Scams Are Everywhere
Scams are one of the biggest threats to your personal wealth and they’re getting more difficult to detect. We’ve all seen unfortunate cases on TV where normal people get scammed out of their life savings and potentially end up with insurmountable credit card debt. While Netflix shows like Tinder Swindler and Inventing Anna have popularized the idea of the anti-hero single scammer, these efforts are more complex than you may realize.
Last week, my fiancé reported to me that she had joined a group text with over 20 strangers under one initial text. Here’s what it read:
Free Msg: Your bill is paid for March. Thanks, here’s a little gift for you: [DUBIOUS LINK]
Many people within the group text replied, talking back to each other and having a good time over a unique bonding experience. It’s important to note that you should be vigilant with any potential scams in order to protect your hard-earned money.
The States on Scams
According to CNBC, consumers lost $5.8 billion to fraud last year - up 70% from 2020.
The Federal Trade Commission, the organization responsible for protecting American consumers, notes that scams are their largest daily complaint by volume. That 70% increase you read earlier year-over-year is no joke either. These scams are on the rise as we work through the effects of the pandemic. It’s important to note that people will do anything for money during hard times.
Scammers are more prevalent than ever - calls, texts, and emails could potentially ruin you if you’re not careful.
Steps on Identifying Scams
There are different identifiers to help you flag which messages are scams. Here are a few common qualifiers:
Unknown sender
Suspicious link
Asking for money
Giving away personal information too easily (credit cards, social security, date of birth)
Even after taking note of these identifiers, we live in an increasingly complex world. Here are two personal anecdotes on scams:
After checking my email, I saw an email from “no-reply@microsoft.com” stating that my account had been hacked from Moscow. Fearing the worst, I did a full email check for any scams as the email had been sorted into my junk folder. Everything looked great - even the email sender. There were no typos and the email could be 100% legitimate. Something still felt wrong. Before I clicked on any links within the email, I did a Google search on the topic and realized this is a popular phishing attempt going around. When in doubt, Google!
My friend had trouble with his Apple account and couldn’t purchase an app. After talking to (the real) Apple, they said the company would call him back. The next day he receives an email from “Apple” asking about his account information. After clicking the link and filling out his info, he wondered why the webpage was asking for his Social Security Number. Before taking any next steps, my friend drove to the Apple store and asked an associate, and he realized the entire email was a scam.
The best thing you can do to combat spam is to report it. If you receive a text, forward that text to 7726, and your carrier will file it for further investigation. For email, right-click on the spam and report to your email provider.
One of my favorite pieces of advice is to not answer any suspicious texts, calls, or emails. By answering, you are marking yourself for more spam as a participant who “engages.”
If it’s too good to be true, it probably is!
Have a great week and stay safe,
JT