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Fighting Fraud – Recognizing Scam Phone Calls

Fighting Fraud – Recognizing Scam Phone Calls

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In our last blog post, we focused on recognizing scam emails and text messages. While the purpose of all fraud is to bring financial gain to the perpetrator, scams run by phone can be more traumatizing and personal. So how do you recognize and respond to phone calls that are probing for payment or personal information?

 

Warning Signs

As in our previous post, scammers try to use your emotions against you. They do this by creating a sense of urgency or emergency that creates a catastrophe that can only be prevented by their “services.” Whether this is by impersonating an FBI or IRS agent, or through the claim that they are a relative in need of emergency cash in a foreign country, scammers will say anything to keep your emotions running high. By doing so, they try to keep you vulnerable with fear and anxiety so that you will act without thinking through the situation clearly.

In sum, red flag methods include:

                Threats to have you arrested. The so-called agent will escalate their tactics to collect on “unpaid” taxes by threatening legal action if you do not pay a fictitious balance – not to the government, but to the agent directly.

                Insistence that you must pay via gift cards or wire transfers. Both of these payment methods are difficult to trace and retract once sent, which is why scammers push so hard for these unorthodox payment methods.

                Credit repair that you didn’t request.

                Claims that you have won a prize that you have to pay fees in order to receive.

                An expiring warranty, usually on a car. One big clue that this is a scam is that they require a call back in order to process a warranty extension.

                Request to confirm personal information. Unless you are calling a service provider (such as a bank, credit card company, etc.) to initiate their service, no legitimate institution will ever seek you out to confirm your own account details.

 

Protect Yourself

Sir Frances Bacon once said, “Knowledge itself is power.” By recognizing the way scammers operate, you can combat their methods to steal from you.

                Don’t answer your phone if you receive a call from a number you don’t recognize. Cell phone companies are attempting to assist in fighting fraud by labeling phone calls as “potential scam.”

                If you do answer your phone, watch for the red flags listed above. Once you hear one, hang up. Scammers lose power when you’re no longer willing to listen – let alone talk – to them.

                Don’t call them back. Should you receive a call from a recording that requests you to press a number or call them back at a specified number, don’t do it.

                Sign up for your country’s do not call registry. While this won’t eliminate all calls, it can help lessen the number you receive.

                Ask your phone provider for a “no solicitation” filter. This will also help ensure that you’re not receiving an automated call from call centers where a person must press 1 in order to speak with you.

 

What to Do if I’ve Already Paid

If you find yourself in a situation where the scammer has taken money from you, work quickly. Contact your bank and see how quickly they can cancel the payment. If you paid via gift card, contact the card issuer immediately and notify them of the fraud. While they may not be able to call the money back, they may be able to cancel whatever order the scammer has made. Finally, file a complaint through the FTC at https://reportfraud.ftc.gov/#/.

 

At Towne Storage, we know how important security is. Whether you are storing documents or furniture, we have the right sized, safe unit that will work on your budget.