{"id":4433,"date":"2023-05-25T14:02:03","date_gmt":"2023-05-25T18:02:03","guid":{"rendered":"https:\/\/www.frazierfinancial.com\/?p=4433"},"modified":"2023-08-17T10:35:39","modified_gmt":"2023-08-17T14:35:39","slug":"scam-prevention","status":"publish","type":"post","link":"https:\/\/www.frazierfinancial.com\/scam-prevention\/","title":{"rendered":"Scam Prevention"},"content":{"rendered":"\n
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SCAM PREVENTION<\/strong><\/p>\n\n\n\n

As you know, protecting your assets and data is priority number one for our firm. But it\u2019s also important that you know about threats you may encounter in other interactions online\u2014from your personal email account to social media to dating apps. In each of these channels, you may run into scams specifically designed to steal your information or assets. To help you recognize and avoid such situations, we\u2019re providing this document, which explains what scams are and some telltale signs that will help you recognize a number of popular scams. We also provide outline you can take if you ever fall victim to a scam. By reviewing this information, maintaining best practices, and exercising caution in your online activities, we can work together to keep you and your clients safe.<\/p>\n\n\n\n

What is a scam?<\/h2>\n\n\n\n

A scam is a dishonest or fraudulent scheme. In a typical scam, victims are convinced to send money or provide personal information, believing it\u2019s for a legitimate purpose or going to a trusted recipient. A scammer might also attempt to involve an individual as an intermediary using them to launder funds stolen from another individual, business, or government agency. Communications from scammers can originate from almost any source\u2014including mail, email, social media, telephone, and text message\u2014 and are often made to appear as though they are from trustworthy parties.
Scams are on the rise, and no one is immune. People of all ages and levels of financial experience have been and continue to be affected. The first step in protecting yourself from becoming a victim is to be aware of the types of scams and the telltale signs that one may have targeted you.<\/p>\n\n\n\n

1. Romance\/marriage\/sweetheart<\/h2>\n\n\n\n

Seeking romance online can have a major downside: the internet is full of scammers ready and willing to take advantage of people looking for love. According to the Better Business Bureau, out of 3.5 million dating profiles online, 500,000 are fraudulent.1<\/sup><\/p>\n\n\n\n

In addition to using online dating profiles, scammers have been known to initiate contact through more general platforms that have messaging or chat features, including social media and gaming sites. As a rule, these schemes avoid in-person interactions, preferring instead to focus exclusively on messaging apps and other online channels.<\/p>\n\n\n\n

The scam works something like this: Your romantic interest may claim to live in another part of the country or to be abroad for business or military deployment. They seem to be really interested and eager to get to know you. They work to cultivate an emotional attachment by:<\/p>\n\n\n\n

\u25cf Asking a lot of personal questions to help prepare responses that appeal to you; for example, \u201cAre you interested in a lifetime relationship?\u201d
\u25cf Quickly urging you to communicate through personal email or text rather than a monitored channel like messaging through a dating app
\u25cf Lavishing the victim with attention and often professing love very early in the relationship
\u25cf Claiming they have no immediate family, sometimes mentioning the loss of a loved one<\/p>\n\n\n\n

Once an emotional attachment is established, the scammer is eager to meet in person. When the opportunity arrives, though, something will come up\u2014an accident, a health crisis, or other such unexpected occurrence; that is usually followed by an urgent request for financial assistance. For example, the scammer may claim to be stranded or detained, needing to pay a medical bill, or unable to meet an expense related to a quick business payout. If you can help out, they will pay you back as soon as they\u2019re out of the current circumstances.
The scammer then instructs you to send money, promising a quick payback. But there is no return of funds, and in some instances, they will ask for yet more money.<\/p>\n\n\n\n

How to Protect Yourself<\/h3>\n\n\n\n
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  • Be wary of profiles set up very recently<\/li>\n\n\n\n
  • Right-click and use your browser’s search function to see if the person’s profile picture was copied from somewhere else on the internet, if the person is known by more than one name, or if the photo has been associated with other fraud or scam claims.<\/li>\n\n\n\n
  • Take things slowly, asking plenty of questions and noting any inconsistencies or red flags. Unwillingness to meet in person or speak on the phone can be a cause for concern.<\/li>\n\n\n\n
  • Use caution when sharing personal information with someone you know only online.<\/li>\n\n\n\n
  • Consult a friend, family member, someone at our firm, or another trusted individual if red flags arise. Be willing to listen if they express concern.<\/li>\n\n\n\n
  • Do not send money to or accept money on behalf of an individual you’ve never met in person.<\/li>\n<\/ul>\n\n\n\n
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    1<\/sup><\/sub> https:\/\/www.timesrecordnews.com\/story\/news\/local\/2020\/02\/13\/study-online-dating-site-fraud-attacks-up-sharply\/4736697002\/<\/p>\n\n\n\n

    2. Sweepstakes\/lottery<\/h2>\n\n\n\n

    Who wouldn\u2019t love winning millions of dollars, a fancy new car, or the chance to take a dream vacation? In this type of fraud, scammers take advantage of such desires, imitating the many legitimate sweepstakes and contests.<\/p>\n\n\n\n

    Scammers may contact you through mail, or email, social media, a text message, or even a phone call, congratulating you on “winning.” The only thing required to collect your prize is a small fee to cover taxes, customs charges, or some other expense.<\/p>\n\n\n\n

    They may also claim that they need personal information to prove your identity or that they need bank account details to deposit your “winnings.” This is the information they subsequently use to drain your account.<\/p>\n\n\n\n

    How to protect yourself<\/h3>\n\n\n\n
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    • Ask yourself if you entered a particular contest. If you didn’t, the prize notice is likely a fake.<\/li>\n\n\n\n
    • Don’t wire money; mail cash, checks, or money orders; or share gift card numbers with someone claiming to represent a sweepstakes or lottery. A legitimate sweepstakes or lottery would not ask you to pay to collect your prize.<\/li>\n\n\n\n
    • Don’t deposit a check from a sweepstakes or lottery without doing due diligence, like researching the sender’s name on a site like the Better Business Bureau to validate the source of the request. Also note that many scams will ask you to send part of the payment back. Legitimate sweepstakes send only certified checks to prize winners.<\/li>\n\n\n\n
    • Don’t provide any personal or financial information to anyone who contact you about a lottery prize.<\/li>\n<\/ul>\n\n\n\n

      3. Government impersonators <\/h2>\n\n\n\n

      In these scams, the criminal pretends to be from a government agency like the Social Security Administration (SSA), the Internal
      Revenue Service (IRS), or law enforcement. They attempt to intimidate you into paying a fine or penalty that you supposedly owe to the government.<\/p>\n\n\n\n

      They may contact you initially through an email, a text message, or social media, but usually these scams start with a phone call. The scammer advises you that unless you act immediately, you will suffer the loss of a benefit or even face a large fine or criminal charges. The scammer can be aggressive and may threaten to confiscate property, freeze bank accounts, or send authorities to arrest you.<\/p>\n\n\n\n

      SSA or Medicare impersonators<\/h3>\n\n\n\n

      The scammer claims that unless you pay immediately, your Social Security or Medicare benefits will end, or your Social Security number will be suspended. They often request personal information, such as your Social Security or Medicare number, to steal your identity while they’re scamming you out of money.<\/p>\n\n\n\n

      To be clear: the SSA and Medicare will not threaten to end your benefits, nor will they suspend your personal ID number.<\/p>\n\n\n\n

      IRS impersonators<\/h3>\n\n\n\n

      The impersonator claims that you owe taxes and uses threats of arrests or deportation if you do not pay immediately. They may also claim that your driver’s or professional license will be revoked if you fail to cooperate. To appear more authentic, they may pretend to have information about you, including your Social Security number or taxpayer ID number.<\/p>\n\n\n\n

      The IRS communicates primarily through the mail, including in cases involving delinquent taxes. The IRS never demands immediate payment, nor does it make threats of arrest or to call the local police.<\/p>\n\n\n\n

      Law enforcement impersonators<\/h3>\n\n\n\n

      The impersonator claims to be with the local court, sheriff’s office, or police department and asserts that you missed a court date, failed to appear for jury duty, or have delinquent taxes or unpaid citations. The scammer demands immediate payment for these fictional infractions, or a warrant will be issued for your arrest. Law enforcement agencies do not call individuals and demand money, nor do they accept gift cards as payment. There have also been instances of scammers impersonating foreign governments or law enforcement agencies.<\/p>\n\n\n\n

      How to protect yourself<\/h3>\n\n\n\n