Beware of Home Warranty Scams: Protect Yourself and Your Finances

July 15, 2024

Have you ever received scam emails, text messages, or even paper mail scams? If you have, you're not alone. Scammers are becoming increasingly sophisticated in their attempts to trick people, and one common scam that's been making the rounds involves fake messages about expiring home warranties. These messages can come in various forms, from official-looking letters to urgent emails and text messages. They often carry a sense of urgency, warning you that your home warranty is about to expire and that immediate action is required.
These messages typically have a formal tone and are designed to look legitimate, often including logos or names of well-known financial institutions. They will usually ask you to contact them immediately, providing a phone number or a link to click. The scammers’ goal is to create a sense of panic, making you believe that you must act quickly to avoid costly repairs. However, these messages are nothing more than a trap designed to steal your personal information and money.

How Do I Protect Myself?

Protecting yourself from these scams involves being careful of any unexpected messages regarding your home warranty. Here are some steps to safeguard yourself:

Never Click on Links or Call the Provided Phone Number: If you receive a message about your home warranty expiring, do not click on any links or call any phone numbers provided in the message. These could lead you to fake websites designed to steal your personal information or connect you to scammers directly.
Hang Up on Robocalls: If you receive a robocall claiming that your home warranty is expiring, hang up immediately. Do not press any numbers to be connected to an operator or to stop receiving calls, as this could lead to more scams.
Never Provide Personal or Account Information: Scammers may ask for sensitive information such as your social security number, bank account details, or credit card information. Never provide this information in response to unexpected messages.

What to Do Afterwards?

If you have received a scam message or believe you may have been targeted, there are several important steps you should take to protect yourself and help prevent others from falling victim to the same scam:

Notify Your Financial Institution: If you have provided any financial information, contact your bank or credit union immediately. If you're a member of TVFCU, notify us right away so we can monitor your accounts for suspicious activity and help you take the necessary steps to secure your finances. TVFCU’s phone number is (423)634-3600.
File a Police Report: Contact your local police department to file a report. This can help law enforcement track scam activity and potentially prevent others from being scammed.
Report to the FTC: File a complaint with the Federal Trade Commission (FTC) at https://reportfraud.ftc.gov/ . The FTC collects scam reports and uses the information to take action against fraudulent activities.

By staying informed and taking proactive measures, you can protect yourself from home warranty scams and other fraud schemes. Always be cautious of unexpected messages, and when in doubt, verify the information through trusted sources. Remember, it's better to be safe than sorry when it comes to protecting your personal information and financial security.

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