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How to Spot Coronavirus Relief Scams

by Maurie Backman | March 20, 2020

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

At a time when the country is in disarray, you can't afford to be a scam victim. 

COVID-19 has turned the nation upside down. Our once thriving job market is now littered with countless workers submitting unemployment claims to make up for their suddenly absent paychecks. The stock market, meanwhile, has plummeted, leaving investors reeling and wondering how bad things could get.  

It's a time when many of us are extremely vulnerable, because we're exhausted and scared for our health, and the health of our loved ones. And that makes it the perfect time for criminals to prey on that vulnerability by cheating Americans out of their money. 

Worried Lady Looking At Phone

Image source: Getty Images

Financial scams are by no means a novel concept, and with COVID-19 at the forefront of everyone's mind, we're likely to see our share of coronavirus scams in the not-so-distant future. Here are the steps you can take to avoid being a victim of one. 

1. Don't click on emails with links to COVID-19 treatment, testing, or vaccines

Because COVID-19 has made so many people critically ill, it's easy to fall victim to so-called opportunities to protect yourself. But if you get an email offering to sell you a testing kit, brand-new treatment, or vaccine, don't click on the links it contains, and if you do go that far, do not enter your bank or credit card information for criminals to see. 

To be clear, there's no such thing as a COVID-19 vaccine. There's work being done to develop one, but unfortunately, health experts have said that it's a solid year away, if not more. Furthermore, any treatment related to COVID-19 is, at best, experimental right now, and you certainly can't buy an antidote on the internet. Finally, testing for COVID-19 is available, but only through a medical professional. There's no at-home test kit you can order to see if you have the virus, so don't be tricked into buying one. 

2. Don't give out personal information over the phone to someone claiming to be from the CDC

The CDC is a great source of information regarding COVID-19, but it won't call you out of the blue asking you if you have symptoms and requesting personal information like your bank account details or Social Security number to go along with it. The same holds true for hospitals and doctors -- they won't be randomly contacting people to see how they're feeling with offers to prepay their medical care should the need for it arise. 

3. Be careful when donating to COVID-19 research or charities

We all want to see the COVID-19 threat dissipate, and for that to happen, progress needs to be made on effective treatments and, eventually, a vaccine. And all of that takes money. If you're inclined to donate to that cause, it's a great use for your spare cash. But be careful -- there are likely to be a host of fake charities popping up in the coming weeks asking for money for COVID-19 research and patient assistance, and the last thing you want to do is make some criminal richer.

To vet a charity, you can use the IRS's Tax Exempt Organization Search to see if it's registered. You can also use sites like Charity Navigator and give.org to research charities before you donate to them. And if you want a legitimate organization to donate to, the CDC Foundation is a good start. 

It's easy to get duped by criminals when your world has been turned upside down and your judgment may be a bit off because you're stressed, angry, worried, and frustrated. But the last thing you want to do is make a mistake that allows a criminal to rack up a credit card balance in your name or empty your savings account because you weren't careful. Keep the above warning signs on your radar, and with any luck, financial scams will be one thing you don't have to worry about in the coming weeks. 

These savings accounts are FDIC insured and can earn you 12x your bank

Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. The Ascent's picks of the best online savings accounts can earn you more than 12x the national average savings account rate. Click here to uncover the best-in-class picks that landed a spot on The Ascent's shortlist of the best savings accounts for 2021.

Two top online savings account picks

Rates as of March 11, 2021 Ratings Methodology
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About the Author

Maurie Backman
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Maurie Backman is a personal finance writer who covers everything from savings to retirement to healthcare. Her articles have appeared broadly on major outlets such as CNBC, MSN, and Yahoo.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

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