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A Podcast by BBB of the Tri-Counties

A Big thank you to Ayers Automotive Repairs in Santa Barbara for supporting this podcast!

 

This year’s college graduates are getting ready to start their new lives! It’s a big transition that includes several important changes. Grads may be moving to a new city, finding a new place to live, or searching for a new job. Graduation also often means new financial responsibilities, such as starting payments on student loans.  College graduates are navigating many life changes, and scammers are eager to exploit their inexperience. The following tips can help new grads avoid common scams.

Know the terms of your student loans

One of the most common ways scammers target college graduates is with fake loan
forgiveness opportunities. You may receive an unsolicited email, phone call, or text
message stating that you can qualify for lowered payments through a debt forgiveness
program. Fill out a form and pay a fee to use the company’s services. Some of these
companies are real, but they pitch their services with false claims and incomplete
information. Other companies are fakes, only hoping to get their hands on your personal
information and money.  Scammers may also contact college grads regarding student loan repayment hiatus in response to COVID-19. See the latest U.S. information on loan repayment. Check Canada’s latest student loan information.. Scammers may claim that to take advantage of the program, you must complete a form or pay a fee. You may not need to do this, so check your facts before giving anyone your information.

Understanding the ins and outs of your student loan – what kind of interest you owe,
when you need to start paying (in most cases, you won’t need to make a payment until
six months after you’ve graduated), and for how long you’ll be expected to make payments – will protect you from these scams.

Be wary of unsolicited messages about unpaid tuition

Some con artists contact graduates or their parents, claiming some of their tuition was
left unpaid. The graduate’s degree will be revoked if it isn’t paid immediately. Scammers
may ask you to send money via wire transfer or prepaid debit cards. Whether you are contacted by phone, email, or text message, be wary of anyone who contacts you out of the blue. Government agencies, as well as most higher education facilities, will contact you by mail initially. Suppose you aren’t sure if a message is legitimate, research to verify the person’s claims. Ask to contact them later. Then, investigate by looking up information on the official website or calling your school’s bursar’s office. Don’t give in to pressure to make a decision right away.

Do research before accepting jobs or job interviews

Scammers may offer recent graduates high-paying, easy, entry-level jobs. Con artists
are skilled at drawing new grads in by promoting unrealistic wages for generally labeled
job positions, such as “virtual assistant” or “customer service rep.” They may ask for
your personal information, including your bank account and Social Security number,
claiming they need it to set up direct deposit or file taxes. In other cases, scammers
require you to pay for training. In yet another version, you may be “accidentally”
overpaid with a fake check and asked to send back the extra funds.  If you are considering a job with a company you aren’t familiar with, do some research before you complete an application or agree to an interview. Ensure the company has legitimate contact information and the position is posted on their corporate website. Scammers often steal the names of real companies for their phony job postings.  For tips for avoiding scams while job hunting, check out BBB’s report on employment scams.

Watch out for rental scams

Find a gorgeous apartment in a trendy neighborhood at an affordable price. There’s a
good chance that it’s a scam. According to a survey by Apartment List, 43% of people
looking for a rental online have encountered a bogus listing. In many cases, scammers copy the photo and description of real property. Then, they post it online with their contact information and try to get a deposit and the first month’s rent from the victim. If you want to rent a home or apartment, find out how much other rental properties in the area cost before signing a lease. Scammers often lure victims by promising low rents, extra amenities, and a great location. It may be a scam if the price seems much better than elsewhere. Also, be sure to see the apartment or house in person. Don’t send money to someone you’ve never met for an apartment you haven’t seen. If you can’t visit an apartment or house yourself, ask someone you trust to go and confirm that it is what was advertised. Finally, read the lease agreement documents before you sign. Don’t be embarrassed to consult with friends or family members who may be more knowledgeable on the subject if you have doubts or questions. See this BBB investigation for more tips on rental scams.

Until next time!

Check out this episode!

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A Podcast by BBB of the Tri-Counties

A BIG Thank you to Ayers Auto Repair in Santa Barbara for supporting this podcast!

Welcome to this week’s edition of Your Moment of Trust! Artificial intelligence (AI) is the hot new thing. It’s revolutionizing medical research, challenging the art world, and even helping small business owners streamline and automate tasks. But as with anything new and popular, scammers are quick to take advantage. When evaluating AI products for your business, be on the lookout for scams. 

How the scam works 

You get an unsolicited call, email, or text message claiming to offer AI services for small businesses. You may even stumble across a convincing looking ad on social media or be sent one by a friend. The services sound amazing. You’ll pay a reasonable amount upfront, and once the AI is set up, you can expect incredible benefits, such as automating all your marketing needs. If the ROI sounds too good to be true, that’s because it is. 

One small business owner reported signing up for a “free” trial of what appeared to be a promising new AI product. They lamented, “The company charged me $144 plus $12 ‘processing fee’ before the free trial was up… When I explained the situation over email… the ‘Sr Success Manager’ denied a refund and would not put me in contact with anyone else at the company. I informed him that the company was partaking in misleading and false advertisement, and he failed to respond to my email.” 

If you engage with scammers offering phony AI services, you’ll likely lose any money you pay them. At the very least, your business information could fall into the hands of unscrupulous individuals and put you at risk for identity theft, business email compromise, and other cons. 

How to avoid AI scams 

● Research before you hire. Get to know a company before you do business with them. This requires thorough research. Review their website and social media accounts. If anything looks unprofessional or if contact information is missing or doesn’t work, steer clear. Do an internet search for reviews and complaints. Search the company name along with the word “scam” to find reports or any dishonest business practices. You can also look up companies at BBB.org. 

● Understand the AI services you need. Don’t let someone you’ve never met sell you on a service you’ve never heard of before. AI technology is relatively new, so you’ll need to do some research to understand how it works and exactly how it can benefit your business. It’s best practice to first have a use for AI clearly in

mind, and only then reach out to reputable companies for the service. 

● Watch out for aggressive sales tactics and far-fetched promises. These are two of scammers’ most effective tactics. If someone pressures you to buy a service, telling you you’ll miss out if you don’t act right now, or if they promise you your business will make hundreds or thousands of dollars with little to no effort on your part, it’s probably a scam. 

● Ask for references. If a company reaches out to you, ask them for references and contact them. Look up the references online to make sure they are real people, with real businesses. If you can’t find their information, or if the service provider refuses to give you references, find another company to work with. 

● Safeguard your money and personal details. Never enter your sensitive personal information on a website you aren’t familiar with. Don’t send your details via email to someone you don’t know. Keep your money safe by refusing to send funds via wire transfer or prepaid debit cards. If you do purchase a service online, only use your credit card. Credit cards offer extra protection against fraudulent charges. 

For more information 

Discover a similar scam offering fake marketing services to small business owners. Learn more about AI in the BBB Business Tip: AI for small business. Where to start? Then, visit the BBB small business page to get the latest news and tips for small business owners. 

See BBB’s artificial intelligence HQ for more AI tips and resources. 

If you’ve been targeted by an AI scam, report it at BBB.org/ScamTracker – even if you didn’t lose any money. Your report helps build awareness about common scam tactics so other business owners can spot a scam before it’s too late. 

Until next time!

 

Check out this episode!

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A Podcast by BBB of the Tri-Counties: https://www.bbb.org/local-bbb/bbb-of-…

A BIG thank you to Ayers Automotive Repair for Supporting this Channel!

Welcome to this week’s edition of Your Moment of Trust! Buying refurbished items can save you money, but it’s important to research before you take the plunge. While many reputable businesses offer quality pre-owned electronics, appliances, and other products for a fraction of their original price, BBB Scam Tracker has received reports of con artists ripping off consumers by promising a great deal on “like-new” devices that they don’t plan on delivering. How the scam works: You find a website that sells refurbished items ranging from car parts to cellphones to hair dryers. The site looks legit, and they are selling a high-dollar item you want for a price that fits your budget. You decide to purchase through the website or a payment app like PayPal (a BBB Accredited Business). Then, a few days after receiving your order confirmation, you wonder why you haven’t received a shipping confirmation. You reach out to the company, and they respond with an excuse. They may claim they are understaffed or have had a problem with their supply chain. Still, they assure you the item will be shipped soon. As more time passes, it eventually becomes clear that the seller has no intention of shipping anything. Each time you try to contact them, they either have more excuses or become impossible to reach. One consumer reported, “I was told multiple times the delay was from the owner being in a major car crash or dealing with a catastrophic medical accident. They even told me they were moving shop (more delays) and then that they had moved personally, which slowed delivery.” Unfortunately, the item you ordered doesn’t exist, and you’ve li lost the money you paid for it.

How to avoid refurbished product scams:

● Carefully examine a website before making a purchase. Before doing business with an online retailer, examine their website carefully. Not only should it have quality photos and typo-free content, but it should also have working contact information. In addition, you’ll want to research to find customer reviews and complaints. If you find reports of scams or no reviews at all, think twice before making a purchase. Always double-check the URL you are visiting to ensure you aren’t on a fake website.

● Understand what the term “refurbished” means. Keep in mind that refurbished means different things to different manufacturers. It can mean the product had shipping damage and was returned; it could refer to an open box product, a demo model, or an item that was broken and returned to the manufacturer. Find out what a company means by refurbished before you commit to a purchase. Remember that unauthorized third-party resellers are a big risk, especially if they don’t offer returns. Even if a reseller claims the manufacturer has refurbished the item, there’s no way you can confirm it. Buying under these circumstances is a big gamble.

● Ask about return policies. It can take a while for problems to show up, so make sure you have the option to return a refurbished item. If you can’t return it, or the return window is only a week or two, it may not be worth the risk.

● Inquire about warranties. Some manufacturer-refurbished items have an extended warranty, but this isn’t always true. Find out if the item you’re interested in qualifies for a warranty and what the conditions are. Warranties can come in handy if the refurbished item does have issues down the road. Know that anything marked “as-is” won’t have a warranty.

● Buy refurbished products from the manufacturer when possible. When a manufacturer gets a returned product, they recondition it to be like-new. They use original parts and trained repairmen to get the job done. An item refurbished by a third party may not get the same treatment. It could be repaired by someone who isn’t an expert with the brand, or it might contain different parts. Either issue means it won’t be in like-new condition when you buy it.

● Use a safe payment method. Always make online purchases with your credit card. If an online retailer doesn’t deliver on their promises, it will be easier to dispute the charges, and you’ll be more likely to get your money back. Until next time!

Check out this episode!

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A Podcast by BBB of the Tri-Counties

A BIG Thank you to Ayers Auto Repairs in Santa Barbara for supporting this podcast!

Welcome to this week’s edition of Your Moment of Trust! Buying refurbished items can
save you money, but it’s important to research before you take the plunge. While many
reputable businesses offer quality pre-owned electronics, appliances, and other
products for a fraction of their original price, BBB Scam Tracker has received reports of
con artists ripping off consumers by promising a great deal on “like-new” devices that
they don’t plan on delivering.

How the scam works:

You find a website that sells refurbished items ranging from car parts to cellphones to
hair dryers. The site looks legit, and they are selling a high-dollar item you want for a
price that fits your budget. You decide to purchase through the website or a payment
app like PayPal (a BBB Accredited Business).

Then, a few days after receiving your order confirmation, you wonder why you haven’t
received a shipping confirmation. You reach out to the company, and they respond with
an excuse. They may claim they are understaffed or have had a problem with their
supply chain. Still, they assure you the item will be shipped soon.

As more time passes, it eventually becomes clear that the seller has no intention of
shipping anything. Each time you try to contact them, they either have more excuses or
become impossible to reach.

One consumer reported, “I was told multiple times the delay was from the owner being in a major car crash or dealing with a catastrophic medical accident. They even told me they were moving shop (more delays) and then that they had moved personally, which slowed delivery.” Unfortunately, the item you ordered doesn’t exist, and you’ve li lost the money you paid for it.

How to avoid refurbished product scams:

● Carefully examine a website before making a purchase. Before doing business with an online retailer, examine their website carefully. Not only should it have quality photos and typo-free content, but it should also have working contact information. In addition, you’ll want to research to find customer reviews and complaints. If you find reports of scams or no reviews at all, think twice before making a purchase. Always double-check the URL you are visiting to ensure you aren’t on a fake website.

● Understand what the term “refurbished” means. Keep in mind that refurbished means different things to different manufacturers. It can mean the product had shipping damage and was returned; it could refer to an open box product, ademo model, or an item that was broken and returned to the manufacturer. Find out what a company means by refurbished before you commit to a purchase. Remember that unauthorized third-party resellers are a big risk, especially if they don’t offer returns. Even if a reseller claims the manufacturer has refurbished the item, there’s no way you can confirm it. Buying under these circumstances is a big gamble.

● Ask about return policies. It can take a while for problems to show up, so make sure you have the option to return a refurbished item. If you can’t return it, or the return window is only a week or two, it may not be worth the risk.

● Inquire about warranties. Some manufacturer-refurbished items have an extended warranty, but this isn’t always true. Find out if the item you’re interested in qualifies for a warranty and what the conditions are. Warranties can come in handy if the refurbished item does have issues down the road. Know that anything marked “as-is” won’t have a warranty.

● Buy refurbished products from the manufacturer when possible. When a manufacturer gets a returned product, they recondition it to be like-new. They use original parts and trained repairmen to get the job done. An item refurbished by a third party may not get the same treatment. It could be repaired by someone who isn’t an expert with the brand, or it might contain different parts. Either issue means it won’t be in like-new condition when you buy it.

● Use a safe payment method. Always make online purchases with your credit card. If an online retailer doesn’t deliver on their promises, it will be easier to dispute the charges, and you’ll be more likely to get your money back.

Until next time!

Check out this episode!