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5/19/2009

Fort Worth, TX – In "phishing" schemes, con artists use fake e-mails to get personal and financial information from consumers by posing as a legitimate bank or other business. One of the latest phishing scams employs the lure of U.S. government grants and a familiar financial name, Bank of America. Consumers receive fake e-mails supposedly from the Bank of America informing them that they have received a "compensatory grant" from the U.S. government to help them through "the current economic hardship." The grant is in an escrow account at Bank of America and will be transferred to the consumer's bank account upon a one-time payment of $450. The e-mail even explains why the $450 fee cannot be deducted from the grant, claiming that the deduction cannot be made because the grant is federally insured. This "activation fee" must be paid by wire. Once payment of the fee is confirmed, the consumer will receive a form to provide information about the personal bank account in which the grant should be deposited.

This phishing scheme has various red flags that should alert consumers to a possible scam. First, legitimate businesses do not ask for personal or financial information by e-mail. The requirement to pay an advance fee to get the grant is another indication of a scam. The provision that payment of the fee be done by wire should also raise suspicions; wire payments are a favorite tactic of scammers. Do not respond to requests for personal or financial information unless you are sure of the firm or agency making the request.