confusion in order to make a quick buck. Not long ago we saw them come out of the woodworks during the housing crisis and now we are seeing a pattern again as health care reform laws are upheld.

Scammers are already trying to cash in on the fact that there is still confusion about health reform. Hawai‘i’s BBB is warning consumers that these scammers are trying to sell fake “Obamacare” policies over the phone and other health care policies under the guise of being able to be grandfathered into a policy before the Patient Protection and Affordable Care Act is “official”. Some of these scam artists have even set up toll-free numbers to sell these fake policies.

The con-artists attempt to create a sense of urgency by telling consumers that there is a limited enrollment period and coverage is required by law. Often, these thieves can’t explain what is covered by the policy nor do they have any answers related directly to healthcare that are not very general.

Here are a few things to keep in mind if someone solicits you about obtaining new health insurance.

There is no open enrollment period currently associated with the new law, so if the salesperson is pressuring you to buy the policy because the price or option is only good for a short time, be wary.

You may have heard that all Americans will be required to purchase health insurance under the new law, but this requirement does not go into effect until 2014 for most people. If a salesperson implies you have to purchase coverage now, hang up the phone immediately.

If a salesperson claims that by getting a different coverage now that you will be “grandfathered” or exempted from changes required by the health care reform law in the future. It is a red flag as this is no longer true.

Hawai‘i’s BBB recommends that you don’t sign a contract or send money before you check out the company you plan on doing business with. Consumers have resources such as Hawai‘i’s BBB and the States Insurance Commissioner (808-586-2790, 808-586-2799, www.hawaii.gov/dcca/ins/)that they can check with before doing business with a company. Stay safe, healthy and informed!

Complaints or Questions, contact BBB:

808-536-6956 (O‘ahu)
877-222-6551 (Neighbor Islands)
www.bbb.org/file-a-complaint/
Con artists are always seizing on the public’s financial struggles and confusion in order to make a quick buck. Not long ago we saw them come out of the woodworks during the housing crisis and now we are seeing a pattern again as health care reform laws are upheld. Scammers are already trying to cash…
Our Kupuna, Our Kuleana
Decades of service protect seniors from fraud

This year, Hawai‘i’s Better Business Bureau (BBB) will be turning 67 years old. The bureau was here from when Hawai‘i became a state to when one of its citizens became the U.S. President — and it’s still going strong. In fact, you could say that the BBB is a kupuna of local business.

As the BBB continues to grow and serve the people of Hawai‘i, it takes on local culture, values and traditions. The bureau’s position has become much like the kupuna of Hawaiian culture; a major source of wisdom and the transmitters of knowledge and training to younger generations. Simultaneously, it helps to keep kupuna safe as consumers.

While being the revered segment of Hawai‘i’s society, many of our kupuna are still at risk for becoming victims of fraud. According to Consumer Sentinel and the bureau’s own data, the rate of fraud against seniors continues to rise. With Hawai‘i’s senior population growing faster than the rest of the country (State of Hawai‘i Executive Office on Aging report and the 2010 US Census Data), it is safe to say that Hawai‘i’s kupuna could use every extra set of eyes and ears to help watch over them.

Hawai‘i’s BBB, through the BBB Foundation of Hawai‘i, contributes to the protection of kupuna through various educational outreaches. It offers informational presentations to many senior clubs on O‘ahu and the Neighbor Islands. It also staffs a table at every major senior fair in the state. Additionally, it serves on the Advisory Council of the Executive Office on Aging’s Senior Medicare Patrol program.

Hawai‘i’s BBB is the first place you come to get the answers if:

You are looking for an ethical business to patronize

You are looking for an honorable charity

You have questions about the trustworthiness of a business or charity

You have questions about a letter, email or phone call you’ve received

You have a complaint against a business or charity you would like resolved

Just as the Hawaiian culture believes one’s life essence (i.e., spiritual energy and ancestral knowledge) can be transmitted through the sharing of the ha, Hawai‘i’s BBB believes that it facilitates the perpetuation of our local culture and protects kupuna through sharing knowledge with seniors and the next generation.

Better Business Bureau of Hawai‘i
1132 Bishop Street #615, Honolulu, HI 96813-2813
Phone & Phone Hours: 808-536-6956 (O‘ahu) | 877-222-6551 (Neighbor Islands) | 808-628-3970 (Fax) 9:00 am – 2:00 pm, Mon. – Thurs., 9:00 am – Noon, Friday
File Complaint: www.bbb.org/file-a-complaint/
Decades of service protect seniors from fraud This year, Hawai‘i’s Better Business Bureau (BBB) will be turning 67 years old. The bureau was here from when Hawai‘i became a state to when one of its citizens became the U.S. President — and it’s still going strong. In fact, you could say that the BBB is a kupuna…
Lookout: Contractor Scams

Recently, across the Islands, senior citizens have become the target of “contractor” scams, where scammers perform home improvement and repairs that ultimately cheat or rip off consumers. Senior citizens are often the target of these scams primarily because they are more likely to be home during the day, have some form of steady income or a savings in place. And, many seniors tend to have a trusting nature and find it difficult to tell door-to-door solicitors ‘no.’

The most common type of contracting scam is the pavement scam, where scammers go door-to-door offering to pave driveways for homeowners. Other types of contracting scams include plumbing, roofing, remodeling and yard service projects. Usually these scammers will find something “wrong” with your house and will “repair” it with inferior quality and materials.

Warning signs that generally indicate a scam:

Selling door-to-door: True contractors will rarely sell their services door-to-door.

Left over from another job: Contractors know their material and most of the time there is no left over.

The quick decision: Take the time to think about it, never hire someone on the spot, and always get at least two estimates from different contractors.

No Contract: Get it all in writing. Write up a contract specifying the amount of work to be done and the total price.

Cash Only and Upfront Fees: The majority of contractors will accept forms of payment other than cash. Beware of those who demand full payment before the job is even started.

For any job, get a written estimate, compare prices and check references, licensing and insurance.

If you’re having problems with a contractor or if you feel that you have been scammed, please call the BBB. The BBB can offer help and get the word out to others in the community.

For more information on how to hire contractors, please visit www.hawaii.bbb.org.

Better Business Bureau of Hawai‘i1132 Bishop Street #615, Honolulu, HI 96813-2813
Phone & Phone Hours:808-536-6956 (O‘ahu) | 877-222-6551(Neighbor Islands) | 808-628-3970 (Fax) 9:00 am – 2:00 pm, Mon. – Thurs., 9:00 am – Noon, Friday
File Complaint: www.bbb.org/file-a-complaint/

Recently, across the Islands, senior citizens have become the target of “contractor” scams, where scammers perform home improvement and repairs that ultimately cheat or rip off consumers. Senior citizens are often the target of these scams primarily because they are more likely to be home during the day, have some form of steady income or…
Be An Aware Consumer – Avoid Being Scammed

It’s no secret that con-artists go where the money is. That means that schemers and scammers target citizens who are retired or who are about to retire who have been accumulating money through their retirement plans, real-estate and their personal bank accounts.

The truth is that we are all at risk. Nevertheless, you can help protect your family and friends by knowing how scammers work and by reporting fraudulent investment sales pitches and other scams to the authorities. The key is to recognize these offers that sound too good to be true. Con-artists are very adept at coaxing and altering their pitches to the profiles of their victims. They often ask casual questions about hobbies, health, family and political beliefs. Once they identify a way in, they will overwhelm you them with various tactics in an attempt to defraud them of money. The two most common tactics are:

The get rich quick tactic: This tactic tries to persuade you that with “this investment” you will obtain something you want but cannot have. For example, a scammer might guarantee you that a business opportunity will produce a monthly income of $4,000 guaranteed!

The credibility tactic: This tactic tries to attain credibility by claiming to belong to a respected group or having a certain experience or special connection.

Claims of endorsement or affiliation: The scammer may claim to be endorsed by a state or federal agency, or the Better Business Bureau, agencies that do not endorse private companies.

A couple of things you can do to prevent becoming a victim of these types of frauds are to take control and ask questions. Remember that any legal investment agent must have specific types of licensing. Your Better Business Bureau has Business Reviews on thousands of businesses which contain licensing and complaint information. Verify any information that is given you with another source and practice saying “No” and “I am not interested”.

Hawai‘i’s BBB works to help prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid scams.

It’s no secret that con-artists go where the money is. That means that schemers and scammers target citizens who are retired or who are about to retire who have been accumulating money through their retirement plans, real-estate and their personal bank accounts. The truth is that we are all at risk. Nevertheless, you can help…
Phone Scam Comebacks

Telemarketing scams have in some cases become more profitable than drug trafficking. Scammers have made millions of dollars by perpetrating over-the-phone schemes.

Scammers use technology to disguise their locations, telling victims they are calling from federal or state agencies and providing phone numbers with local and United States area codes. The con artists hold out the promise of a sweepstakes, lottery or other winnings but ask for taxes and other fees up front.

Fraudulent telemarketers use five basic techniques:

Scarcity: The senior has been identified as the grand prize winner, but if the senior doesn’t accept the prize immediately (and pay that “handling charge”) the runner-up will get the prize instead.

Hype: The telemarketer screams and hollers about how excited he is that the senior has won.

Authority: The telemarketer passes the phone to his “boss,” so his target will know the offer is “legitimate.”

Reciprocity: The telemarketer explains that she won’t receive her commission unless the senior accepts the prize and pays the handling fee. When the senior protests that he doesn’t have enough money to pay the fee, the scammer asks how much he can afford, and says she’ll accept that smaller amount, just because she’s so happy the senior has won the prize.

Phantom Fixation: The prize is too good to pass up, and the targeted senior becomes fixated on it.

Con artists will change from one persuasion tactic to the next, if necessary. Hawai‘i’s Better Business Bureau (BBB) offers a few tips to help seniors deal with prize telemarketers.

Tip #1: Never give personal information, such as bank account or social security numbers, to anyone over the phone, unless you initiated the call and know you’ve reached the right agency.

Comeback: “I don’t give out personal information over the phone. I’ll contact the company directly.”

Tip #2: Don’t believe it if the caller tells you to send money to cover the “handling charge” or to pay taxes.

Comeback: “I shouldn’t have to pay for something that’s free.”

Tip #3: “Limited time offers” shouldn’t require you to make a decision on the spot.

Comeback: “I’ll think about it and call you back. What’s your number?”

Tip #4: Be suspicious of anyone who tells you not to discuss the offer with someone else.

Comeback: “I’ll discuss it with my family and friends and get back to you.”

Tip #5: If you don’t understand all the verbal details, ask for it in writing.

Comeback: “I can’t make a decision until I receive written information.”

Practice these comebacks with your friends and family. Also, tell telemarketers to take your name off their call list. If the telemarketers don’t, they’re breaking the law. Sign up for the National Do Not Call Registry at www.donotcall.gov to stop telemarketers from calling.

Telemarketing scams have in some cases become more profitable than drug trafficking. Scammers have made millions of dollars by perpetrating over-the-phone schemes. Scammers use technology to disguise their locations, telling victims they are calling from federal or state agencies and providing phone numbers with local and United States area codes. The con artists hold out…

Tag: Timothy Caminos

Red Flags For Fraud And Persuasion Tactics

What You Can Do to Avoid Investment Fraud

How money coming in is actually going out

Decades of service protect seniors from fraud

Warning signs that generally indicate a scam:

Fraudulent telemarketers use five basic techniques: