Scamming itself is nothing new—we’ve all seen a movie about a con man or a heist. But as technology and other social developments occur at a faster pace than ever, criminals who prey on the vulnerabilities of others find new ways to do so at the same alarming speed.
Who?
The uncomfortable truth is that we are all potential victims of scamming. We all have feelings, and scammers ultimately prey on those to get us to do or say something we normally wouldn’t: “there’s been a mix-up, but your grandson is in jail and needs bail money.” Or “I can fix this issue on your computer with just a little bit more information.”
Fraud is especially on the upswing in southern states where people retire with their hard-earned savings. Older people and those without social connections may be particularly at risk, but anyone can be targeted by fraudsters and cybercriminals.
How?
Scamming can be broken down into a few basic ideas: impersonation, coercion, and/or deception. From a romance scam that tugs the heartstrings to a ransomware attack that threatens to shut down a small business, any scam involves at least one manipulation tactic.
Some fraudsters steal data by hiding in computer malware or by illegally installing devices that capture private information during sales transactions, known as skimming. Others are bolder, coming straight for your money through various types of investment and advance fee scams. Ever gotten a letter from a Nigerian prince?
The unfortunate truth is that a scam isn’t always so obvious, though. Victims of “pig-butchering” schemes are groomed to trust their scammer over long periods of time, perhaps before any money is even exchanged, and to believe they are investing in a lucrative opportunity or helping someone in need.
Even more unfortunately, these and other victims of fraud are often turned into money mules, helping move illegally obtained funds from one cybercriminal to another. Although some money mules do so entirely unwittingly, they may still be charged with federal crimes.
Help!
How do we protect ourselves in this rapidly evolving landscape?
The answer is education. The Federal Trade Commission (FTC) has a wealth of information in terms of consumer safety. With our They Be Scammin’ sessions, we wanted to bring you information from multiple experts in multiple disciplines dealing with these issues.
What we’ve learned from those experts in banking, IT security, and law enforcement is that there are at least a few simple rules we can follow and convey to our loved ones that will help keep our information and our pocketbooks safe:
- If it sounds too good to be true, it probably is.
- Don’t make hasty decisions, especially online.
- Don’t give out your personal information for any unexpected reason.
- If you’ve been scammed, tell someone.
Although there may be some guilt or embarrassment that goes along with being a scamming victim, it is important for many reasons that you report an incident of fraud to the proper authorities as soon as possible. Start with your local sheriff’s department or police station.
If you suspect a loved one is being financially abused, watch for signs: emotional distance, new acquaintances that show an interest in their financial status, or vulnerabilities such as health challenges that may make them more susceptible to fraud.
Stay in touch with people in your life whose social connections are few, especially those who are older: fraudsters are deterred by knowing that a potential victim has someone looking out for them.
After all, we all need someone.
They be scammin’, but your rights are our fight.
