The Latest Tax Scam, Found in your Inbox

A recent article in foxbusiness.com featured the latest scam about tax filing. Bonnie Lee, owner of Taxpertise in Sonoma, CA and the author of the book, “Taxpertise, The Complete Book of Dirty Little Secrets and Hidden Deductions for Small Business that the IRS Doesn’t Want You to Know,” wrote that she has received emails from various sources that claim the federal tax deposit she made online at EFTPS (Electronic Federal Tax Payment System) has been rejected by the IRS.

Some of the emails claim that she entered the “company code” incorrectly, while others maintain (along with numerous misspellings and grammatical errors) that the IRS could not process the payment because it was made on a holiday.

The emails usually had a link to what looks like the IRS’s website, but the author was suspicious of the link and ignored it, aware that it could redirect to a site that would ask for her financial information, and run the risk of being a victim of identity theft or the transfer of funds to an untraceable overseas account.

The author shared reminders about these tax scam emails:

• The IRS NEVER contacts a taxpayer via e-mail

• If you receive one of these e-mail scams, forward the e-mail in question to phishing@irs.gov. The IRS will send an email response thanking you for forwarding the information to them, but otherwise you won’t hear the outcome.

• You may also call the Treasury Inspector General for Tax Administration at: 1-800-366-4484.

• The IRS will not contact you via e-mail about payments or audits or problems associated with your tax return. It uses snail mail for that.

Read more at http://www.foxbusiness.com/personal-finance/2010/12/09/dont-fall-latest-tax-scam/

Avoid a scam today by subscribing to The March Group Scam Blog.

The March Group is a leading mergers and acquisitions advisory firm dedicated to the middle market.

The New York City Cab Fare Scam

The March Group Scam Protection Program  recently came across an interesting article in The New York Times involving a scam perpetrated by an industry closely identified with New York city.

On September 22, it was reported that 59 New York City cab drivers were arrested and charged in Manhattan for manipulating their meters to double the fare rate, ripping off passengers in the process.

According to Cyrus R. Vance Jr., the Manhattan district attorney, the drivers who were arrested stole more than $235,000 in overcharged fares on more than 77,000 rides.

“Although the overcharged amount for each trip may only have been a few dollars, this kind of aggressive scam sends ripples of mistrust throughout our city,” Mr. Vance said. “No other American city depends so much on its taxi fleet.”

The Taxi and Limousine Commission’s head, David Yassky, said that they had found evidence that about 2,000 taxi drivers charged the wrong rate. He said that most of them went through administrative proceedings that resulted in either being fined or having their licenses revoked.

The widespread scam was uncovered when investigators, prompted by a passenger’s complaint last year, found out that a cab driver, Wasim Khalid Cheema, from Brooklyn had overcharged 574 passengers in just one month last year. Mr. Cheema’s driver’s license has since been revoked.

Those drivers who were found to have overcharged passengers at least 300 times were criminally prosecuted, Mr. Vance said.

Of those arrested, forty-five were charged with a felony of first-degree scheme to defraud, punishable by up to four years in prison. The remainder of those arrested were charged with a misdemeanor of petty larceny.

The drivers were accused of charging passengers with Rate Code 4, the rate reserved for rides to the suburbs such as Nassau and Westchester Counties, for rides within the city.

According to prosecutors, among the drivers Santiago Rossi was found to have improperly charged riders most often, having done it 5,127 times, and earning him $11,066.45 in overcharges; while Mfamara Camara made the most in overcharge fees: $15,502.30.

The widespread scam has threatened to tarnish an iconic industry that has become a part of New York’s image and an essential part of the city’s lifestyle.

http://cityroom.blogs.nytimes.com/2010/09/22/dozens-of-cabbies-arrested-in-fare-scheme/?scp=6&sq=scam&st=cse

http://www.nytimes.com/2010/03/13/nyregion/13taxi.html?_r=1

Avoid a scam today by subscribing to The March Group Scam Blog.

The March Group is a leading mergers and acquisitions advisory firm dedicated to the middle market.

Loan Modification Scams: Bane of the Mortgage Crisis

The March Group Scam Prevention Program feels for the homeowners driven away from their own homes because of rising mortgage costs, and their inability to make the payments. We hear of countless stories of displaced families living in motels, in trailers, or worse in their cars as the effect of this, but nothing can be more frustrating, and infuriating, than hearing about those who lost their homes as victims of a scam that was supposed to keep the roof above their heads.

Scam artists have always thrived on periods of crisis when people are at their most vulnerable, ready to grab anything that might present itself as an opportunity to redeem them of their current situation. The mortgage crisis is not an exception. Scammers have found ways to exploit it by offering victims loan modifications.

Today, we review some of the most common loan modification scams out there:

• Phony Counseling or Foreclosure Rescue Scams
  The scam artist poses as a counselor and tells you he can negotiate a deal with your lender to save your house—if you pay him a fee first. He may even tell you not to contact your lender, lawyer or housing counselor—that he’ll handle all details. He may even insist that you make all mortgage payments directly to him while he negotiates with the lender. Once you pay the fee, or a few mortgage payments, the scammer disappears with your money.

• Fake “Government” Modification Programs
  Some scammers may claim to be affiliated with, or approved by, the government, or they may ask you to pay high, up-front fees to qualify for government mortgage modification programs. The scammer’s company name and Web site may sound like a real government agency. You may also see terms like “federal,” “TARP” or other words related to official U.S. government programs.

Your lender will be able to tell you if you qualify for any government programs to prevent foreclosure. And you do not have to pay to benefit from these programs.

• Bait-and-Switch
  The scam artist convinces you to sign documents for a “new loan modification” that will make your existing mortgage current. This is a trick. You actually just signed documents that surrender the title of your house to the scam artist in exchange for a “rescue” loan.

• Rent-to-Own or Leaseback Scheme
  A scammer urges you to surrender the title of your home as part of a deal that will let you stay in your home as a renter and then buy it back in a few years. He may tell you that surrendering the title will permit a borrower with a better credit rating to get new financing—and keep you from losing your home. However, the scammer may have no intention of ever selling the home back to you.

But the terms of these deals usually make buying back your home impossible. Worse yet, when the new borrower defaults on the loan, you’re evicted.

The present crisis is already tough as it is. Challenging times call for vigilance and greater awareness about the goings on around us. Preventing yourself from becoming a scam victim is an objective you cannot take lightly.

http://www.loanscamalert.org/common-scams.aspx

Avoid a scam today by subscribing to The March Group Scam Blog.

The March Group is a leading mergers and acquisitions advisory firm dedicated to the middle market.

Pigeon Drop Scam – Fallen from Heaven, Landing in Scam Hell

Interestingly named, the Pigeon Drop Scam is a form of rip off where the victim is supposed to earn money when he pays money. The scammer lures the victim to part with his money with the promise of getting a bigger amount in return. The March Group Scam Prevention Program takes a look.

Back in March, a pigeon drop scam in action was caught on tape. It took place in a Kroger parking lot in Vicksburg, Mississippi where a surveillance cameras were rolling. According to the news report, the video showed the victim, who was identified only as Lonnie, being asked by a woman if she dropped a white envelope. Lonnie said no. Then, a man walked by, got hold of the envelope and opened it which revealed cash inside.

The man suggested that they split the money into 3. Lonnie said that they could not do it at the parking lot, so the woman, who said her name is Suzanne, offered that they do it at Walgreen’s, which was across the street and where she worked.

Once there, Suzanne went inside to count the money, and when she came out, announced that it’s worth $80,000. Then, Suzanne and the man required Lonnie to show $15,000 so she could take her $25,000 share.

Lonnie was jobless at the time and thought she could use the money, so she withdrew that amount from the bank, and met up with the other two right after. She gave the $15,000 to Suzanne, who asked her to go in the store and wait at aisle 6 where she will be given the $25,000. Lonnie complied, and stood waiting at the store. It was only after several minutes did she realize that she got scammed.

It is unfortunate to hear stories like this, but it also elicits a “How could she have fallen for that scam?” kind of reaction. It seems that for people who have fallen on hard times, all that glitters looks blindingly gold.

http://www.hotscams.com/articles/what-on-earth-is-pigeon-drop-scam.html

Avoid a scam today by subscribing to The March Group Scam Blog.

The March Group is a leading mergers and acquisitions advisory firm dedicated to the middle market.

http://www.businessweek.com/smallbiz/content/apr2008/sb20080414_093118.htm

The March Group Alerts on Loan Scams

The current economic climate has made it difficult for businesses to obtain loans, either for growing their business or for keeping it operational on a day-to-day basis. Financial institutions are extra cautious in lending money at a time when the return is not guaranteed, since consumers hold tight to their income, with spending kept to a minimum.

This is just the kind of scenario scammers are prepared for. They see the economic downturn as an opportunity to take advantage of vulnerable situations and times like this. Thus, the incidence of loan scams.

Though not entirely new, businesses still fall for these scams out of desperation. They might receive an email, or a phone call saying they have been pre-approved for a credit line. This of course is welcome news to cash-strapped businesses looking for a means to strengthen the company with additional capital for product improvement, marketing and advertising efforts, or simply for keeping up-to-date with payments to suppliers, the bank, etc.

What business owners tend to overlook are some suspicious aspects of the offer, such as the strictly online-only correspondence and transaction; and the overseas location of the creditor such as Canada or Africa.

Moreover, some of these offers ask for an advance fee. These scammers ask that the advance fee be wire transferred to cover taxes and the cost of processing the application. Once money has been wired, these so-called creditors disappear from the scene – their website suddenly under construction or their domain pulling up an error message or cannot be found, and their contact number disconnected. The more scheming ones even let on for an extended period of time, asking money periodically from the business, fading from the scene when the victim starts realizing the trick.

As with any transaction, it always pays to be vigilant and discerning of what is offered to you. Loans typically do not have upfront fees that you have to pay for. Wiring money to an organization or person you don’t know is also a big no, since there’s no way of canceling it when you need to. You should be skeptical too of disclosing personal information, such as your birthday, social security number, and financial details, on a website, particularly one that you are using for the first time. That information can be used for identity theft. And to alert the community at large about this scam, file a complaint with the Better Business Bureau (BBB) and the Federal Trade Commission.

Avoid a scam today by subscribing to The March Group Scam Blog.

The March Group is a leading mergers and acquisitions advisory firm dedicated to the middle market.

http://www.businessweek.com/smallbiz/content/apr2008/sb20080414_093118.htm

Tainted Love: When Scam Poisons Online Romance

The March Group Scam Prevention Program acknowledges the internet’s capacity to connect everyone from any corner of the world has made it a medium for finding romance, too. Instant messaging with its free-for-all chat feature, and social networking sites, including dating sites have made the online world a more convenient, and imaginative place to “meet” people with common interests, that could eventually lead to romantic feelings.

But since this is the online world, anything goes. Identities can be easily assumed, personalities and traits can be adopted, and freely available pictures are there for any one to claim as their own. With deceit, scam activities would not be far behind.

Victims might think they have struck gold with love online, until they find out that they were purposefully struck instead for their gold.
Consider Des Gregor a cautionary tale of this kind. A South Australian farmer, Des traveled to the African nation of Mali to meet Natacha, a Liberian refugee he fell in love with online, and who was to be his bride. The 56-year old man was also expecting a dowry of $86,000.

When he arrived at the airport in Mali, he was picked up by men who claimed to be relatives of his bride-to-be. Only they turned out to be gangsters.

He was brought to a flat in Bamako, the capital city, where he was stripped naked and held at gunpoint. The men also threatened to chop off his limbs.

To free him, the men demanded a ransom of the dowry amount – $86,000.

Emails were sent to his relatives asking for money. Alarmed, the relatives coordinated with the Australian authorities and came up with a strategy to recover Des safely.

They convinced the kidnappers to let Des pick up the money at the Canadian embassy, where he was then rescued by the Australian Federal Police. He was held captive for 12 days.

Love may make fools out of men (and women), but if the internet is part of the equation, extra caution must be exercised.

All may be fair in love (and war), but a scam’s harmful intent always tips the scale of love into danger.

Avoid a scam today by subscribing to The March Group Scam Blog.

The March Group is a leading mergers and acquisitions advisory firm dedicated to the middle market.

http://www.internet-love-scams.org/forums/showthread.php?s=d6084e15b353e91290581dd24eba9077&t=14904

The March Group Learns About Recent Facebook Scam

The March Group Scam has noticed recently that Facebook has been featuring the “Dislike” button, an application that users can install into their accounts, the same way applications such as Farmville and Daily Horoscope are installed.

But beware, because the “Dislike” button is actually a scam!

This feature would enable users to flag a comment, page, or status message, just like the built-in “Like” button can give a thumbs up sign to those same things.

This phishing scam, which is a form of identity theft where a person’s personal information is illegally obtained, works when the “Dislike’ application is downloaded. Users might come across the invitation to install this feature from what may look like friends’ post. It could say a variation of the following:

“I just got the Dislike button, so now I can Dislike all of your dumb posts.lol!!!”
“Get the official Dislike button now!”

When the “Dislike” button is downloaded, it will instead install an application that will give the scammers access to the user’s Facebook account. Then, it will post a message to the user’s page inviting his friends to download the same feature, turning the scam viral.

According to a Facebook spokesperson, this scam aims to post spam messages to millions of Facebook users’ pages.

Because of the prevalence of scammers online and the threats they pose to your online information security, it is best to be wary of new links or applications, even when they come from friends.

With scam, it’s always better safe than sorry.

Avoid a scam today by subscribing to The March Group Scam Blog.

The March Group is a leading mergers and acquisitions advisory firm dedicated to the middle market.

Read more: http://www.consumeraffairs.com/news04/2010/08/facebook_dislike_button_scam.html#ixzz0y7YAdeZ3



The March Group Scam Prevention Gets Acquainted with Travel Scams

The March Group Scam Prevention Program considers traveling as a literally great form of escape. We look forward to weekends, holidays, the summer season, and any given time that permit us to go to another place and appreciate the change of scenery. For haggard employees, it is a chance to take a breather from work; for the family, it could be a great bonding time away from the routine embedded at home; for the young and adventurous, it is about exploring the unknown and experiencing what’s new and memorable. The need and desire to travel are innate in us, given our curiosity-seeking nature.

But the joy of travel can be significantly ruined with scammers and opportunists waiting to prey on clueless victims, as we at The March Group Scam Prevention knows. Because travel is such big business, it is no wonder that scams would not be far behind.

Consider travel packages to famous tourist destinations, or during world-famous events such as the Super Bowl, World Cup, or even Carnivale in Brazil. If the scam does not involve paying an exorbitant (or is it extortionate?) price for these, it could be in the form of additional “hidden” expenses such as undisclosed taxes and surcharges upon check out from the hotel; or worse not having the ticket or the pass for the event you traveled for in the first place.

There can also be false claims about the location being advertised. A beach-side resort is actually a kilometer or two away from the beach, or a supposed airport hotel is actually an hour’s drive away from the airport. These misleading expectations can give travelers a seriously inconvenient time, especially if the trip is business-related, considering the extra time consumed for travel. A really pissed off customer might even file a lawsuit to the travel company, or the establishment itself that advertised themselves as such.

When visiting other countries, on the other hand, it’s best to be cautious of locals who might seem too eager to be friendly, and who offer a lot of activities instantly upon meeting you. This becomes particularly tricky when you don’t speak the language and do not understand what they are telling you. Scams can be from bringing you to a restaurant whose menu is written in the local language without prices listed, leaving you to settle the expensive bill at the end of the meal, just after the scammers have left the scene. Or it could involve being sold potentially dangerous products, such as herbal supplements, or personal care items that are cheaply made with hazardous components or ingredients. These merchandise may be packaged beautifully, and as a tourist, the offer might seem too good to pass up, but be wary of the potentially hazardous effects these may have on you. As with children, be cautious when accepting anything from strangers.

When making arrangements for your trip, be thorough in checking all of the details that the trip includes, such as all the fees, taxes, and surcharges that come with it, and what the inclusions really are. If it involves a major event with a need for a ticket or pass, get a firm date of when it can be expected to be given to you, but always right before your trip. For these kinds of transactions, it would be wise to pay with a credit card rather than cash or money order because of the built-in refunds that most card companies offer if goods or services are not delivered.

The March Group Scam Prevention Program advises travelers to always be vigilant and avoid distraction. Never let valuables out of your sight and ask if you do not completely understand everything being said to you.

When traveling, it’s better safe than sorry (and scammed).

Avoid a scam today by subscribing to The March Group Scam Blog.

The March Group is a leading mergers and acquisitions advisory firm dedicated to the middle market.

The March Group Warns of the Rental Scam

The March Group Scam Blog has learned that tough economic times are not spared from the dirty tricks of scammers; instead these con men and women actually thrive with more ingenious ways of ripping people off. Take for instance the unfortunate circumstance of the housing market in America.

The housing problem plaguing America today has given rise to high incidents of interested renters being scammed out of their money.

Scammers would look up foreclosed homes information online and in the newspaper, and once identified try to break in to these houses. Or they might copy the exact information in the house-for-rent listings, but change the contact details with theirs so that when renters call or email, the scammers directly get in contact with them.

And because some of these have been broken into, they can even show the place to interested renters, making the scam totally believable. This illegal access to the property can also be used to lock the owners out of their own property when scammers change the locks in it with just that malicious intent. Some of these abandoned houses are even occupied by these con artists until they close the rental deal for the place.

The way with which scammers go through this process is quite convincing, so beware of hints that can give away that you are being conned. Usually, communication is limited to email or cell phone. The owner is said to be “out of the country,” and you only deal with the “agent” (the scammer) at all times. Another warning is how seemingly in a rush the person is to close the deal immediately.

If you did not see through the scam on that level, a few more specific hints should throw you off. Instead of a “For Rent” sign, the property or house has a “For Sale” sign on it. The “agent” has a different set of keys to the place, or you notice the lock box is broken during your visit. And the cost of the rental is significantly lower than the going market rate.

Be extra careful not to fall victim to this scam. Make a background check on the person you are dealing with, such as the legitimacy of the agency he is working for as an “agent,” and if he and his company are licensed to conduct such business. Never give money outright, or deposit, without having read fully the terms of agreement. As a renter, try to work with a recognized rental agency as an added measure. Those who lease out privately may be more difficult to verify the legitimacy of. Be aware of the prevailing rental rates in the area as a basis of comparison to the offer you are getting.

So during an unfortunate time such as this real estate crisis, always be on your guard against opportunists who think nothing of taking advantage of the situation, making it even worse for potential victims.

Avoid a scam today by subscribing to The March Group Scam Blog.

The March Group is a leading mergers and acquisitions advisory firm dedicated to the middle market.

Google #1 Ranking – A Broken Promise

For many, the Internet has replaced the directories of old as the preferred tool in looking up just about anything. Googling it has become the norm for any information you might want to know, and businesses are more than eager to take advantage of this. And what better way than to appear as the top-ranking, or #1 search result for your business category. Being #1 definitely has its benefits: your business is the first to be seen, and consequently be the first to be considered by the searcher, if not the chosen one.

Unfortunately, scammers are just as intent in taking advantage of the opportunity to prey on clueless business owners.

A number one ranking in Google is not impossible to attain. In fact, for any given keyword, it is very possible to attain.

But it is impossible to guarantee.

This is because no one outside of Google knows the Google search algorithm. It is extremely complex, and changes frequently.

Even Google advises: “Don’t feel obligated to purchase a search engine optimization service. Some companies claim to “guarantee” high ranking for your site in Google’s search results. While legitimate consulting firms can improve your site’s flow and content, others employ deceptive tactics in an attempt to fool search engines. Be careful; if your domain is affiliated with one of these deceptive services, it could be banned from our index.”

So instead of relying on this misleading service, focus on making your website more search engine – optimized that will increase your business’ chances of being found. Click on the link below to find out more: http://www.google.com/support/webmasters/bin/answer.py?answer=40349&cbid=-1fwhgs3r2rcj5&src=cb&lev=answer.

Avoid a scam today by subscribing to The March Group Scam Blog.

The March Group is a leading mergers and acquisitions advisory firm dedicated to the middle market.