Economic Stimulus Scams On The Rise
The FTC on Wednesday will expose bogus Web sites and other scams claiming they can help individual consumers qualify for a share of the $800 billion economic stimulus package that President Barack Obama signed into law last month. Many sites use photos of Obama and Vice President Joe Biden to give the appearance of authenticity, the consumer protection agency said in a Monday e-mail. Sites also use logos from ABC, CBS, CNBC, CNN, FOX, NBC, MSNBC, and other major media outlets to make them appear legitimate. Bureau of Consumer Protection Acting Director Eileen Harrington will speak at the event.
In related news, the Small Business Administration recently issued a warning about fraudulent letters printed on what appears to be an SBA letterhead that were sent to small businesses around the country. The letters tell recipients they may be eligible for a tax rebate under the economic stimulus plan and that the SBA is assessing their eligibility for such a rebate. It then asks them to provide bank account information. The scheme is similar in many ways to e-mail scams often referred to as "phishing" that seek personal data and financial account information that enables another party to access and individual's bank accounts or to engage in identity theft.
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