Laser Focus World is an industry bedrock—first published in 1965 and still going strong. We publish original articles about cutting-edge advances in lasers, optics, photonics, sensors, and quantum technologies, as well as test and measurement, and the shift currently underway to usher in the photonic integrated circuits, optical interconnects, and copackaged electronics and photonics to deliver the speed and efficiency essential for data centers of the future.

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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

How to Dodge Fraudsters When You’re in Financial Distress

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SPONSORED CONTENT -- (StatePoint) Although fraudsters will prey on anyone, many tactics specifically target those facing financial hardship in the wake of a natural disaster.

To help you avoid becoming a victim when you’re most vulnerable, Freddie Mac is providing these tips and insights:

Watch Out for Common Disaster-Related Scams

As the intensity of severe weather events increases, understanding common disaster-related scams can help you avoid them. These include:

High-Interest Loans for Repairs: In this scam, someone may offer to loan you money for home repairs, often at a high interest rate, while you wait for your insurance money. In return, they ask for a post-dated check, your auto title or your tax refund. Although this may provide short-term relief, it’s an example of predatory lending because the high interest rates could end up costing you more in the long term. Read any contract before signing it, and make sure you understand the total cost of the loan, including its terms and fees.

Repair Contractor Prepayment: In this scam, your home repair contractor may ask you to sign a “direction to pay form” that allows your insurance company to pay the contractor directly, even before the repair work is completed. This can leave you vulnerable to incomplete or poor quality work. To avoid this scam, read your contract carefully and do not authorize the full payment amount until you are satisfied with the final product.

Requests for Financial Information: In this scam, a person claiming to be a government employee or disaster relief professional may request financial information, saying they need it to help you recover from a crisis. Protect yourself by never giving anyone your personally identifiable information by phone, email, text or in person without confirming their identity. For example, ask for identification and independently call the entity the person claims to work for.

If You’re Struggling to Pay Your Mortgage, Beware of Fraudsters

If you’re struggling to pay your mortgage after a natural disaster or due to other circumstances and you are facing foreclosure, be on the lookout for two common types of fraud.

Foreclosure Rescue Fraud: In such a scheme, someone may falsely promise to be able to save your home from foreclosure. The fraudster will commonly:

• Require you to sign the title to your home over to them.

• Ask you to sign unfamiliar documents.

• Ask you to share personal information.

• Charge you rent to stay in your home.

• Offer to pay your delinquent mortgage by purchasing your home.

• Promise that you can repurchase your home when your financial situation improves.

Fraudsters orchestrating these schemes pose as professionals and promise to stop foreclosure, often at a high price. However, they don’t deliver on their promises. As a result, you could lose the title to your home and be at risk of foreclosure.

Loan Modification Scams: Loan modification scams may operate similarly to foreclosure rescue fraud. In these scams, fraudsters collect an upfront fee and promise to work with your loan servicer on your behalf. They claim that they can obtain a loan modification that reduces your payments.

If someone other than your loan servicer (the company listed on your mortgage statement) offers you mortgage assistance, don’t provide your information.

If you are struggling with your mortgage payment, contact your lender, a certified HUD housing counselor or a housing finance agency. These trustworthy resources can present you with real options to help avoid foreclosure.

Learn more fraud prevention tips by visiting myhome.freddiemac.com.

Unfortunately, fraudsters have made it their business to prey on pain. With the right knowledge, you can help ensure that no one takes advantage of you when you’re down on your luck.

Photo Credit: (c) zamrznutitonovi / iStock via Getty Images Plus

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