Beware of Phone Scams and Attempts to Steal Your Financial Information

The telltale sign of any scam is when a stranger on the other end of the phone line demands payments via gift cards or wire transfers, or asks for sensitive information, such as Social Security numbers, birthdates and passwords.

The tips below can help you protect yourself, your money and your financial information from scams and fraudulent activity.

Fake fraud alert calls

Sometimes scammers will pretend that they are alerting you to a scam. They may call pretending to be from your bank or credit union and say that they are alerting you to potential fraud in your account. Over the course of the phone call, they may ask you for your bank account numbers, passwords or other sensitive data.

If this happens, do not provide any information; hang up and call your financial institution directly to check whether or not the call was legitimate. Don’t call potential scammers using a number they provided. Look up your local bank branch’s number online to confirm you are speaking with an actual bank associate.

Aggressive calls from the Internal Revenue Service (IRS)

IRS phone scams can happen any time of the year, though they are especially popular during tax season. This type of hoax involves a person pretending to be a federal agent insisting that you owe money to the IRS. The phony agent will often threaten you with lawsuits or arrest if you do not make an immediate payment.

If you receive such a call, hang up immediately. The IRS does not make unsolicited calls by phone.

Tech support calls

This scam involves a fraudster pretending to be a representative of a well-known tech company like Microsoft or Apple. The fraudster tells the victim an error has been detected on their computer, and they need to download software that can “fix” the issue. If the person does this, they are actually giving the caller remote access to their computer that allows the scammer to steal sensitive data or install ransomware.

If you receive such a call, hang up. Tech companies do not make unsolicited support calls.

Phony philanthropies

After a natural disaster or other major tragedy, you can always rely on scammers to spring into action and exploit the goodwill of their fellow man. To avoid giving credit card information to a scammer pretending to be calling from a charitable organization, never donate to unsolicited callers. Instead, do your own research to find a reputable charity you can give to comfortably.

Fake family members in trouble

To play on one’s sympathy, scammers will call individuals and pose as a family member claiming to be in a dire situation. The scammer tells the victim that they need some cash to get out of trouble, such as being stranded abroad or needing money for bail. The victim may be too distressed by the thought of their relative being in danger to question the call and will end up providing the scammer with a payment over the phone.

If you receive an unprompted call from a family member claiming to be in trouble, hang up and call their number directly. If they don’t answer, call another family member who can verify their whereabouts, or try the courthouse or police department if the supposed relative claimed to be in jail.

Safeguard your information

Scams, fraudulent activity and identity theft can happen to anyone. By taking precautions and staying vigilant, you can reduce your chances of becoming a victim.

• Never give out personal or account information unless you know the party with whom you are dealing.
• If you receive a “too good to be true” offer, do not wire or send money to the requestor.
• Keep your financial information in a secure place in your home.
• Promptly review bank and credit card statements upon receipt.
• Do not carry your Social Security card in your wallet or write your Social Security number on a check.
• Never click on links or pop-up messages in unsolicited emails.
• Use anti-virus and anti-spyware software and firewalls to protect your home computer.
• Use strong passwords; do not include birthdates, maiden names or the last 4 digits of your Social Security number.

To report scams, suspicious or suspected fraudulent activity, contact the following:

Your financial institution

• Close accounts impacted by fraud
• Report stolen debit/credit cards

Credit Bureaus

• Equifax | 1.800.525.6285
• Experian | 1.888.397.3742
• TransUnion | 1.800.680.7289

Your Local Police Department