Does that make you want to sing For the Love of Money by the O’Jays? (For our younger readers, look it up on your browser.) With apologies for the earworm but money – our money – is what scammers are after.
The end goal of scammers is to get to our money. They can do this by enticing us to part with money through gift cards, Bitcoin, cash, or other methods of payment with a low risk of tracing. They can steal our personal information, giving them access to accounts or giving them the ability to steal our identity. Same end result – they have our money and we don’t. For some consumers, scammers have gotten their money AND they have gained access to personal information.
Many times, “co-operative consumers” answer the phone, click on a link, or reply to a snail mail and proceed to provide answers to every question posed by the scammer. (Does the Social Security Administration need to verify your Social Security number? I don’t think so.) Be aware that the nice person on the other end of the line may not be so nice. If you get a suspicious text or email, delete it. If you think it could be legitimate, contact the organization by getting their information from a statement or reliable link. Don’t use the contact information on the questionable communication.
A recent variation on the “you missed jury duty” scam directs consumers to a fake website where they are asked for a Social Security Number and a birthdate to determine the amount of the fine. DON’T DO IT!!!
Large business systems are getting hacked more frequently. Cibernews.com recently reported on “16 billion passwords exposed in record-breaking data breach: what does it mean for you?” and brightdefense.com gives us “A list of recent data breaches”. Microsoft wrote about a national public data breach. Medical systems, communication systems, and large businesses have all been hit and a great deal of personal information – on an international basis – has been stolen.
There’s not a lot we can do to control how companies protect our information. If there is notice of a breach, we can freeze or put a fraud alert on our credit. We can keep an eye on our credit reports. (We need to do this regularly.) Nerdwallet.com offers more information in their article “How to Protect Yourself After a Data Breach”.
The Federal Trade Commission offers “Free resources for learning money management and how to spot and avoid scams” giving consumers information on how to avoid having money or personal information stolen.
Protect your personal information. Do NOT reply to suspicious texts, calls, or emails. (Just delete them.) Do NOT send gift cards, Bitcoin, or cash. (Scammers want you to pay with sources that can’t be traced.) Be informed about scams that are circulating. Don’t become a scammee!
Stay safe!
