Five common scams to put on your watch list

In today’s interconnected world, where technology and communication have reached unprecedented heights, scams have evolved and adapted, becoming even more sophisticated. Here, are five  common scams that continue to plague individuals, businesses, and even governments.

• Phishing Scams: Phishing is a cybercrime that involves tricking individuals into divulging sensitive information, such as usernames, passwords, and credit card details, by posing as a trustworthy entity. These scams often occur through deceptive emails, text messages, or websites that appear to be from legitimate sources, such as banks, government agencies, or well-known companies. Phishers employ psychological tactics, urgency, and social engineering to manipulate recipients into taking action, compromising their personal information.

• Advance Fee Fraud: Also known as the “419 scam” this classic con involves the scammer promising a large sum of money in exchange for a small upfront fee. Victims are lured with tales of inheritances, lottery winnings, or business opportunities, only to be asked for various fees to facilitate the transaction. In reality, the promised windfall never materializes, and the victims are left with significant financial losses.

• Tech Support Scams: In this type of scam, individuals receive unsolicited calls or pop-up messages claiming that their computer has a virus or technical issue. The scammers impersonate tech support representatives and convince victims to grant remote access to their computers. Once in control, the fraudsters may install malware, steal sensitive data, or demand payment for “services” that were never actually needed.

• Investment and Ponzi Schemes: Fraudulent investment schemes promise unrealistically high returns to attract investors. Ponzi schemes, rely on new investors’ money to pay returns to earlier investors. As long as new investments keep flowing in, the scheme appears to be successful. However, when the flow of new funds slows down, the scheme collapses, leaving most investors with substantial losses.

• Online Shopping Scams: The rise of e-commerce has also led to an increase in online shopping scams. Scammers set up fake online stores, often selling popular products at deeply discounted prices. Unsuspecting customers make purchases, only to receive counterfeit or substandard goods, if they receive anything at all. Additionally, these fraudulent sites may collect customers’ payment information, leading to identity theft or unauthorized transactions.

To protect yourself from falling victim to these scams, several preventive measures can be taken:

• Education and Awareness: Staying informed about common scams and their evolving tactics is crucial. Individuals should be cautious when dealing with unsolicited communications or offers that seem too good to be true.
• Verification: Before sharing personal or financial information, it’s essential to independently verify the legitimacy of the source. This can involve directly contacting the institution or company through official channels.
• Secure Online Practices: Implementing strong, unique passwords and enabling two-factor authentication for online accounts can greatly enhance security. Regularly updating software and using reputable antivirus software can also help prevent falling victim to phishing and malware attacks.
• Critical Thinking: Maintaining a healthy dose of skepticism can go a long way. Scrutinize offers, requests, and messages that evoke urgency or pressure to make quick decisions.
• Report Suspicious Activity: If you encounter a scam or suspicious activity, report it to relevant authorities, such as local law enforcement, the Federal Trade Commission (FTC), or  a consumer protection agency.

This  AARP site map allows you to see current scams reported in your area and allows you to report a scam as well.