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Scam Alert!

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There are many scams from people who are trying to get our money. A year ago, Prime Timers Worldwide was one such victim. Three attempts were made to scam us this year alone, and two of those occurred during the same morning recently.

 

This article is intended to assist your chapters on recognizing certain scams, how not to respond and suggested financial controls to guard against our monies going elsewhere other than in each chapter's treasury.

What they look like

Scam attempts come in many forms. The following are just a few but require similar action and avoidance by our treasurers:

* An email is sent from an individual appearing to be the President of Prime Timers Worldwide, even using his name. This email is requesting a wire transfer of large amounts of monies that same day. Sometimes, it is addressed to the treasurer or a personal name is dropped or "hi" is simply used.

* An email is sent from your bank that appears to look legitimate, even using the logo of that bank. This email is requesting the treasurer to reconfirm their account information to the bank or to verify your online bank information for security reasons.

* An email is received, appearing as legitimate communication from your bank, even including the logo. The bank is requesting information about your chapter's debit card.

* An email is received from a certain individual appearing to be a person that you know. This email has an https: reference to a link for you to click on. Sometimes, this link appears to be of a personal nature.

What to do and what not to do

* Keep an eye out for the above-mentioned email scam attempts and problem-solve them:

* Assume that all questionable-looking emails both in appearance and content are frauds until proven otherwise.

* Even though they appear to be legitimate, verify by a separate email or telephone call to the person that appears to be sending it.

* Do not respond to any requests of wire transfer of monies or verification of bank information. Call your President or similar person who appeared to have sent the email, and verify. If the bank requires verification, go to the bank in person, taking the email with you and meet with your banker. They have all of your information already, so they do not need to verify. It is a good idea to establish a personal relationship with a banker at your bank to assist you in all banking matters.

If you are the victim of a scam, notify your bank immediately, file a local police report, and notify the FBI. Then notify your chapter's President and Board as well as a member of the Worldwide Board.

Chapter Internal Control Procedures

Consider and install the following suggested Internal Control Procedures in your chapter:

* Prohibit all wire transfers of monies

* Set up an annual budget by-line item for both chapter revenues and expenditures and require that your board approve the budget.

* Establish limits on budgeted expenditures to be less than $500 each. If an expenditure exceeds $500, require your board approval before making payment.

* Require a valid and legitimate receipt or invoice that fully describes the nature and amounts of the expenditure. Cross-reference payments with your check.

* Require a monthly treasurer's report that reports cash flow with beginning bank balance, revenues, expenditures, and ending bank balance presented at each board meeting.

* Establish an annual financial reporting of chapter revenues and expenditures and establish an actual budget financial statement at least annually or as required.

Support of Worldwide

Prime Timers Worldwide will never request transfers of monies in any form. Our only revenues are the annual collection of US$2 dues for each active member of each chapter in January of each year. All chapters are notified of pending dues payments through written correspondence by the Worldwide Secretary.

If there is a question as to what you think may be a scam, please contact the Worldwide secretary or treasurer as soon as possible. We will assist you if we can.

Finally...

I trust that the above is helpful for our chapters to avoid fraud and scams of our monies. The board of Worldwide is here to support and give any help necessary for your chapter. Please consider both the scams and my Internal Control recommendations seriously. If there are any questions, please contact our Secretary or Treasurer or any member of the Worldwide Board of Directors.

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Last modified on Saturday, 23 June 2018 11:13

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