Annuitants again targeted in phone scam
- By FederalSoup Staff
- Jun 19, 2017
The Office of Personnel and Management is warning federal annuitants that they are being targeted yet again in a phone scam.
According to a June 15 OPM blog post, a company is calling federal annuitants and offering cash payments in exchange for a portion of all of beneficiaries future annuity payments. These offers are generally significantly less than their worth and typically have high interest rates and fees.
“We have specifically received numerous phone calls from one company in particular asking us to not just verify annuity amounts, but also banking information, including routing numbers and account numbers,” the post states.
“Our suspicions were confirmed by our Inspector General’s office who discovered this company is currently under investigation by the Consumer Financial Protection Bureau (CFPB),” it continues.
In March, a similar scam occurred in which aggressive callers threatened to terminate the annuitant's retirement and claimed they would be prosecuted if an immediate payment was not made.
CFPB suggests that annuitants protect themselves by avoiding taking loans with high fees and interest; never signing over control of benefits to someone else; and not buying life insurance that isn’t needed.
Information on how to report any suspected scams to OPM’s Office of Inspector General is also included in the post.