Ugh. The ink is barely dry on the "Coronavirus Aid, Relief, and Economic Security Act" or the "CARES Act" - and scammers are already coming up with schemes to defraud taxpayers. Specifically, identity thieves are using confusion over the stimulus checks to convince potential victims to turn over personally-identifying information.
The Better Business Bureau is already reporting that government imposters are calling about COVID-19 relief. As part of the scam, callers suggest that you might qualify for a special COVID-19 government grant and that it's necessary to first verify your identity and process your request. Variations on the scheme involve contacts through text messages, social media posts, and messages.
Other twists on the scam suggest that you can get more money from the government - or get your stimulus check faster - if you share personal details and pay a small "processing fee." Don't take the bait. Stimulus checks are free money from the government. You don't need to spend money to receive your check. And there are no short-cuts - even for a fee.
Today In: Taxes
The Internal Revenue Service (IRS) will deposit your check into the direct deposit account you previously provided on your tax return (or, in the alternative, send you a paper check). The IRS will not call and ask you to verify your payment details. Do not give out your bank account, debit account, or PayPal account information - even if someone claims it's necessary to get your stimulus check. It's a scam.
If you receive a call, don't engage with scammers or thieves, even if you want to tell them that you know it's a scam, or you think that you can beat them. Just hang up. If you receive texts or emails claiming that you can get your money faster by sending personal information or clicking on links, delete them. Don't click on any links in those emails.
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