Fraudsters continue to evolve and change tactics, becoming increasingly more sophisticated in their attempts to get your personal information and exploit it for financial gain. Resolve to protect yourself by keeping up with the latest scams, and take steps to protect yourself.
Regardless of the type of scam, there are a few elements in common. Generally, they:
- use the familiar to gain trust, seeking to present themselves as legitimate organizations;
- create a sense of urgency, prompting panic;
- capitalize on an individual’s desire for a positive outcome or great deal;
- exploit a need for connectedness and a desire to help.
Experian published a blog post in December 2024 titled, The Latest Scams You Need to Be Aware of in 2024. Even if you consider yourself to be scam-savvy, you’ll want to keep up on the latest trends, as scammers are continually revising their tactics to keep pace with the latest technologies and current events.
We reviewed a variety of articles on protecting yourself from scams, and here are the top tips from experts:
- Slow down! When confronted with a phone call, email, or text message that claims dire consequences for not acting immediately, take a deep breath and evaluate the situation. Scams are designed to elicit a sense of urgency and panic that can cloud your judgment.
- Consider the timing and source. Is the email, call, or text unsolicited, even if it appears to be from an organization familiar to you?
- Be suspicious. Contact the organization directly by logging into your account from their verified website or call the number listed on your account statement or credit cards.
- Do not click on links or open attachments you did not expressly solicit or were not requested. See above regarding being suspicious.
- Protect your accounts by having long and unique passwords for every site. Consider using a password manager to help generate and securely store your credentials.
- Is it too good to be true? Many scams prey on our desire for financial gain. If it is too good to be true, it likely isn’t. The latest scams to capitalize on this are ones focused on student loan forgiveness.
- Now that artificial intelligence is mainstream, AI-powered scams are becoming more of a reality. Phishing emails and texts are more convincing. Scammers can create “deepfake” videos and use technology to impersonate a relative, employer, friend, or authority figure to request money or personal information. These scams will come with the red flag of great urgency. Take steps to verify these requests independently. Report any suspicious incidents to local law enforcement and/or applicable organizations.
- Protect your privacy. Are you a social media user? Social media can be a great way to stay connected with family and friends. It’s also a great way for scammers to obtain your personal information and that of your connected friends. Make sure you set strict privacy settings to safeguard your information.
- Sign up for newsletters to help you keep up to date with the latest scams and ways to protect yours: AARP, Social Security Administration, Experian, and FraudInfo are just a few of the many places you can get information to stay informed.
There are no guarantees when it comes to fraud prevention. However, by being educated, staying vigilant, practicing good security hygiene, and having a healthy dose of suspicion, you will be better situated to spot scams and protect yourself. You are always the first and last line of defense. Clients of The Wealth Conservancy are encouraged to contact their advisor for additional advice and resources.
Disclaimer:
References on this website to any specific commercial products, process, information, service, manufacturer, or company do not constitute endorsement or recommendation by The Wealth Conservancy, Inc. It is your responsibility to verify and investigate providers and services.