Americans lost $77 million to Covid-19 fraud — and that's just the 'tip of the iceberg'

Americans lost $77 million to Covid-19 fraud — and that's just the 'tip of the iceberg'  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE WED, JUL 08, 2020 YOUR WEALTH Editor's Note Scammers are working overtime to take advantage of the coronavirus pandemic as they look to con people into giving up their money. These fraudsters have targeted federal relief money such as stimulus checks and unemployment benefits. The Federal Trade Commission has logged 120,700 consumer complaints related to the coronavirus and stimulus payments, with 68% of them involving fraud or identity theft. There is also an increasing number of scams related to vaccines, test kits, cures or treatments, and air filter systems designed to remove Covid-19 from the air in your home, according to an FTC report. Let's be quite clear: There is no vaccine or a cure for this virus at this time. If you receive a phone call, e-mail, text message or letter with claims to sell you any of these items, you need to know it's a scam. There are also fake coronavirus charity scams. So, be careful about any charity calling you asking for donations. Sadly, many of these scams are aimed at seniors. And that's concerning because it can be even more difficult to prevent scams now. Older people aren't interacting with as many friends, neighbors and senior service providers due to efforts to slow the spread of disease. During this time of uncertainty, knowing about possible scams is a good first step toward preventing them. If something doesn't feel right to you, remember what you were taught as a kid: Never talk to strangers, especially when they want personal information. For more key stuff like this, please follow me on Twitter @jimpavia and check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow. Jim Pavia @JIMPAVIA Americans lost $77 million to Covid-19 fraud — and that's just the 'tip of the iceberg' Americans have lost about $77 million to fraud during the coronavirus crisis, according to the Federal Trade Commission. That's likely a vast undercount. Social Security's trust funds at a greater risk for running dry amid pandemic. What that means for your retirement For many, Social Security benefits are the backbone of their retirement income. But the system's trust funds could be at greater risk of running out due to the economic downturn. Here's what experts are saying, and what that means for those hoping to retire. How to handle your Medicare coverage if you move to another state Depending on where you're moving, your Medicare coverage may not be much different, other than a new policy number. In some cases, though, you might end up wanting to make more substantive changes, depending on cost and plan availability. Here's an easy, low-cost way to build a retirement plan like the pros Deciding how to save for retirement and spend your nest egg can be challenging. But there's an easy, low-cost way to do it that approximates the method used by professionals. 'Interest-only' mortgages might make sense in some situations, but beware the risks These mortgages, which proliferated leading up to the financial crisis of 2008-2009, generally come with stricter standards than in the past. Nevertheless, they still come with risk for the buyer. Refinancing your mortgage could put cash in your pocket — here's how to find out if it's right for you Low rates have many Americans looking to refinance, yet several factors should be taken into consideration before you sign on the dotted line. Covid-19 could upend plans for older workers who want to retire The coronavirus crisis comes at a bad time for older workers who are getting ready to retire soon. New research takes a look at how well these people can work from home or find new employment if they need to. Results are mixed. Op-ed: How the widening wealth gap became color-blind Financial advisor Ivory Johnson, founder of Delancey Wealth Management and a member of the CNBC FA Council, writes this was all bound to happen sooner or later, and that any good thief will steal from anyone he can get his hands on, if he can get away with it time and time again. Trump administration releases list of companies that received most money from small business bailout loans The Paycheck Protection Program was set up as part of the CARES Act relief law to help companies retain employees during coronavirus lockdowns. There are a lot of textbook ideas that won't survive coronavirus and this is one of them "Generations of investors had been taught that, in a bear market, the most gruesome casualties would be the highest-flying, most expensive stocks. This time, the experience has been the opposite ..." CONTRIBUTORS Sharon Epperson @sharon_epperson Josh Brown @ReformedBroker Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel   Digital Products Feedback Privacy Policy CNBC Events   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS