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Think Twice Before Accepting That Big Prize

Getting a call, text, email or letter saying you’ve won a prize is exciting – really, who wouldn't want a huge pile of cash, smartphone or car? But before you claim that “prize,” keep in mind that sweepstakes, lottery and prize scams are a common way for fraudsters to snag your personal and financial information.

Signs that your big prize is a scam:

  • You have to pay to claim your prize. Real prizes are free. If you’re asked to pay taxes, shipping fees or processing charges, it’s a scam. Especially if they ask you to pay with cash, gift cards, a wire or in Bitcoin.
  • You’re asked to provide financial or personal info. There’s never a valid reason you’d need to provide your bank account, credit card or Social Security number to claim a prize.
  • They claim paying will increase your winning odds. Real, legit sweepstakes are a game of chance.
  • You need to “act now.” Scammers often say it’s a limited-time offer because they want you to pay or provide info in a hurry – before you have time to think it through.
  • You don’t recall entering a sweepstakes, lottery or other contest. Winning out of the blue is a red flag.
Remember, if something seems too good to be true, it usually is. With scams like this on the rise, keep these warning signs in mind – and share them with friends and family, too! If you think you’ve been a victim of a prize scam, to the Federal Trade Commission (FTC) and reach out to your financial institution right away. Summit members, you can contact us at 800-236-5560. Source:
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