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Protect Yourself From Financial Scams using Lyons Commercial Data

Protect Yourself From Financial Scams using Lyons Commercial Data

Financial scams are becoming increasingly sophisticated. Two prominent scams involve the use of bogus routing numbers and sight drafts drawn on the U.S. Treasury.

Scam #1: Fraudulent Use of Federal Reserve Routing Numbers

Scammers deceive individuals into using Federal Reserve routing numbers for online payments. These payments are inevitably rejected, leading to unpaid bills and potential late fees. It’s crucial to remember that individuals cannot have personal accounts with the Federal Reserve.

 

Scam #2: Bogus Sight Drafts and Bills of Exchange

Another prevalent scam involves fraudulent sight drafts or bills of exchange supposedly drawn on the U.S. Treasury. Scammers claim that citizens can redeem their “value” using these drafts, which is entirely false and illegal. Victims may face severe legal consequences and financial losses.

 

How to Protect Yourself From Financial Scams

 

Verify Bank Account & Routing Number Information

Always verify routing numbers and account information with your financial institution before making payments.

 

Be Skeptical

If an offer seems too good to be true or requires complex financial maneuvers, it is likely a financial scam.

 

Stay Informed

Follow the latest scam alerts from reliable sources like the Federal Reserve and the U.S. Treasury.

 

Use Lyons Commercial Data’s Tools

  • At Lyons Commercial Data, we provide robust solutions to safeguard and legitimize your financial transactions.
  • Our comprehensive routing number database ensures you have the correct routing numbers, reducing the risk of rejected payments and helping protect you against routing number scams.
  • We provide ongoing education about the latest financial scams and how to avoid them.

 

Staying vigilant and informed is vital to protecting yourself from financial fraud. Lyons Commercial Data is committed to helping you navigate the complexities of monetary transactions with confidence and security. Schedule a demo to learn more about how we can assist you in safeguarding your financial operations.