Beware - Scammers are Getting Smarter
Take these essential steps to safeguard your identity and money
Ric Edelman: It's Tuesday, March 26th. On today's show, how to protect yourself from scams. Yeah, it's a sad truth. Scammers are becoming increasingly sophisticated. They're preying on unsuspecting victims through calls, texts, emails, even social media.
First and foremost, you need to know the signs of a scam. Scammers are often using official looking letters or pictures of identification with badges to gain your trust. They might call, text, email, write, or message you on social media, claiming to be from a government agency like the Social Security Administration or SSA's Office of the Inspector General. They might use the name of a real person who really works there, and they might send a picture or attachment as so-called proof.
In fact, no government agency will ever threaten you with arrest or legal action because you don't agree to pay money immediately. Nobody from the Social Security Administration, for example, will ever threaten to suspend your Social Security number. People have fallen for that. Nobody from any government agency will ever say that you need to provide them with your personal information. They should already have it. Or your bank account number, or your password, in order to get money or benefits. Nobody from any government agency will ever pressure you to do anything immediately. including that you answer their questions. Nobody from any government agency will ever threaten to say, seize your bank account. Nobody from any government agency will ever offer to move your money to a so-called protected bank account. And nobody from any government agency will ever demand secrecy. They'll never tell you, for example, don't tell your spouse about this phone call. Don't tell your children. Nobody from any government agency will ever tell you that.
And no government agency personnel will ever contact you via social media. Nobody from any government agency will ever ask you to pay anything. So watch out if they demand or even merely suggest that you pay any so-called bill or invoice, and that you do so with a gift card or a prepaid debit card or a wire transfer or using crypto or by mailing cash. No real government agency would ever do any of this. And if you ever hear from anybody who claims to be from a government agency, be skeptical. Assume that they're a crook, and not really from the government. Scamsters often impersonate real employees of the government. They give you a phone number, they tell you to call it, but when you do, you're actually calling the scammers accomplice, where they tell you to click on a link to a government website, but you end up at a fake website that the scammers created.
Never call any number they give you. Never go to any site they send you to. Never click on any link that they send you. If you ever do receive a suspicious call, or a text, or an email, or a message, here's what you should do. First, hang up, or simply ignore the message, or if it's a text, or an email, delete it. Do not click on any link or attachment. Second, tell someone you know and trust about what just happened. They can help you stay calm and avoid doing something foolish.
What do you do if you have been scammed? Brace yourself for a long and difficult fix process. Don't blame yourself. Criminal behavior is not your fault. These things happen to all of us at one time or another, but make sure you stop all contact with the scammer. Don't talk to them. Don't respond to their messages. When you get scammed, scammers put your name on a list, and they sell that list to other scammers.
People who have been scammed once are likely to get scammed again. And the most common way, the new scammer calls you to say, hey we know you got scammed, we can help you recover your money. And then they ask you for more money to get their services. And bam, you've just been scammed again.
So, if you have been scammed, immediately notify whatever organization was being impersonated. If the scammer says they were with your bank, call your bank. If they said they were with the brokerage firm where you have accounts, call that brokerage firm. If they say they were with your credit card company or your employer's HR department or your mortgage lender, call them. If they say, for example, they were from the Social Security Administration, call that agency's Office of Inspector General. Then call all three major credit bureaus, Equifax, Experian, and TransUnion, and add a fraud alert to your credit report. And then change all your passwords everywhere. And be sure to use a different password for each of your accounts, apps, and your website.
The electronic age has made life so much better for us in so many ways, but it's also given new opportunities for scammers. So we've got to be on our guard.
On tomorrow's show, Joe Biden says inflation is tamed. Why then is he complaining about shrinkflation?
-----
Subscribe to podcast updates: https://form.jotform.com/223614751580152
Ask Ric: https://www.thetayf.com/pages/ask-ric
-----
Links from today's show:
Office of Inspector General: https://oig.ssa.gov/
-----
Follow Ric on social media:
Facebook: https://www.facebook.com/RicEdelman
Instagram: https://www.instagram.com/ric_edelman/
LinkedIn: https://www.linkedin.com/in/ricedelman/
X: https://twitter.com/ricedelman
YouTube: https://www.youtube.com/@RicEdelman
-----
Brought to you by:
Invesco QQQ: https://www.invesco.com/qqq-etf/en/home.html
Schwab: https://www.schwab.com/
Disclosure page: https://www.thetayf.com/pages/sponsorship-disclosure-fee
-----