Fed Warns of Scammers Seeking Money

Aug. 27, 2009 – Consumers should ignore any solicitations made in the Federal Reserve Board’s name promising services and funds in exchange for payments or personal information, the Fed said in a warning released yesterday.

The solicitations “appear to be made with the approval or involvement of the Federal Reserve, Federal Reserve officials, or other U.S. government officials,” the Fed said. The Fed has no involvement in these solicitations, it noted.

“Consumers are strongly urged to verify the legitimacy of potential service providers before entering into a business transaction,” the Fed added. “Individuals seeking help with repairing their credit history, avoiding home mortgage foreclosure, finding mortgage refinance options, or managing their credit card debt should do business only with reputable service providers.”

The Fed points consumers to a section of its Web site for more information. Go to www.federalreserve.gov/consumerinfo for more.