Red and White Lighthouse
Scammers keep getting bolder with their extortion methods. From impersonating landlords to illegal debt collection tactics, there is no shortage of tactics scammers will try to separate you from your money.1
Before you answer the phone, check your email or use social media, know these five red flags that could signal you’re dealing with a scammer.
Red Flag #1: They Make an Identity Claim
Many scammers will claim to be a trustworthy source, such as your bank, to trick you into sharing personal information. Currently, a popular scam is for someone to claim to be from a government agency providing updates on COVID-19 economic support.
Strange calls, texts or emails with an unfamiliar hyperlink are telltale signs of a scam.2 Never click on mysterious hyperlinks or respond to uncertified messages asking for your personal information, especially if it involves money.
Red Flag #2: They Need Your Personal Information Immediately
A scammer’s goal is to get your personal information as quickly as possible, and they will often do it by preying on your fears. In addition to making a false identity claim, scammers will often tell you they need the information or money immediately, or something terrible will happen. If you start to express doubts, a scammer may even get aggressive about needing your information. A genuine source will never require you to reveal personal information in this manner.3
Red Flag #3: You Must Wire Money
If someone asks you to send money via a wire transfer or reload pack, this is likely a scam because these payment methods are tough to track.3 Anytime someone requires you to send money quickly in an unorthodox fashion, they are likely scammers.
Red Flag #4: The Scam Does Not Apply to You
This is one of the more obvious indications of a scam. For instance, a scammer may contact a teenager about car insurance when the teenager does not even own a car in his or her name. If somebody approaches or calls you with an offer or issue that clearly does not apply to you, get out of the situation as quickly as possible.
Red Flag #5: It Is Too Good to Be True
It can happen in almost any area of business. Be wary of unfamiliar sources and deals that seem too good to be true, whether it’s for insurance, an apartment rental or a car. Scammers will often try to gain your trust by dressing professionally or having an official-looking website. Always research their identity first.
- https://consumerfed.org/wp-content/uploads/2021/07/Top-2020-Consumer-Complaints-Report.pdf
- https://www.scamwatch.gov.au/types-of-scams/current-covid-19-coronavirus-scams
- https://www.ag.state.mn.us/Consumer/Publications/howtospotascam.asp
At Regal Wealth Advisors, we strive to address your financial well-being and increase your confidence in the future, so you can get back to enjoying the moment. Make sure your investments are safe and protected! Schedule a consultation today! Visit our site or call 717-838-3178.
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