We all have reason to fret about becoming victims of increasingly sophisticated financial scams. Organized gangs and transnational crime enterprises are widespread and becoming increasingly adept at stealing our personal information and assets.
Millions of us are unknowingly defrauded yearly, with irrecoverable losses running into billions of dollars. People of all ages are vulnerable. Older individuals are a preferred goal, partly due to widespread cognitive impairment. Teens and young adults often fall victim on account of their online shopping behavior and job search. Even members of Generation Z are falling victim to fraudulent emails, text messages, and phone calls.
Awareness of common scams can reduce your vulnerability to victimization. Criminals use several tactics to steal your identity and assets, including these:
• The Government Impostor Scam
Beware of phone calls, text messages and emails claiming that you could have an excellent tax debt and that you just will probably be arrested or have your checking account frozen in case you don’t pay the tax debt immediately. They may know something about you, resembling your name or Social Security number, but ask for extra personal financial information and use it to raid your checking account or trick you into wiring money or using a present card.
This message should immediately raise a red flag. The IRS won’t ever threaten you or demand payment. Second, you’ll receive a proper letter, not a phone call, text message or email.
My wife, Wendy, received these calls once a month.
• The competition and lottery fraud
You receive a call telling you that you could have won the lottery or sweepstakes and must send money to unlock the prize or pay taxes on the winnings. Don’t consider it. This is a standard trick that is usually followed by an actual check you could deposit immediately. By the time you realize the check has been cashed, the fraudster has collected your money and pocketed it.
• Phishing emails and SMS
This communication may appear to come back from a bank, retailer, or other company with which you do (or are prone to do) business. You will probably be asked to confirm your login or personal information or update your bank card. However, this is solely a scam designed to steal your personal identity and financial information.
Instead of clicking the link, visit the bank or retailer’s website – using the URL you understand is legitimate – and search for any motion that should be taken in your account. Chances are, you will not find anything and you may realize you’ve got escaped a scam. I received considered one of these and so they had copied our bank’s website so well that I could not tell the difference.
• The computer support scam
This scam involves a pop-up message appearing in your computer or phone stating that your account has been compromised. Sometimes you will probably be given a support number to call. The “technician” who answers will ask for distant access to your device (thus stealing your personal information) or ask you to pay a repair fee. You may even see a pop-up window that accommodates a fake antivirus app that you could have to pay for, or a notification a couple of virus that has infiltrated your computer and requires a fee to be removed. If you see a pop-up that matches this description, it’s safest to disregard it. To protect yourself, install an ad blocker to combat pop-ups and increase your computer’s firewall protection.
• The love scam
With the rise of online dating and social media connections, scammers create fake profiles, construct relationships with unsuspecting victims, and ultimately demand money for emergencies or necessities. They often say that they’re abroad on their strategy to the USA and need the travel money transferred because someone allegedly stole their plane tickets, luggage and passport. These criminals typically goal lonely or isolated individuals, particularly widows and widowers. But anyone using a dating app might be targeted, as can anyone lively on social media. Although romance scams are reported less often, individual losses from scams are the best. The average loss in 2022 was $2,000 per person, in line with the FTC.
• The grandparent scam
Criminals can capture a grandchild’s voice in a brief 10-second phone call and use an imitated voiceprint to contact a grandparent and ask them for money. Typically, the young person requests a transfer to cover an emergency or to pay a ransom for a kidnapping. The grandparent, who has an enormous heart, falls victim to the plan.
One of the very best ways to avoid becoming a victim is to substantiate the caller’s identity. Ask them to repeat a code word or passcode that you just and your grandchild arrange.
Learn more.
Your best defense is attack. So take the time to learn more about the right way to spot common scams and get prevention suggestions Federal Trade Commission Website. The site also accepts reports of fraud and identity theft and descriptions actions for victims.
