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Step 1 – Doing your homework provides the best consumer protection. In our digital age it is easy to gain insight on a particular business or charity’s reputation and keep apprised of current consumer related events. Even if a company does not maintain a website there is plenty of information that can still be found. The web offers consumers sites providing company information and feedback and many people are eager to share their positive or negative shopping experiences via the web. Typically a search on Google, Yahoo, or Bing will lead you to the sites that can show you other individuals’ opinions. Additionally, sites like the Better Business Bureau keep records, that you can easily reference, on most businesses and charities even if they are not registered as members of the BBB. Step 2 – Only work with sellers that do the things any legitimate company would do. For example, how does this seller present himself to the community? Is the company registered with local business organizations? Do they maintain their guarantees in writing and are willing to give you copies of them? Do they have appropriate contact information in the event something goes wrong (physical address, phone numbers, email addresses, website). Do they answer the phone when you call or call you back in a reasonable amount of time? Step 3 - Don’t do things you wouldn’t normally do. If you are dealing with a seller that is asking you to do things that don’t seem normal then you need to reconsider doing business with her. Are you being asked to provide information you are not comfortable giving? Are there terms in your agreement that are unfavorable, such as fees or high interest rates? Ask for the terms to be rewritten now and avoid the headaches later. Don’t sign or agree to anything that you can't thoroughly review first. Sometimes a key indicator something is wrong is when the seller seems to be urgently pushing you to closure. Be sure to ask why there is a need for such a rush. Step 4 - Trust your gut feeling. We have all heard it but do we act on it: "If it is to good to be true, it isn’t true"! Scammers prey on desperate situations and people acting emotionally. If there is a toy in high demand at Christmas time and you have convinced yourself you must buy it for your child you may start acting emotionally and desperate when the shelves are empty. If you buy it from someone selling them out of the back of their van don’t be surprised if the toy doesn’t work on Christmas morning and the seller is long gone. This past year the unemployed have been a favorite target of scammers. In some cases they even posed as potential employers and had applicants give them their personal information under the guise of running a pre-employment credit check. While their approach seemed unorthodox the job seekers wanted to believe they were going to find work. Once the “applicants” gave these scammers their personal information the wheels were set in motion for identity theft and fraud. For more information visit BowmansMoneyCollege. You are invited to join me at LinkedIn! |
