It seems like every time your phone rings these days, it’s someone trying to scam you. Or maybe you’re one of the lucky ones getting flooded with scam texts. Emails from scammers might get caught by your spam filter, but our digital devices seem to be a bit worse at screening phone calls and texts.

If you think scams are on the rise, you’re not alone. The FBI’s Internet Crime Complaint Center (IC3) states that cyber scams are worsening. According to a recent IC3 report, there are a variety of malicious actors who have the tools they need to trick you into sharing your personal information with them.

Tips to Protect Yourself from Scams

The first step to protecting yourself from scams is education. When you can identify the common features of a cyberattack or scam, you can better prepare yourself to know what’s happening when you find yourself targeted by one. In today’s digital environment, even knowing just the basics can make you a much less attractive target than whoever is next on the scammer’s list.

How to Avoid Phone Scams

So, what does a phone scam look like in the real world? If it’s been a while since you’ve encountered a phone scam, or if you’ve never received a spam call, this case study is for you. In this example, a fictitious client of ours named Mary received a phone call from a scammer. Instead of picking up, she transcribed the voicemail, then sent it to her financial advisor for analysis.

Here’s what the voicemail said:

“The nature behind this call is to inform you about a suspension notice we have received against your Social Security number by the federal reserve crime and investigation department. We have been trying to reach you about this urgent issue and you have received a phone call from our department. If you do not respond within the next 24 hours, we will be taking legal action. This is serious and must be resolved quickly.”

Mary was smart and ignored the request. A few days later, she received another voicemail from the same number:

“The reason you have received this phone call from our department is to inform you that there is a legal enforcement action filed on your Social Security number for fraudulent activities. To avoid further issues, you must call us back immediately. For verification purposes, please be prepared to provide your Social Security number.”

So how can you be like Mary and know to avoid this scam? Let’s break it down to understand the scam and explain the steps you can take to prevent any issues.

Reach out to a Wealth Enhancement Advisor today.

How to Spot a Scam: Imperfect English

The first “tell” here is some awkward phrasing. Scammers from outside the United States target citizens in multiple countries. Often, they’re using automatic translators or AI software to generate their scripts. While these translators are becoming fairly sophisticated, it’s generally clear that the speaker (or the sender, in the case of an email or text) is unfamiliar with the language.

If the government wants to reach you, they will usually do it in writing, and with impeccable grammar!

Scammers Create a Sense of Urgency

Scammers want you to act now. Here, we can see that they are doing their best to create a sense of urgency. In the first call, they said that Mary must respond within 24 hours. Days later, in their follow-up, they still want her to act quickly to “avoid further issues”.

The last thing scammers want you to do is think about whether or not their request is authentic. We’re pretty sure you haven’t done anything that is going to bring down the full weight of law enforcement, but even if you have, they aren’t going to demand that you give them your Social Security number in 24 hours.

Getting a Bit Too Personal

Of course, the scammers are looking for sensitive information. They can profit by either using your Social Security number themselves, or by selling it to other scammers. The messages here indicate that they didn’t know Mary’s Social Security number, and that they want her to provide it. No legitimate entity, be it a government, a business, or a family member, is going to be asking for your Social Security number over the phone.

Feel free to be blunt here. An unsolicited request for sensitive information is your cue to hang up. You don’t need to be polite—after all, they have scripts for taking advantage of your politeness.

What are some common scams?

Phone scams aren’t the only types of scams out there, and the types of scams are proliferating as technology continues to develop. Scammers these days use custom fake websites, emails, social media, texts, and even voice-changers to try to convince you to divulge your sensitive information or give away your assets.

Here are some popular scam types to look out for:

• Tech support scams. In these types of scams, call centers typically target older adults and attempt to convince them to send money to resolve a problem that needs immediate fixing, such as a fake virus on their computer.
• Lottery scams. You get a message or receive a call saying you’ve won a prize or lottery, but you need to pay a fee or provide personal information to claim it.
• Impersonation scams. Here, scammers pretend to be someone you know, or a representative from a legitimate organization (like Mary’s example above), asking for information. If you receive such a request from a company or the government, call the customer service number of the organization to verify it. If you receive a call or text from your “friend” at an unknown number, try to reach out to them using another mode of communication to verify.
• Identify theft. Email phishing schemes, especially during tax season, can attempt to steal your Social Security number, obtain employment, and then not pay taxes. Often, victims only find out that their identity has been stolen after they file their returns and the IRS refuses to process them, because the scammer “taxpayers” have already filed and obtained their refund checks.

If you think you’ve been targeted by a scam, reach out to your financial advisor. They can help direct you toward the appropriate actions to take.