Scam Alert: Watch Out For This New Consumer Agency Swindle


James Caan visits his old prison mate Willie Nelson in a scene from the United Artist movie “Thief”, … [+] circa 1981. (Photo by Michael Ochs Archives/Getty Images)

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Consumer scams are like gremlins. They just keep morphing into something else.

A relatively new scam involves swindlers posing as representatives of the Consumer Financial Protection Bureau (CFPB), a legitimate federal agency that protects consumers.

According to the Squared Away blog, “The CFPB has confirmed the existence of a new scam in which someone purporting to be from the agency contacts individuals and tells them they are eligible for a payout in a class-action lawsuit. On one condition: to collect the money, the scammer says the taxes owed must be paid upfront.”

This modus operandi is typical of an imposter scam. They always want their money upfront.

“The CFPB imposter scam sounds vaguely credible since the story the victim is told is similar to the agency’s actual mission. The mission of the CFPB, established after the collapse of the subprime mortgage market, is to uncover chicanery by financial companies and get restitution to compensate victims for their losses.”

Have you been approached by swindlers? Check in with the CFPB or report it to the Federal Trade Commission. And don’t send them any money or personal information!

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