Stimulus Checks: Scams to Look Out for Concerning Coronavirus Payouts

The U.S. government has sent out its first round of coronavirus pandemic relief checks, and scammers are already looking for ways to get ahold of the money. Many Americans are now on the lookout for individuals or organizations trying to manipulate people into handing over their much-needed stimulus money. CBS News affiliate KHOU 11 spoke to experts about what to look out for.

The federal government is giving out a one-time emergency payment to about 50 million Americans to help them deal with the economic fallout of the coronavirus pandemic. The payments were set up quickly to meet the immediate need, so experts at the Federal Trade Commission are on high alert for scams. Zachary Keller, an attorney with the FTC, told reporters that "the retirees are particularly the people we are going to see scam artists go after." This could include everything from phishing schemes to fake checks.

Keller warned that phishing may be rampant as the coronavirus checks begin to go out. This will likely involve Americans getting texts or emails with a link saying it will lead to their stimulus check. It may ask for their banking information, or even carry a computer virus. "This is the type of scam where we see people most commonly victimized. In fact, this one is all over the place already," Keller said. "Many of these scamsters will be posing as someone who works for the IRS or the Treasury. You will never have a situation where the government is asking you for this type of information."

The IRS is using the direct deposit information from Americans' 2018 and 2019 tax filings to send out coronavirus stimulus checks. Anyone without information on file will get a paper check in the mail, so there is no circumstance under which you should provide your banking information by call, text, email or snail mail.

Scammers may also reach out claiming that Americans need to pay some kind of advance fee in order to get their larger check later. Keller said that this is definitely false. "You will never need to pay money to get your check. So anytime someone is asking you for an upfront payment, that is a scam," he added.

Finally, Keller expects to see scammers sending out fake checks in the mail. He said that this might be the most dangerous one of all, adding: "We've seen that scam a lot and it is the most damaging because people can get put out a lot of money."

When victims cash the fake check, the scammers contact them while the bank is still processing it. Keller said that the scammers "will say, 'We sent you too much money. You need to transfer a certain amount of money back to us or else we will take action against you.'" They hope that you will transfer your money to them before their check bounces.

The IRS has a dedicated webpage for information on tracking coronavirus stimulus payments and finding out if you are eligible. For all other information on the coronavirus pandemic, visit the CDC's website.