Phone Scams: What You Need to Know

Fraudsters are becoming more creative by the day in the ways they try to get consumers to fall victim to scams. It could be through an email, phone call, or via text message. I’ll share with you some ways you can spot fraudulent call attempts to protect yourself and your finances.  

Spot an Attempt 

Here are a few things to look out for: 

• Unsolicited calls: You may receive a call from someone claiming to be calling from a financial institution or a government agency. These companies or institutions will rarely call you, let alone ask you to give away your personal information. If you receive unsolicited phone calls, hang up, then call your financial institution or the company the individual said they were calling from directly to see if the call was indeed legitimate. 
• Sense of urgency: Any phone call you receive stating you need to give your personal information or pay for something immediately to avoid or gain something could be a big indication it’s a scam or fraudulent call. Slow down and take your time to think through the request and why there would be a time restraint before giving away any information. 

• Automated calls: Receiving automated phone calls from companies you have not authorized to contact you could indicate it’s a fraud attempt. When you receive these automated calls, you can hang up and block the numbers so they can’t attempt to contact you in the future.   

You may not be able to spot every single fraud attempt you receive over the phone, but knowing you have the power to hang up, say no, and block any future calls can be empowering and very beneficial when you’re looking to protect yourself from fraud. Consider using a call-blocking app on your cell phone to reduce unwanted or potential spam calls. 

Sources: 

https://consumer.ftc.gov/articles/phone-scams  

https://www.aarp.org/money/scams-fraud/info-2019/phone.html 

https://www.equifax.co.uk/resources/identity-protection/dealing-with-phishing-phone-scams.html