Bauer would like everyone to have a happy, healthy and safe Holiday Season. Everyone, that is, except the criminals who like to prey on the unsuspecting.
To that end, we are providing tips to help you avoid becoming a victim of fraud this season (and beyond).
Do not let them get you!
Protect Yourself and Those You Love This Holiday Season
Because life is not a Dr. Seuss book; the grinch is NOT going to return what he stole…
Financial scams have been around forever and, sadly, they are not going anywhere. In the past few years, however, the sophistication level of these scams has increased to the point where it is nearly impossible to know if you are being targeted.
Unfortunately, that means we need to be in a perpetual state of guardedness, especially during the holiday season, when we may be at our most vulnerable.
So, in hopes of helping you keep your wallets safe, we will explain some of the most egregious ploys to date. You’ll notice an overriding theme of ‘sleight of hand’ - things not being what they appear to be.
Bank Impersonator Scams
Did you know that a crook can make your bank’s phone number appear on your caller ID? It’s called spoofing, and it has been on the rise across the country. You can protect yourself from spoofing. If you get an unexpected call from your financial institution, don’t answer it. Wait to see if the caller leaves a message.
If there is no voice message, it was probably not a legitimate call. If the caller does leave a message, save it. Do Not call back. Using the callback feature on your cell phone could take you right back to the fraudsters. Instead, manually dial the number on the back of your credit or debit card and ask your financial institution about the message. If it was legitimate, they will help you. If it was not, those few moments may have saved you thousands.
Text Scams
Text scams have been around a long time. These, too, have evolved and become much more believable. Package delivery problems, job offers, unpaid tolls, security alerts, and tax notices are some of the most frequently used text scams, but there are others. Do Not Respond. If you don’t know who it is, delete it and report spam.
Do Not be a good Samaritan by responding to a “wrong number”. For example if you get a text saying “Hi, can we meet at 5:00 instead of 6:00” from a number you don’t recognize. Do Not Engage! They are likely fishing for someone trusting, just like you.
Fake Crisis & Security Scams
A fake crisis scam is designed to cause you to panic so the perpetrator can take advantage. With AI the bad guys can duplicate a person’s voice. Yes, duplicate. An AI generated voice can be made to sound exactly like anyone, a granddaughter perhaps. A scammer uses this AI voice with a frantic tone to create a reason to panic. It can be anything from an auto accident to an arrest. In any case, the pretend loved-one pleads with the unsuspecting grandparent/parent to send money (or gift cards, or bitcoin, etc.) – FAST – to get out of a predicament. Do Not Engage.
Likewise, if you get a security warning on your computer telling you to call some number or click a link to ‘fix’ it, Do Not Engage!
No list of possible schemes is ever complete as they constantly evolve. However, knowing this family will help keep your family safe:
How can you Know if you are being targeted?
You can’t. The safest thing to do is to assume the worst. Do not give out any personal information, ever, but that’s not really feasible. What is feasible:
Do Not provide any personal information via the phone, text, or email unless you have initiated the communication using a trusted channel.
Talk with your friends and family, especially elderly family members, about how sophisticated scams have become. Share and beware.
Talk with your financial institution about safeguards they have in place.
Watch your phone! Don’t let someone else grab it to ‘enter their information’ or ‘unlock yours’.
And… once you’re prepared, Enjoy the Holiday Season!