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BUSINESS Monday 12 august 2019
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Don't be duped by these phone and email scams

By LIZ WESTON PASSWORD-ENABLED
Associated Press BLACKMAIL
Some of us in the personal "Sextortion" blackmail
finance realm have a weird tries to convince you that
little hobby: We try to scam your computer has been
the scam artists. hacked and that the black-
We're not out to steal their mailer is about to expose
money — just their time. an extramarital affair, porn-
When fraudsters call to say watching habits or other
we're about to be arrested embarrassing behavior.
for tax debt, our Social Se- The email is really just a boil-
curity number has been erplate form, but the sub-
"suspended," or a loved ject line may include your
one is in trouble, we play actual password (which
along. was probably exposed in
This gives us valuable insight some previous, unrelated
into how the scams oper- database breach). The
ate while wasting the time blackmailer typically de-
these jerks could spend mands payment via bitcoin
victimizing more vulnerable or other digital currency.
people. The solution is not to pony
We have our work cut out up, but to hit delete — and
for us. Government-impos- In this Monday, Aug. 5, 2019, photo the Samsung Galaxy Note 10, left, and the Galaxy Note 10 change your passwords
ter frauds have scammed Plus, right, is shown in New York. regularly.
people out of at least $450 Associated Press KIDNAPPING SCAMS
million since 2014, accord- This is a twist on family
ing to the Federal Trade tempts to the FTC and warn was told the FBI was about says. "Once you're in that emergency scams, where
Commission. Interestingly, loved ones about the lat- to arrest him for opening 25 state of fear, it swamps all someone pretends to be
people ages 20 to 59 are est schemes, such as these fraudulent bank accounts. reason," he says. a loved one who urgently
more likely to report being three. To help the "investigators," Variations on this scheme needs money — to get
defrauded this way than GOVERNMENT IMPOSTERS Shadel was advised to include warnings that your out of jail, leave a foreign
those 60 and over, but Fraudsters are nothing if move all the money in his Social Security number has country or pay a hospital
older people tend to lose not flexible. As media cov- legitimate bank accounts been suspended because bill, for example. With kid-
more money. The median erage of IRS-imposter calls to prepaid cards issued of suspicious activity or that napping scams, crooks
individual reported loss was increased last year, scam- by "government-certified" your help is needed to in- pretend to hold your loved
$960, but it was $2,700 for mers switched to imperson- stores such as Apple, Tar- vestigate a crime, such as one hostage, often includ-
people 80 and older, the ating Social Security inves- get, CVS or Walgreens. immigration fraud. Know ing the sounds of someone
FTC said in a July report. tigators. The crooks often Then, Shadel was supposed this: Social Security num- screaming or pleading. The
You don't have to engage use software to spoof caller to give the caller the cards' bers can't be suspended, call may appear to come
with the bad guys to help ID services into showing serial numbers so the infor- investigators typically don't from the supposed victim's
thwart them. Answering phone numbers for the So- mation could be added to enlist civilians, and govern- phone number.
the phone when scam art- cial Security Administration his "file" — allowing the bilk- ment agencies don't call Resist the urge to panic,
ists call can put you on a or its fraud hotline. ers to steal the money. out of the blue, says Kathy and instead verify your
"sucker list" that will prompt Doug Shadel, AARP's lead Details of these scams may Stokes, director of AARP's loved one's whereabouts,
more calls. researcher on consumer seem absurd, but con artists fraud prevention programs. Stokes says. That could
But you can sign up for fraud, recently pretended are exceptionally good at "Anyone calling from the mean hanging up without
free "watchdog alerts" to take the bait. He returned creating an atmosphere of government saying there's speaking — often the best
from AARP's Fraud Watch a robocall from a group of fear and urgency so you'll a problem and you owe approach — then calling or
Network, report scam at- these impersonators and react emotionally, Shadel money is a scam," she says. texting them. q

IMF contradicts Trump: China hasn't manipulated its currency

Associated Press People's Bank of China. A China's central bank sets market pressures are pull-
WASHINGTON (AP) — The weaker yuan would give the exchange rate each ing the currency down.
International Monetary Chinese exporters a com- morning and allows the The world's two largest
Fund sees little evidence petitive price advantage yuan to fluctuate by 2% economies are locked in a
that China's central bank over foreign rivals. against the dollar during tariff war over U.S. allega-
has deliberately reduced The Treasury Department the day. The central bank tions that China is stealing
the value of the nation's on Monday named China can buy or sell currency — trade secrets and forcing
currency — a position at a currency manipulator for or order commercial banks foreign companies to hand
odds with the Trump ad- the first time since 1994. The to do so — to keep the over sensitive technology.
ministration's decision this move, reversing its deci- yuan's price from swinging Twelve rounds of talks have
week to accuse Beijing of sion in May to keep China too widely. failed to end the impasse,
manipulating the yuan. off the blacklist, came af- In letting the yuan slide, the and a Chinese delegation
The IMF said Friday in its ter Beijing's central bank let central bank was respond- is expected in Washington
yearly review of China's the yuan drop to its lowest ing to economic reality. next month to continue the
economy that the yuan point in 11 years. China's economy is slowing negotiations.
has been "broadly stable" "Clearly, they are manipu- — partly because President But Trump rattled financial
against other currencies, lating their currency," White Donald Trump has slapped markets Friday by saying it
suggesting there's been House trade adviser Peter tariffs on $250 billion worth would be "fine" with him if
little intervention by the Navarro told CNBC Friday. of Chinese imports — and talks got called off. q