Top Five Scams To Be Aware Of...
With identity theft on the rise, and scammers only getting better at what they do, it helps to stay aware of how fraudsters may be targeting your personal information. The big scams that surfaced in the past year all take advantage of our growing dependence on technology to manage everything from our social plans and family finances to our professional lives. Read on to learn how to identify a scam before your personal information is at risk.
1. Social Media Scams
From Facebook to LinkedIn to Pinterest, the creation of fraudulent social media accounts is on the rise. Facebook alone identified 1.5 billion fake accounts during the third quarter of 2022.
A few simple adjustments to your online identity can prove to be very effective. For example, on Facebook, set your account to “private” and your default post privacy to “friends only.” The less you put out into the world, the less a scammer will have to use to create a believable clone. Less is more when it comes to sharing personal information. Only accept friend or follow requests from people you actually know and trust, and set your friends list to private as well. If you find a fake account in your name, report it immediately and ask your friends to do the same.
2. Subscription Renewal Scams
Subscription renewal scams work by blasting out phony emails or texts claiming to be popular services that typically have a large volume of subscribers, like streaming programs or anti-virus software companies. The email or text will state that your subscription is about to renew and will provide a link or a phone number for follow up if you wish to cancel or, they claim, your credit card will be charged hundreds of dollars. These messages can be vey convincing, using real logos and sometimes even copying the format of typical communications from these companies.
If a bot sends thousands of fraudulent emails or texts, they’re likely to arrive in the inbox of many people who utilize the stated service and are tempted to click the link within to sort out the issue.
3. Government Agency Impersonation Scams
Have you ever received a recorded voicemail message from a government agency informing you of an urgent matter? Don’t call back! The Federal Trade Commission provides hints and tips for identifying and avoiding suspicious activity like this. The message might claim that there is a warrant out for your arrest or that your Social Security benefits are at risk of being terminated. The inevitable next step is a request for money in the form of gift cards, wire transfer, or cryptocurrency to address the issue. Some reports even allege that a Social Security number or bank account information was demanded to avoid further action.
If you want to verify that there isn’t an open issue that involves you, search for legitimate contact information online for the relevant agency and make an inquiry.
4. IRS Impersonator Scams
The IRS will never call you about your taxes out of the blue. If they are trying to get in touch with you they will always contact you by mail. While they do use private debt collectors from time to time, they will not contact you without an official communication at least twice through the mail; one from the IRS, and one from the debt collector. Neither the IRS nor debt collectors will ever ask you to pay over the phone. This can’t be stressed enough, if they ask you to pay over the phone, it’s a scam. If they ask you to pay using gift cards, cash, or cryptocurrency, it’s a scam. Hang up, and reach out to the IRS directly if you’re concerned about your tax account.
5. Text Message / Zelle Scams
Most of these scams work by scaring people into believing that a transfer has occurred in error or there is some other urgent issue that needs to corrected immediately. Common scams include a request to confirm a large payment that you never made, a claim that your bank account has been compromised, or an urgent plea for bill payment from a utility or other similar company before a service is disconnected. Each of these concludes with a scammer guiding you through the process to send them money. Remember, a financial institution will never ask you to process another transaction to correct a previous transaction.
