Investing in bonds is a great idea, but it’s important to be careful when making these investments. You want to make sure you’re not giving your money to a scam artist who’s trying to take advantage of you.
Identity verification is required to purchase I bonds
Buying an I bond may sound like a no-brainer but getting one is not as easy as buying shares of Vanguard. The Department of Treasury has made it a little easier for you to get your hands on one of these savings vehicles.
For instance, you can buy I bonds directly from TreasuryDirect, but only if you qualify. The site boasts a “Apply Now” link at the bottom of the page. In order to do so, you will have to fill out a short application, match your personal information to the database, and then type your password into a virtual keyboard with a cursor. If you already have an account with the site, you should not have any problems meeting the deadline.
The department has also taken the time to improve the user experience. For example, the site now features bigger print, more boxes of information, and a redesigned interface. This should make it easier to find the information you’re looking for.
The Treasury Department has also launched a new FS Form 1522, which should make signing up for an account a breeze. In order to make the most of this new feature, you may want to coordinate your purchase with a friend or relative. If you do not, you may end up with a paper I bond – and no cash rewards to show for it.
Scammers pretend that they are backed by the Federal Reserve Board, the World Bank, or other prestigious organizations
During the last few years, fraud schemes have made their presence known. These schemes are designed to target innocent investors. They are also designed to trick people into thinking that the program is legitimate. The Federal Reserve Bank of New York is aware of these scams. However, there are ways to protect yourself.
Depending on the scheme, victims may be asked to provide personal information and pay application fees. They may also be asked to wire funds for false expenses. If you are ever contacted by someone who claims to be an employee of the Federal Reserve Bank of New York, be wary.
Scammers often use fraudulent e-mail addresses and sham phone numbers to scam victims. These fraudulent emails may ask for personal information and may even contain a fictitious Federal Reserve document. These fraudulent emails may also contain links to fraudulent websites. These malicious links can lead to convincing websites that are designed to trick victims into providing personal banking information.
In addition, some schemes claim to have connections with international organizations. These schemes may also claim that the trade of financial instruments takes place in a secret market. They may also claim that only a few people in the world are aware of the opportunity. They may claim that you need to pay a fee to recover funds or to make a charitable donation.
Report a bond scam
Whether you are considering an online or offline purchase of a government issued bond, you should check out the following Bond Scam Wise Guy Tips to make sure you don’t fall victim to a fraudulent scheme. You should also check out ASIC’s bond safety advice, which is aimed at both consumers and financial service providers.
The most effective way to report a bond scam is to get on the front foot. This means contacting the proper authorities as soon as you know of a scheme, as well as being wary of unscrupulous lottery winners who may try to convince you to part with your hard earned cash. You should also make sure the company you are dealing with is legitimate and reputable, as well as verifying its contact details.
The Federal Trade Commission’s (FTC) website also offers a handy ScamSmart page. The site’s mission statement is “to protect consumers by identifying and removing scams from the financial industry.” The FTC has the legal mandate to investigate and stop fraud in its tracks, which means it can also share its findings with the law. In other words, you should never be afraid to call the FTC and ask for help. In fact, the FTC is actually a better resource to call than the law enforcement authorities, because it can identify trends and patterns of fraud that may go unnoticed by the authorities.