COVID-19 Insights > Tips to Protect Yourself From COVID-19 Scammers

Tips to Protect Yourself From COVID-19 Scammers

Lifestyle and Technology

Look out for these warning signs that often accompany coronavirus scams.

During this time of uncertainty, fraudsters are taking advantage of global headlines in an attempt to get people to click malicious links, volunteer personal information, download malicious software or fall for other scams.

Read on to learn about – and avoid – scams that have sprung up in the wake of COVID-19 and the CARES Act.

Don’t fall for economic impact payment scams

The recent CARES Act includes a provision for economic impact payments – relief checks to help individuals and families during this challenging time. A number of scams have emerged that attempt to trick individuals into providing personal information under the guise of registering for these payments.

If you receive calls, emails or other communications related to your payment, do not give out any personal information. If the sender claims to be a reputable entity like the IRS or Treasury Department, do an internet search and review information straight from their official website.

Common red flags to watch out for:

  • Use of the phrase “stimulus check” or “stimulus payment.” The official term is “economic impact payment.”
  • Any request to sign over your economic impact payment check to someone else.
  • Any request for verification of personal or banking information. The scammer may insist that the information is needed to receive or speed up your economic impact payment.
  • Any request for payment, including any types of fees, charges or gift card purchases.
  • Any offer to expedite a tax refund or economic impact payment faster by working on your behalf – either in person or virtually.
  • A “stimulus check” for an odd amount – especially one with cents.
  • A “stimulus check” that requires verification online or by phone.

Sidestep other types of email fraud

COVID-19-related email scams have become the largest collection of attacks. Scammers have posed as the World Health Organization (WHO), the Centers for Disease Control and Prevention (CDC), the IRS, the FDIC and other government agencies to obtain information.

Common red flags to watch out for:

  • Any request for personal information, financial information or any kind of payment.
  • Links or attachments to “read safety tips” or “view new cases around your city.” Don’t click these.
  • Knock-off domain addresses, such as the use of “cdcgov.org” rather than the legitimate “cdc.gov.”
  • Misspelled words, unusual language or grammatical errors.
  • A sense of urgency or even the threat of legal action.
  • The use of an official logo or real employee names – while not a red flag on their own, fraudsters can easily add these to communications.

Boost your Zoom security

With an increase in Zoom use across the globe, concerns about the virtual meeting platform’s security have surfaced. While Zoom has addressed these vulnerabilities, you can add an extra layer of safety by taking the following steps:

  • If your business has a professional-level plan, consider applying for a custom Zoom URL.
  • If you use the mobile Zoom app, keep it updated.
  • Always use a unique meeting ID rather than your personal meeting ID, as your personal ID doesn’t change.
  • Avoid posting meeting IDs on social media or other public platforms.
    Password-protect any confidential meetings.

Report the incident

If you’ve fallen victim to a coronavirus-related scam, contact law enforcement and let your financial advisor know. They can help walk you through the next steps to take.

For more tips and information about the latest scams, visit the Federal Communications Commission website.

Please note, changes in tax laws may occur at any time and could have a substantial impact upon each person’s situation. While we are familiar with the tax provisions of the issues presented herein, Raymond James Financial Advisors are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

Ask Us Anything
New Jersey Headquarters: 196 Delaware Street, West Deptford, NJ 08086 • Phone: 856-853-0400 • Fax: 856-853-2747
Pennsylvania Office: 5426 York Road, P.O. Box 779, Holicong, PA 18928 • Phone: 215-794-9416 • Fax: 215-794-9417
© 2023 Kennedy Investment Group. Privacy Policy • Disclosures • FORM CRS
Kennedy Investment Group, Inc. ("KIG") is a Registered Investment Advisor ("RIA"), located in the State of New Jersey. KIG provides investment advisory and related services for clients nationally. KIG will maintain all applicable registration and licenses as required by the various states in which KIG conducts business, as applicable. KIG renders individualized responses to persons in a particular state only after complying with all regulatory requirements, or pursuant to an applicable state exemption or exclusion.
*Stocks above indicate the biggest daily movers.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.