This week, I received an email from Wells Fargo. It warned me about three common types of fraud scams that people often fall victim, too. Moreover, it provided some tips to protect yourself and loved ones from those scams. While I’d heard of all of these scams before, I still liked getting the email. It feels like a great reminder. We know better than to fall for these scams, and yet, when we’re caught off guard, we sometimes fall for them anyway. So, just in case you need that same type of reminder, I thought I’d pass on the message.
3 Most Common Types of Fraud Scams
Wells Fargo’s email warned me about these three most common types of scams:
1. Tech Support Imposter Scams
You receive a call or email or text message from someone who claims to be part of a legitimate tech company. Then, they warn you that your phone, computer or other device has a problem with it. For example, they say that they’ve detected a virus on your home computer. Moreover, they offer to help you with the problem right away.
You might find this fishy. And you should. However, people do also easily fall for these scams. People who don’t feel very tech-savvy might not recognize the scam right away. Sometimes you’ve already noticed a problem – such as your computer is slowing down – and your mind can’t help but make the leap to thinking, “well this could be true.”
Next, the tech support imposter just asks you for some information. They might want computer passwords. They might seek personal information from you, such as your social security number. Alternatively, they might flat out ask your for a payment to “fix the problem.”
However, there’s no problem. If you experience a problem with your devices, then you should take them to the proper tech support assistants. Nobody should be randomly reaching out to you to “alert” you to problems that you didn’t know existed. Don’t fall for these. Hang up, ignore the text, delete the email. These people aren’t there to help you.
2. Romantic Cons
You sign up for a dating site. Or you’re on a popular social media site and someone slides into your DMs. It all seems like it’s going swimmingly. You feel like you’re really starting to make a connection with this person. Then, they start asking you for money. If you’re blinded by love, then you might not realize that they’re in it just for the money, not for the love.
The person might be a Catfish. In other words, they might not be the person in their photos or the person that you think you’re communicating with at all. There are lots of different versions of the catfish scam. If they start asking you for money, particularly for quick cash through sites like Venmo, be wary. (Watch any number of episodes of the Catfish show or the movie that preceded the show to get a sense of exactly what this means. They also have tons of insight into how to spot a Catfish.)
On the other hand, you might encounter the real person. They’re really the individual in the photos sharing some of their real personal information. However, they’re only going to stay in the relationship as long as they can get money and gifts out of you. They’re not there for the real romance. And since you willingly give them the money, they usually aren’t guilty of any criminal act. Therefore, even though you might have their real contact information, you might not be able to do anything about the scam.
According to Wells Fargo, 1 in 3 people know someone who has been the victim of a romance con. Moreover, older men are the most common culprits of these scams. Of course, they can happen to anyone. Always do your research into potential romantic partners online, trust your gut, and keep your money in your own accounts.
3. Family and Friend Imposter Scams
You receive a call, text, or email from someone who says that they are someone you know or a friend of someone you know. Moreover, they say that they’re dealing with an emergency. As a result, they need you to quickly send money to them in order to help them out. You love this person and want to help. Perhaps you’re scared for their safety. So, you want to send the money … but when you do, it goes to someone who isn’t your loved one at all. They’re just scamming you. Don’t fall for it.
Wells Fargo reports that this is one of the most common scams that falls under the category of financial elder abuse. There are many different ways that older adults can be financially victimized, from their actual family members as well as from strangers. This scam is one of those. After all, if someone contacted you and said, “I’m a friend of your grandchild; they’re stuck in a foreign country and need help getting home,” well, wouldn’t you want to help your grandchild? Again, anyone can become a victim of these types of scams. However, older adults are the most common targets.
Tips to Prevent Becoming a Fraud Victim
Wells Fargo sent this email because they’re offering a specific type of protection for older adults to prevent them from becoming victims of these frauds. But they also offered some general tips including:
- Talk to friends and loved ones about all of these types of situations. They can help to give you perspective.
- Listen if someone you love warns you that you might be a scam victim. People especially don’t like hearing this if they’re part of a romance con, but it’s important to pay attention.
- Review your finances for fraudulent charges. You might even have a trusted family member or professional put a second pair of eyes on your accounts.
- Stay educated about the latest scams.
I would add that it’s crucial to pause before responding to any situation. If you pause, you might realize that you don’t have a tech problem that “needs fixing.” If you pause, then you might realize that you can call your grandchild and see that they’re fine. Pause.
Have you ever been a victim of one of those scams? How did you get through it? Share your stories in the comments below to help everyone out!
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Kathryn Vercillo is a professional writer who loves to live a balanced life. She appreciates a good work-life balance. She enjoys balance in her relationships and has worked hard to learn how to balance her finances to allow for a balanced life overall. Although she’s only blonde some of the time, she’s always striving for total balance. She’s excited to share what she’s learned with you and to discover more together along the way.