Now that Social Security payments can be disbursed electronically, some thieves are intercepting payments intended for other people.
November 02, 2013 /24-7PressRelease/
Many people in Oakland County, Michigan, rely on their monthly Social Security Disability benefits to get by. Unfortunately, scammers have begun targeting the recipients of Social Security benefits and stealing those payments. It’s important for anyone receiving Social Security disability benefits or other benefits to understand what they can do to protect themselves against this fraud.
Electronic payments leave room for abuse
Now that Social Security payments can be disbursed electronically, some thieves are intercepting payments intended for other people, according to USA Today. Scammers who have obtained an individual’s information can set up an online Social Security account with direct deposits that go directly onto a prepaid debit card, rather than into a bank account owned by the person whose number is being used.
According to USA Today, more than 40,000 cases of this type of scam have been reported. This may seem like a small figure, considering that a reported 62 million people receive some form of payment from the Social Security Administration. However, the estimated loss for payments stolen over a nine-month payment is $17.4 million, as determined during an Inspector General’s office audit.
Some victims realize that their payments have been stolen when the payment does not arrive. Others, according to USA Today, are tipped off when they receive print confirmation that they’ve set up an online account, even though they haven’t ever set one up.
It’s usually easy for Social Security recipients to show that their addresses and bank accounts do not match the ones entered online by scammers. These recipients often receive all the payments that they are owed, albeit behind schedule. Still, the delays and stress can put a significant strain on individuals who really count on their monthly checks for their financial survival.
Fortunately, there are a few measures that Social Security recipients can take to significantly lower their chance of being victimized.
Preventing Social Security scams: please read the rest of this valuable advice here. http://world.einnews.com/247pr/367237