Discounted Ticket Information

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The Current Economic Atomshpere Has Created Opportunities For Consumer Scams

The economy is causing members to scramble for ways to ease the burden of their monthly budget. As the price of gold increases, advertisements have prompted many individuals to go through their jewelry boxes and part with rings, chains or coins. Caution flags have been raised from many states to be wary of these "fast cash" deals as often sellers know very little about companies that are promising quick fixes to their financial problems. This economic atmosphere has created an opportunity for consumer scams and members should be cautious about who they deal with in selling off prized possessions.

There have been wide spread reports of companies paying out paltry sums after a person sends them their old gold. People have sent in what was thought to be hundreds of dollars worth of items only to receive a small payout and they are left with a difficult process to get their gold back or obtain more money for their property. While many companies guarantee satisfaction, the process for remediation is so complex and time consuming, these companies end up winning as a persons time and effort to pursue satisfaction is simply not worth it.

If and when you seek to trade valuables for cash, consumers should become fully knowledgeable and seek as much information as possible to safeguard themselves in these transactions. Below are some tips and suggestions if you are considering selling gold:

1. Know what you own
Proceed to have your valuables appraised by a reputable jeweler who can determine karat level and they often provide the name or trademark of the company endorsing the value. Going to a jeweler for an appraisal will yield the most accurate results and take into account the craftsmanship and antique value. Appraisers who have appropriate credentials (National Association of Jewelry Appraisers or the American Society of Appraisers) should be contacted and utilized.

2. Get that second estimate / Shop around
Don't consider the first buyer. Most people doing repair work around the house or on their car will get several estimates and this process should be followed when selling your valued property. A recent study by Consumer Report found that mail-in companies offered less then 30% percent of market value for 18-karat jewelry, while jewelers and pawn shops paid upwards of 70 % for the same pieces.

Gold prices fluctuate frequently and it is wise to call businesses on the same day to ask their current price for buying gold. Ads may state they will pay $1,000 for every ounce of gold you have but that figure applies to quantities of pure gold only.

3. Don't send jewelry anywhere until you know the facts
If you send your valuables (gold) to a company, you have surrendered a fair amount of control or power in the transaction. If you decide to mail your valuables, choose a reputable company that offers free insured shipping that you can track online.

Before sending, provide the company with a detailed description of what you're sending and keep a copy of the paperwork, along with photographs of the items. Some consumers have complained that they sent 14-karat gold items that were falsely appraised as 10-karat and quoted accordingly. Unfortunately, once the items are in the company's hands, there is little for a consumer to do to overcome this information asymmetry other than request the items be returned but this can often be ignored.

4. Beware of superlative statements
Beware of a company who uses statements like - "We pay the highest prices!" or "America's #1 Gold Refiner!" These statements are nearly impossible to substantiate and most reputable companies will avoid their use and simply quote a price up front with values updated daily.

The best advice is to be patient and perform due diligence before you consider selling old gold and sending to a third party. Conduct your homework to protect yourself and your valuables. Through difficult economic times, it is important to remember that selling old jewelry or scrap gold is not a long-term financial solution. While you may be partially compensated to pay off a few bills you will certainly not get rich.

If you approach these transactions with this understanding and realize that the buyer you are dealing with is also trying to make money from the sale, you will help ensure yourself of getting a fair deal.

Debit Card Scam
If you receive a message stating your debit card has been deactivated, please disregard message as it is a SCAM. It is important that you do not provide any information to the caller.

Star (our debit card processer) would not ask for your debit card number(s) or expiration date(s) because they already know that information. In addition, they would never ask for your pin number. The only reason you would possibly receive a call from Star would be to verify transactions. As a reminder, if Star would contact you it would not be with a recording, you would speak to a live person.

ZeuS Trojan E-Mail
We have learned that criminals have launched a major e-mail campaign to deploy the infamous ZeuS Trojan e-mail, which will send spam messages disguised as fraud alerts from the Internal Revenue Service (IRS), Twitter account hijack warnings, or salacious Youtube.com videos.

The fraudulent IRS e-mail uses the verbiage "Notice of Underreported Income" as the Subject Line and encourages the recipient to click a hyperlink to review their tax statement. All of the latest e-mails use a variety of URL shortening services.

To help protect against fraudulent activity, we strongly recommend that you review your Internet security measures including, but not limited to:

• Ensure that up-to-date antivirus, antispam and antispyware programs are being used.
• Do not open attachments or download information from unexpected or spam e-mails.

We've seen an increase in schemes that attempt to acquire your personal information. First American will post warnings about scams we are aware of, but there many more. If you receive any type of communication you believe is a scam, contact the credit union immediately before doing anything. We will verify if it is a scam, and if so, post it here to inform other members.

Fraudulent Debit Card Calls
We have received a couple of calls from members stating they received a phone call about their debit cards being deactivated if they do not call the specified number and put in their information. If you receive a call like this disregard and DO NOT provide your information. First American would not contact our members regarding debit card deactivation and request your personal information to reinitiate your debti card.

Star (our debit card processor) would only be call First American members to verify information on their debit card purchases, but they would not ask for a pin number.

This scam has been going around for some time now. If you are suspicious of any phone calls regarding your accounts with First American, please contact us IMMEDIATELY.

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