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Although many consumers stay on alert for financial scams during the holiday season, fraudsters are working their tricks and schemes year-round. This month’s financial tips bring awareness to scams that might target consumers at this time of year.
- Saddled with holiday debt? Know the risks before signing on with a debt settlement company. Consider credit counseling, which may provide you with services at little or no cost. Be aware that canceled debt may also have tax consequences.
- The US Department of Education has ended its COVID-19 relief for federal student loan borrowers. Beware of student loan forgiveness scammers, who may make false promises and charge fees for services that can be obtained for free. When starting repayment or seeking forgiveness for federal student loans, always go through the official federal student aid website. Scammers often use official-looking names and logos in an attempt to gain your trust; never disclose your loan account ID or password to a third party.
- Seeking a Sweetheart? In 2022, more than $1.3 billion was lost in romance scams. The rise of online dating has increased this type of fraud, which has affected thousands of Americans. While anyone can be a target, older adults, who may be lonely and isolated, can be especially vulnerable. Knowing the signs to look out for can decrease your chances of being a target.
- If you have been the victim of a scam, you can take these steps to protect your money, as well as report it to the Federal Trade Commission.