5 Ways to Protect Against Stimulus Check Scams

The information found regarding stimulus check approval and rollout is current as of April 9th, 2020.  Editors will update this article if there is any change following this date.

Congress approved an economic relief plan at the end of March 2020, which will put a stimulus package into plan and roll out within the coming weeks. 

When Should Most Americans Expect their Stimulus Checks?
As of April 3rd, the Treasury Department and Internal Revenue Service (IRS) announced payments will begin in the next few weeks and will distributed automatically into the direct deposit account on file from your 2019 tax return.  If you have not yet filed for 2019, they will use the account information on your 2018 return.

Visit the IRS website for additional information on how you may receive your stimulus check[FM1] .  TurboTax has also opened a 2020 Economic Impact Payment Calculator, so you can see what’s needed to get your stimulus payment.

Because this is such a unique time when individuals will receive a payment from the government, there will most likely be more scammers attempting to steal your information and take your stimulus payment.

Here are a few ways you can protect yourself from potential scams regarding your stimulus check:

1.    The IRS, Treasury Department, or other government agencies will never call, email, or text you to ask for your account information.

Similar to protection against tax identity theft, these organizations will never ask for this information in any of these ways.  If you receive a threatening phone call or message claiming to be the IRS, report it to the Treasury Inspector General.
You can file a report online .

2.    Do not agree to pay anyone who offers to “get you the stimulus check early”.

Anyone who may claim that they can get you a stimulus check early OR states they can get you more than one stimulus check cannot fulfill this promise. This is a scam.

3.    If you aren’t sure of the link being sent to you, do not click on it.

There may be scammers trying to put viruses or malware on your computer by sending you what looks like a friendly, but unfamiliar link.  They may even pretend to be sending it from a company or person you recognize (with an incorrect email address).  The best thing you can do is carefully read every bit of information being sent to you, especially the “from” address. It is also a good habit to hover over any links before clicking to check that the web address looks right and is spelled correctly.  If it doesn’t match up or make sense, don’t open it.

4.    Enroll in your financial institution’s mobile alerts to monitor your account.

Most financial institutions have online banking tools that will allow you to set up alerts any time a deposit or withdrawal is made on your account.  Enrolling in this option makes it easier to see your funds going in and out in close to real-time.  And it’s a quicker way to see if a payment or deposit doesn’t line up.

Together CU Members can find out how to manage your money remotely here.

If something doesn’t make sense on your account, make sure to call your financial institution immediately, so they can be proactive in spotting scammers, too.

If you’re a member of the credit union, make sure you have the Together MobileAccess+ app downloaded on your phone.  It’s available in the App Store or Google Play.

5.   If you receive a ‘check’ in the mail right now, it’s probably a scam.

It’s going to take the Treasury a few more weeks to get stimulus payment out to residents—especially if they don’t have your direct deposit information on file and have to send a paper check.  If you receive a ‘check’ for an odd amount (especially if cents are included), or a check that requires you to verify the check online or by calling a number, it’s a scam.

When in doubt, ask a representative for help verifying that the check is good. It’s also smart to give any check deposits a few days to clear before withdrawing or spending the funds if you can. If the check is fraudulent, this can help make sure it’s caught before you find yourself stuck paying the difference.

Read more about the Stimulus Relief ‘Economic Impact Payments’ from the IRS here.

We’re here for you.

If you’re finding it difficult to make ends meet and have been severely impacted by the coronavirus pandemic, we have relief options available. 

Not a member?  Please contact us at 1-800-325-9905 or email info@togethercu.org.