MARYLAND COMMISSIONER
OF FINANCIAL REGULATION
CONSUMER ADVISORY
MAY 6, 2020
BEWARE OF COVID-19 FINANCIAL FRAUD AND SCAMS
Protect yourself and your loved ones from financial fraud and scams that prey on the concerns and
financial vulnerability of the public due to the COVID-19 pandemic. Educating yourself to the potential
risks and utilizing fact-checked information from trusted sources are the keys to protecting your financial
and physical wellbeing.
This advisory describes how you can protect yourself from COVID-19 fraud and provides information
about two common scams: stimulus check fraud and student loan relief scams.
How to Avoid Fraud and Scams
Be careful of “imposter scams” – emails, phone calls, or other solicitations from fraudsters posing
as government agencies or debt collectors in an attempt to scam you out of your unemployment
benefits and stimulus payments.
Steps that you can take to protect yourself include:
Use caution when opening any email related to COVID-19 and be wary of social media ads, texts,
or unknown phone calls. Avoid clicking on links in unsolicited emails and be wary of attachments.
Email scammers will try to create a sense of urgency or fear in victims and may infect your phone
or computer with viruses and malware.
Use trusted sources such as legitimate government websites for the most up-to-date fact-based
information about COVID-19. Social media should not be relied upon as your primary source of
trusted information.
Do not reveal personal or financial information in an email or over the phone, and do not respond
to solicitations for this information.
If a debt collector contacts you, they must tell you the name of the creditor and the amount owed.
If you dispute the debt, the debt collector will have to obtain verification of the debt. If the debt
collector does not provide this information during the initial contact with you, they’re required to
send you a written notice within five days of that initial contact.
Always confirm the legitimacy of a charity before making donations by contacting the charity
directly or otherwise verifying the charity’s existence through the Maryland Secretary of
State or Internal Revenue Service. Do not donate if you feel pressured by the solicitor or if they
insist on a cash donation.