Scams Can Happen to Anyone. Here Are the Most Common Ones and How to Protect Yourself
Common Ones and How to Protect Yourself
victim of fraud or scam. As a result of the pandemic,
fraudsters are finding new ways to find victims. The good
news is that there are simple ways for consumers to stay
safe and fight back.
In a recent Chase survey of 2,000 consumers, 84% of
survey respondents agreed that scams and scammers have
become more sophisticated in recent years.
To spot fraud, it’s important to learn more about the
most widespread scams, how to prevent them and what to
do if you think you may be a victim.
How common are fraud and scams?
Fraud cases are unfortunately becoming more prevalent,
and more sophisticated. In fact, the FTC revealed that 3.5 million people reported being a victim of fraud or identity theft in 2020, an increase of more than 1.5 million from the previous year. For Black communities, the problem is even worse with nearly half (40%) of Black adults being targeted by of online scams and fraud, according to AARP.
know how to stop them?
common approaches that keep resurfacing.
fight against may not always seem so obvious.
are willing to impersonate familiar faces, whether that be close
relatives or community officials, and also trick you by using your own smart phone against you. So next time you receive
a text message or email on your phone, think twice before you
Fake bank fraud specialist
What they look like: Consumers receive a fraud alert
via text message that appears to come from their bank. The
message asks them to validate whether they made a certain
purchase or sent a certain amount of money. After saying “no,”
the recipient gets a call from someone claiming to be from their
bank’s fraud team. The phone number may even appear to be a real phone number from your bank.
or a one-time passcode. Alternatively, they’ll sometimes
ask the customer to send money to themselves or a third
party to “stop” the fraud or to get their money back. Once the
scammer has gained access to a person’s account or convinced them to send money, they usually stop contact and the victim’s money is gone.
from many banks and they are very good at disguising
themselves by “spoofing” or making their phone number
appear legitimate. Consumers should never share their banking password, one-time passcode, ATM pin or send money to someone who says that doing so will prevent fraud on their account. Bank employees won’t call, text or email consumers asking for this information, but crooks will. If you receive a call like this, hang up and call the phone number on your account statement, the back of your credit or debit card or bank website to verify the authenticity of the request.
What they look like: Someone will call or email you
claiming to be from an organization you trust, like the Internal
Revenue Service. They may threaten you by saying that
if you don’t pay taxes or fees owed, they’ll bring a lawsuit
that you owe money, don’t pay it to someone who initiates a
call or email to you. Instead, hang up and call the organization
in question directly.
What they look like: You’ll get an email from a grandchild
(or other relative) saying that they’re in trouble and need
can’t reach them, contact another relative who knows them
and may know their whereabouts and circumstances. Whatever you do, don’t send money, purchase gift cards, or share any of your personal information, including your banking username and password. Scammers use threats and try to create a sense of urgency to trick you. Always trust your gut and end communication when something seems off.
What should you do to stop scam artists? There are steps you can take to protect yourself.
• Educate yourself on the most common scams. Fraudsters
will use anything to their advantage — claiming to be from the IRS, pretending to offer tech support, baiting you with prizes or cash winnings — the sky’s the limit!
• Click on suspicious links on emails or texts unless you’re sure it’s from a credible source. Only access your accounts through the bank’s mobile app or their website.
bank. Banks will never ask to send money via wire, check or
other method to “stop or prevent fraud.”
claim to need them to remove a virus from your computer,
stop fraud on your account or to buy plane tickets to come
One of the most effective things you can do to prevent fraud is to regularly monitor your bank and credit card accounts so that you can be on the lookout for signs of unusual activity.
Many banks, including Chase, also let you set up account alerts to help you detect unusual transactions to your bank or credit card by sending automatic notifications. If you’re not sure if your bank or financial institution already offers these tools or services, be sure to ask.
financial abuse by visiting: www.chase.com/financialabuse.
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