Scams can happen to anyone. Even very highly educated people can fall prey to scammers, because scammers are intelligent and sophisticated and because of the sheer number of scams that are perpetrated daily.
Some scams happen so frequently that we become immune to them. For example, everyone has probably received text messages threatening fines for missed toll payments or offering too-good-to-be-true work from home programs.
We spoke to a few friends and family members and gathered details on the scams that they’ve been faced with. We’re sharing those here in hopes that readers will:
- Be more aware of some of the latest scams being perpetrated and be less likely to fall for them.
- Recognize that they’re not alone when it comes to scams, and be more proactive about reaching out for help if they are tricked by a scammer
Tickets and Warrants
One blog reader missed a family vacation because he received a call that was supposedly from his state’s police department. They said he owed a lot of money for red light tickets and that there was a warrant out for his arrest.
He got very nervous, even though he didn’t recall any red-light incidents. He turned the car around and returned home to try to handle the situation, which turned out to be a scam.
Another reader reported getting a phone call about missing jury duty. In this situation, the scammers had some of her personal information (likely scraped from online) and were using those details to try to convince her they were legitimate.
This is a common tactic fraudsters will use because it increases the likelihood that they’ll be successful. 40 percent of people who engage with scammers end up losing money to them, so if they can share some personal details and make you consider whether they are legitimate, they’re more likely to get access to your money or information.
Family Emergencies
These scams are some of the most common ones people fall for, because they prey on a sense of fear and stress over the safety and wellbeing of a loved one.
One reader’s mother sent money to someone who texted her pretending to be a close friend. The text said the friend’s wife was in the hospital and that he needed emergency money to be able to help her.
Another person was successfully scammed out of several thousand dollars because the scammers convinced him that his granddaughter was in a dangerous situation.
Work Scams
Have you received a text like this?
“Hello, I am a recruiter at TikTok shop . TikTok is one of the most popular short video applications with more than 2 billion monthly active users. Therefore, our company offers you online work. This is a free remote part-time/full-time online job with free training.
The working hours are very flexible, depending on your schedule, 30-60 minutes of work per day, daily income of 200-800 US dollars, and monthly income of no less than 12,000 US dollars, paid daily. Regular employees enjoy 15-30 days of paid annual leave (required to be over 21 years old).
If you have passion and innovative spirit, we sincerely invite you to join our team. If you are interested, please contact us via WhatsApp”
This fraudulent scam is circulating via text and has all the hallmarks of being too good to be true. Thousands of dollars in income for a few minutes of work each day, along with the opportunity to get a position at a “cool” tech company. The fact that the message was unsolicited and riddled with typos also caused some red flags for the recipient.
When it sounds too good, it probably is. These scam texts give people hope that they could secure a good position and provide for their wants/needs. However, the scammer is probably seeking to either collect their personal information or to send them an “advance.” They’ll then ask their victim to send part of it back in their own money, before finding out that the initial check was no good and losing those funds as well.
Romance Scams
A reader shared that she encountered a romance scam recently. While staying in a hotel, an elderly gentleman approached her and asked her to take a photo for him.
In the process of conversation, she learned he was sending the photo to a very young woman he met through the internet and that in addition to the photos, he was sending her photos and money “to help her with some unexpected expenses.”
Romance scams can be initiated on online dating sites or other social media platforms, and usually involve preying on someone naive. The scammers create an emotional bond, then ask for money for travel or for an emergency expense. Instead of being a love connection, of course, it’s all a trick and a way to take more money and information from unsuspecting people.
What’s the Common Denominator?
In many of these scams, the common issue is that people are emotional. They aren’t thinking logically when they are presented with a scam. They’re feeling worried or excited or nervous and thinking from those emotions.
According to Emma Fletcher, a senior data researcher with the Federal Trade Commission, “unmet needs” are a top driver for people who are tricked by fraudsters. They’re:
- Afraid of a bigger consequence, as in the ticket and warrant scams
- Concerned for a loved one or friend, as in the emergency scams
- Excited for a new opportunity, as in the romance or work-from-home scams
In order to reduce the potential for being scammed in these situations, logic and time are your best friends. Don’t make snap decisions based on the emotion of a moment. If you take time to research, to assess the situation and to verify details, it’s likely that you’ll see the scam for what it is.
Emotions and fear can also keep people from reporting a situation.
Fewer than one-third of people report scams, even though it’s estimated that 35 percent of the population have lost money to them. Scam victims may worry that people will think less of them because they’ve fallen for a scam, or be embarrassed that they were so easily tricked. In the case of romance scams where people may give large sums of money to someone at great cost to their family, it can be even more embarrassing to reveal that you were being tricked.
If you do fall prey to a scam, report it right away. Your financial institution can’t always undo the effects of a scam, but they can help you mitigate the ongoing effects of fraud, including financial losses, stress over identity theft and more.
Again, remain suspicious. It is much easier to avoid a fraud situation than to extricate yourself from one once you’ve already provided information or sent funds. We are here to help if you are not sure whether a message is legitimate. And, as a reminder, Andrews Federal will not reach out to you to ask for your card or account information.
You can reach out to our Andrews Federal team via a Secure Message in Digital Banking or give us a call if you are concerned about a potential scam or need support.