Time is running out for first-time home buyers to take advantage of the $8,000 tax credit set aside for them this year as part of the economic recovery effort. Barring a time extension, people looking to cash in must purchase a home by November 30.  Considering it usually takes 30 days to close on a house, now may be the time to act and Better Business Bureau offers guidance on how to benefit from the First-Time Home Buyers Tax Credit.

The First-Time Home Buyers Tax credit was created to stimulate the real estate market by encouraging first-time home buyers. The tax credit is equal to 10 percent of the home’s purchase price, up to a maximum of $8,000. Qualifying participants simply claim the credit on their tax return.

(more…)

Better Business Bureau is alerting consumers and businesses about a new phishing attack that resembles an e-mail confirmation claiming the recipient has filed a complaint with BBB about a business. The malicious e-mails first came to the attention of BBB on Thursday, October 15.

When consumers file a complaint with BBB about a business, they may often receive a confirmation e-mail and subsequent follow-up e-mails from BBB on the status of their complaint. The malicious phishing e-mail attack is designed to mimic a confirmation e-mail from BBB and includes the full name of the recipient and the name of the company they supposedly filed a complaint about.

According to reports to BBB, individuals who have received this e-mail have not actually filed a complaint with BBB but are, instead, employed by the business the e-mail claims they have filed a complaint about.

Anyone who receives a complaint e-mail confirmation claiming to be from BBB, but has not actually filed a complaint with BBB, should not click on any links in the e-mail. Instead, either delete the message or forward it to: phishing@council.bbb.org

Following is a copy of an actual e-mail associated with this recent phishing attack:

(more…)

Recognizing the need for nationwide grassroots consumer education outreach to prevent identity theft, the Council of Better Business Bureaus (CBBB) is partnering with the National Foundation of Credit Counseling (NFCC) in launching the 2nd annual National Protect Your Identity Week (PYIW) October 17 – 24, 2009. This event coincides with BBB’s Secure Your ID Day to be held on October 17, 2009.   During PYIW, Better Business Bureaus will hold identity theft protection events in communities across the nation.  At the local events, consumers can take advantage of educational resources and free document shredding.

Identity theft claimed more than 10 million victims in 2008, a 22 percent increase over 2007. According to a report from Javelin Strategy and Research, low-tech methods for stealing personal information are still the most popular for identity thieves.  Of the cases where consumers knew how their identity was compromised, stolen wallets and physical documents accounted for 43 percent of all identity theft, while online methods accounted for only 11 percent.

“In spite of doing everything right, consumers nonetheless can find themselves victimized and forced to spend time and money restoring their good name and good credit,” said Steve Cox, President and CEO of the CBBB. “By providing educational tools and free document shredding as part of Protect Your Identity week, BBB continues to help communities guard against identity theft.”

Consumers can find PYIW educational events in their area by going to the Web site www.ProtectYourIDNow.org.  The site also features an interactive quiz to help consumers assess their risk of identity theft; videos, blogs and identity theft prevention tips.   The Web site is also available in Spanish at www.cuidesuidentidad.org.

Underscoring the importance of educating consumers regarding the perils of identity theft, a number of national organizations are joining CBBB and NFCC as supporting PYIW Coalition Members.  This Coalition includes:  The American Bankers Association Education Foundation, AFSA Education Foundation, Consumer Action, Consumer Federation of America, Credit Union National Association, Federal Trade Commission, Identity Theft Resource Center, Jump$tart Coalition for Financial Literacy, Junior Achievement USA, National Council of LaRaza, National Crime Prevention Council, National Education Association Member Benefits, National Sheriff’s Association, Office of the Comptroller of the Currency, and the National Association of Triads.