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Beware of fake debt collection scams (August 2022)
The Federal Trade Commission (FTC) recently announced that they are returning more than $1 million to the victims of a fake debt collection scheme — which fraudsters set up using the names GAFS Group and Global Mediation Group and Mediation Services and pressured consumers to pay the fake debts by threatening to take legal action against them. While this scheme was shut down, fraudsters are still running other similar schemes.
Here's four ways to protect yourself from fake debt collection scams:
- Understand your finances, including keeping records of past and current debts — so you won't get fooled by a fake debt.
- Request a "debt validation letter" — which requires the debt collection agency to prove they're legally collecting a debt you owe.
- Regularly review your credit report — so you stay aware of the status of all your accounts.
- Know your rights — including those covered under the Fair Debt Collection Practices Act.
Protecting yourself from fraud
Select a topic below to learn how you can protect yourself.