The FTC (Federal Trade commission) has recently identified the top 10 email scams that consumers should be on the lookout for.

The 10 scams are as follows -

1. ADVANCE FEE FRAUD

Scam artists offer to transfer huge amounts of money into your bank account in return for paying a fee or their ‘expenses’ that are necessary to release the money.

If you are foolish enough to respond then you may receive documents that look ‘official’.

Beware, however, that the emails are from crooks who are trying to steal your money or identity or both.

2. PHISHING

Phishing scams tend to originate either via email or pop-up messages.

They will claim to be from a business or organisation that not only do you recognise, but you may also have dealt with them in the past.

Typically, the message will ask you to update, validate or confirm your account, or face the consequences.

Phishing is a scam where internet fraudsters attempt to steal accounts or identities or both.

Never reply to such phishing attempts and never click on any of the links.

3. CHECK OVERPAYMENT SCAMS

Check overpayment scams are common on the more popular online auction sites such as eBay, as well as elsewhere.

Someone will respond to your ad or online auction, pretending to be a buyer, and will then offer to pay with a check.

At the last moment they will come up with a reason to write the check for more than the purchase price and will then ask you to wire them back the difference.

Typically, these checks are counterfeit and when they bounce, you are liable for the entire amount, as well as having lost the goods as well.

4. WORK AT HOME SCAMS

Do you really believe you can stay at home, stuffing envelopes or similar, and still earn thousands of dollars per week?

If so, then you may become the next victim of a work at home scam.

You will be asked to pay a fee to begin with and, instead of real employment, you’ll simply be asked to solicit others into the scheme, thereby earning large amounts of money only for those behind the scam.

If something sounds too good to be true.. it usually is.

5. WEIGHT LOSS SCAMS

Pills, potions, patches, creams and a multitude of other products that will apparently help you to lose weight without having to exercise or change your eating habits.

Experts agree that the best way to lose weight is to eat fewer calories whilst increasing your level of physical activity.

If someone suggests their product offers a better solution then ask questions!

6. FOREIGN LOTTERIES

Emails arrive, boasting of foreign lotteries in which the chances of winning are extremely high.

Alternatively, you will receive an email saying you’ve already won, even if you didn’t enter.

The people behind these lottery email scams will keep any money that you send for ‘taxes, fees and expenses’ and will then attempt to use your bank account numbers or credit cards to access more of your money.

7. CURE-ALL PRODUCTS

Some new health products should, perhaps, carry their own health warning.

Scientific breakthroughs, miraculous cures and secret formulas may promise much, but what do they really deliver?

When evaluating health care claims, be skeptical and consult a health care professional before buying any cure-all product.

8. INVESTMENT SCHEMES

These offer investments with extremely high rates of return and very little or no risk.

Typically, early investors are paid with money obtained from later investors and are then encouraged to invest more.

Ponzi schemes eventually collapse due to the fact that there isn’t enough money coming in to cover the earnings payouts.

You should always evaluate any investment opportunity carefully and discuss with an accountant, investment professional or lawyer before you part with your cash.

9. PAY IN ADVANCE FRAUD

Lucky you – you have been ‘pre-qualified’ to either receive a low interest loan or credit card or to repair your poor credit rating.

To take advantage of the offer, however, you will be required to pay a processing fee of several hundred dollars.

Before handing over your cash, consider this – legitimate and responsible lenders never guarantee loans or credit cards before you apply.

10. DEBT ELIMINATION

Debt elimination scams can often arrive via email and either offer ways to consolidate your bills without further borrowing, or to wipe your debts out entirely.

Quite often this will involve bankruptcy proceedings but the email is unlikely to make that clear.

Before resorting to bankruptcy, or undertaking any other kind of debt elimination offer, talk with your creditors about arranging a modified payment plan, or talk to a credit counseling service to develop a debt repayment plan.

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