Typical Financial Scams

Financial scams cost victims $16.6 billion in 2024.   

Many already know about not paying attention to the letters from Nigerian Princes and Attorneys of distant relatives from England who offer vast sums of money if we contact them.  However, with social media and other electronic media, financial scams are evolving and becoming more elaborate.

Here are some of the possible ones I'm receiving:

• Requests from attractive strangers requesting connections social media.   I have clicked "ignore" on all these requests.   First, I don't need more connection.  Second, I don't need connections with people I don't know.
  
  
• Emails ads claiming I can win a prize from a major corporation, though they are not affiliated with the corporation.  Just click on the link.   No way.
  
  
• Emails claiming I have a package that needs to be delivered.    However, the email address is not a normal location for a delivery company.  Delete and block.
  
  
• Emails claiming my subscription to a service (usually anti virus protection) needs to be started or renewed.   Delete and block.
  
  
• Emails claiming that payment has been received for something I didn't order.  Usually, I delete and block.  Occasionally, I check my credit card transactions to determine if a charge was made or not.
  
  
• Texts claiming I have a package that needs to be delivered.   Ignore and delete.

Here are some that I have heard about but have not received, yet:

• Romance financial scams, sometimes from people pretending to be celebrities.  The scammer never meets the victims in person, just via email or texts.    Eventually, the scammer claims a distress that can only be helped if money is sent to them.  Ignore and delete.
  
  
• Threatening IRS agent calling about taxes owed and requesting payment in the form of gift cards.  The IRS never asks for payment on the phone.  If still unsure, call the IRS toll free number and request confirmation.
  
  
• Threatening text messages about unpaid tolls, even if you have never driven in that location.  Ignore and delete.
  
  
• Threatening calls, texts or voicemails that appear to be about a close relative, and instructions not to call the police.  Contact that relative and/or call the police.
  
  
• Someone overpays with a check and then asks for one to write a check refunding the difference.  The original check bounces and one just got scammed for the difference.  Decline and ask for the agreed to payment.
  
  
• Bank email claiming account has been fraudulently accessed and action needs to be taken.  Stay calm.  Do not respond to the phone number or email address sent. Do not transfer funds to a "safe" account or location.  Contact the bank at a verified email address or phone number found from an independent search on the Internet or go the the bank in person.

I'm sure that scammers will continue to evolve and modify their approaches.  If being contacted by an unknown or unexpected text/email/call, do not reply.  It's best to stay calm and consult with someone you trust, to determine if it is a scam or not.  

For more on Ideas You Can Use, check back every Tuesday  for a new segment.

This is not financial or scam avoidance advice. Please consult a professional advisor.

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