Scams, High Interest Loans, Excessive Fees & Other Scary Things
By Kate Vaillancourt, Certified Credit Union Financial Counselor (CCUFC)
This might not be a popular opinion, but I’m just gonna be to come out and say it: Halloween doesn’t scare me anywhere near as much as scammers, fraudsters and cheats who are taking advantage of those we know and love. While many of the things we fear as children often become faded memories, scammers aren’t going away anytime soon. The best thing we can do is educate ourselves and our loved ones in the hopes they none of us get taken advantage of.
Unfortunately, swindlers come in all shapes and sizes. Some are outright scammers who take your money and disappear into the night, never to be seen again. Others are lending out money at the click of a button, but then charge incredible fees and have terms that make it impossible to get out of debt. Some “lenders” insist that you pay fees up front, but then disappear when it comes to actually granting the loan. These are nightmares for anyone who has fallen victim.
Scammers will try to knock you off your balance, get you at a vulnerable moment, or scare you into acting before you have time to process what is going on. Even if you do not buy into a scam, we are all getting the calls, emails, and letters. With over 3,600 reported cases of fraud, Mainers lost nearly $15 million in the first half of 2024 alone—and that’s just what has been reported to the Federal Trade Commission! The overwhelming majority of fraud in Maine is through imposter scams—someone isn’t who they say they are.
If you are struggling to pay your bills or need a little bit of cash to get you to your next paycheck, there is a scammer waiting in the shadows to make their move. If you are looking for companionship, there is a scammer hoping you will take their bait. If you are looking for a good deal, a new job or place to live, there is a scammer who will try to convince you that they are coming to the rescue. I have a word for them, but my grandmother would be very upset if I said it out loud.
If you’d like help navigating through these uncertain situations, please reach out to me by sending an email to kvaillancourt@acadiafcu.org or by calling 207-992-1060. Financial counseling services are free to members of Acadia Federal Credit Union.
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October 16, 2024