Scammers love chaos

Any time there is turmoil and confusion, scam artists are ready to spring into action. That's the case with the current recession, which has generated havoc for individuals trying to decide the best course of action to protect their assets, homes, cars, savings and retirement funds.

Two companies in Missouri were sued earlier this month by Attorney General Chris Koster, who said the companies sent misleading information to individuals regarding mortgage refinancing.

Nationally, there have been recent instances when scammers have sent letters suggesting that homeowners' mortgages were about to be foreclosed or mortgage lenders were about to file for bankruptcy and urging the recipients of the letters to refinance their mortgages -- often incurring refinancing charges of thousands of dollars, higher interest rates and bigger monthly payments.

Attorney General Koster urges consumers to be skeptical about unsolicited deals from unknown companies. Don't make any financial decisions without thoroughly checking out such offers by consulting bankers, lawyers and financial advisers you know and trust.

The attorney general's office also has a consumer protection division. Suspected fraud can be reported by calling 1-800-392-8222 or seeking online assistance at www.ago.mo.gov.