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Covid-19 Scammer Alert
New tactics cybercrooks are using to steal from you
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It seems that the world's criminal element never misses a chance to defraud unsuspecting consumers. Not even a worldwide pandemic is slowing them down. In fact, we're seeing just how creative they can be with their schemes. Here's what you should be on the alert for:
Scammers are using the Covid-19 panic to trick victims into giving up their financial or other personal information.
How are they doing it? By sending emails that look like they come from legitimate sources - such as the IRS, the Treasury Department, the Social Security Administration, Medicare, your financial institution, or even some made-up official-sounding entities that are, in reality, completely fake.
Within these "phishing" emails are links that take you to a "spoofed" website - one that looks like the real deal, yet is completely phony. But when the unsuspecting individual enters his or her personal or financial information into the login box, the crook captures that critical information to access your accounts. Or they may use the information gathered on the fake site to steal your identity.
Another scheme uses public confusion about the details of the recently passed $2.2 trillion coronavirus stimulus package.
Crooks send an email to victims purporting to offer information about the cash benefit they may be entitled to. The email may include links that direct you to a fake site where you're prompted to enter your sensitive financial information under the guise of signing up to receive your cash. But instead, you're giving away information that the scammers can use to steal your identity or your money.
How to Protect Yourself
Always remember that no government agency - either state or federal - will email you about your benefits, your tax status, money you may owe, money that may be coming to you, etc. If you ever get one of these emails - and chances are good you will at some point - delete it!
By the same token, you'll never receive a phone call from any of these agencies.
Remember: these agencies only communicate with you via mail, not by phone calls they initiate or emails.
Also keep in mind that there's nothing you need to do to get these benefits. So, any email telling you that you need to sign up or demanding your financial information for this purpose is a scam! The same thing goes for any phone calls you may receive from official-sounding callers.
You got to hand it to cybercriminals: They're good at what they do. And that's tricking people into thinking the website they've directed you to is the real deal when in fact it's fake.
How do you know if a link is taking you to a spoofed website?
Simple:
Make sure the web address you're navigating to has https:// as the first characters in its address. The "s" means that the address is secure. You should also see a lock icon preceding the URL. You can click on that lock to display the security certificate for the website.
Next, spoofed websites give themselves away in the URL box (that's the actual web address). For instance, you might get a phishing email that says it's from the IRS with a link you're meant to click. The real IRS website is found at https://www.irs.gov. But the fake website URL could look much different. Scammers often try to incorporate at least part of the real organization's name into their fake URL but the rest of the address is a dead give away.
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We're in the midst of a troubling and uncertain time, as the Coronavirus sweeps through our nation. That's why we're sending you this special edition of our email newsletter, the Market Navigator, with timely information about the economic issues you may be facing.
We know you may be concerned about your personal, family and business finances. So, please do give us a call anytime you have questions.
Lastly, you may have noticed our name change: from DMG Advisor Group to DMK Advisor Group. We're now a broker-dealer and Registered Investment Advisory (RIA) company. And our new name reflects this new status.
Stay well! And please reach out to us if we can be of help.
Hal Schwartz
DMK Financial Advisors Group
Chief Investment Officer
Investment Advisor Representative
MAIN OFFICES
TOLL FREE 800.983.4448
Denver Metro 303.470.5664
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Emergency Relief from the economic impact of the Coronavirus
Now the law of the land, the Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a record-breaking $2.2 trillion in emergency relief to individuals, families and businesses struggling under the sudden and profound economic hardships many are facing during the ongoing Coronavirus pandemic.
For small businesses, there's help in the form of emergency loans and grants administered by the Small Business Administration. For individuals and families who've lost their income during this time, there will be economic help in the form of stimulus checks.
What about those stimulus checks?
What, if anything, can you expect to receive? Depending on your income, you'll may be eligible to receive up to $1,200 per person, $2,400 per couple, and $500 per child under 17 years of age. However, that only applies if your individual income is under $75,000 - or $150,000 per couple. Over those limits, the stimulus check is phased out until you reach $99,000 per individual or $198,000 per couple. Still, that means the vast majority of Americans will receive some sort of financial stimulus.
Here's what you need to know about receiving this money:
- If you filed a tax return in 2018 or 2019, the government will use your most recent federal tax return to determine your eligibility based on your reported income. If you are eligible, the government will automatically deposit your funds directly into your bank account, based on the information the government has on file for you.
- If you are a social security beneficiary - regardless of whether you're retired, disabled, receiving survivor's benefits, etc. - and you don't earn enough money to file a federal tax return, the government will use information from the Social Security Administration to determine if you qualify. If you are eligible, your benefit will be automatically deposited in the account the government uses for your social security benefits.
- If the government doesn't have your current banking information, it will issue you a paper check, which can delay your benefit by several weeks. The current estimate is that US taxpayers will start seeing these benefits in their bank accounts around April 17.
How the Law Helps retirees
If you are a retiree who takes distributions from a tax-qualified pension plan, here are important provisions of the CARES Act that may affect you:
- The CARES Act puts you in control of your RMD, or the required minimum distribution, to reflect the reduced account value of your company pension plan and IRAs, including both traditional and Roth IRAs, as well as inherited IRAs. Nearly every investor saw their portfolio values impacted negatively in the wake of the Coronavirus market declines in March. So, taking out RMDs based on the significantly higher account values of 2019 would have been problematic for many retirees. Under the CARES Act, however, you can withdraw as much or as little as you see fit. You can even forgo any withdrawals at all.
- The CARES Act also waives the 10 percent early distribution penalty on up to $100,000 of 2020 IRA distributions. When the tax does become due, it, as well as repayment of the funds, can be spread evenly over 3 years.
- For those individuals with company pension plans, CARES has doubled the amount of money that plan participants can borrow: up to $100,000 (less any outstanding loans) or 100% of the account balance, whichever is less. There's a clock running on this provision, however: Loans must be taken out within 180 days from March 28, 2020, the day the bill was signed into law.
- One last provision in the CARES Act of particular note for retirees: Any loan repayments normally due between March 28, 2020, and December 31, 2020, could be suspended for up to one year.
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The Ultimate Black Swan Event
Hindsight is everything. Just ask the black swan. For its first literary mention you'll have to look back to a second-century Roman poet who used the phrase, A rare bird in the lands and very much like a black swan, to describe a bird he didn't think existed.
These days, although many of us have seen a black swan, a Black Swan Event is still used to describe an unforeseen cataclysm of great magnitude and terrible consequences. Clearly, that describes the Covid-19 pandemic we're experiencing now. And while it might be reasonable to wonder how those in industry, healthcare, and government here and abroad could have failed to anticipate a pandemic like this - and to be fair, not all did - the truth is, it's only truly obvious and inevitable in hindsight.
Yes, we could have been better prepared. And we could have responded better and sooner. But once we're done with social distancing and telecommuting, once we head back to restaurants and the mall, get to hug friends and family, shake hands with colleagues and greet new acquaintances, we'll do what we always do after a catastrophe. We'll learn from our mistakes and rebuild. We'll set aside blame and rally to support one another. Because that's what we do. That's who we are.
And we'll also remember that hindsight, after all, is really for the birds.
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Visit Us Online
Our website has lots of resources and timely information about financial products and strategies that may help you meet a wide range of your goals for yourself, your loved ones and your family.
Check us out online at dmkadvisorgroup.com.
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Copyright 2020. DMK Advisor Group, Inc.. Securities and advisory services offered through DMK Advisor Group, Inc., member FINRA/SIPC/MSRB. Main office: 7114 West Jefferson Avenue, Suite 305, Lakewood, Colorado 80235; 303-470-5664. Visit us online at dmkadvisorgroup.com.
DMK Advisor Group, Inc. does not share personal data or contact information other than that which is required by law. Please visit dmkadvisorgroup.com for our Privacy Policy and Business Continuity Plan.
Federal income tax laws are complex and subject to change. The information in this newsletter is based on current interpretations of the law and is not guaranteed. Neither the company
nor its representatives give legal or tax advice. Please consult your attorney or tax advisor for answers to specific questions. To best serve you, we need to be kept current on your personal situation. Please let us know if you have any changes in your financial status including employment changes, raises, promotions, change of objectives, or in your personal status such as marriage, divorce, birth of a dependent, or change of address.
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