Victory State Bank Warns Against Sweepstakes Scam


Victory State Bank Warns Against Sweepstakes Scam


STATEN ISLAND, N.Y. -- Victory State Bank would like to alert you to the following news:

The Federal Trade Commission (FTC) has recently announced a case against an operation that allegedly sent millions of personalized, professional-looking letters to people saying a cash prize of more than $2 million was reserved, “guaranteed and deliverable,” just for them. All the “winners” had to do was return a form with a $20 or $30 acceptance or registration fee. The letters targeted older people in the U.S., Canada, the UK, and dozens of other countries; altogether, the scam took in more than $9 million from its victims.

Still hoping for your golden ticket? There’s no need to give up sweepstakes altogether. According the FTC here’s what you should you know to avoid a prize scam:

You shouldn’t have to pay

Legitimate sweepstakes won’t make you pay money or buy something to enter or improve your chances of winning. That includes paying "taxes" or "shipping and handling charges" to claim a prize.

The prizes aren’t so great

If you do pay to redeem a prize, you’ll find it isn’t worth much or the "vacation" is anything but luxurious. You may end up paying far more than the prize is worth, if you get a prize at all.

Many prize promoters sell the information they collect to advertisers

When you sign up for a contest or drawing at a store, a mall, or another public place or event, instead of a prize, you could get more promotions in the mail, more telemarketing calls, and more spam email. So even if it takes a magnifying glass, read the fine print. That’s often where promoters hide the details about their business practices.

About Victory State Bank:

VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited onlinehttp://www.victorystatebank.com.

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