Fraud Prevention Tips for Summer

Summer Fraud PDF

Frauds and scams are persistent risks, and during the summer, individuals might be more vulnerable to them. The key is to recognize the signs of a scam and never let your guard down. Protect yourself by knowing the current common scams, how they work, and why you might be susceptible to them.

How does the fake rental scam work for vacation homes or even apartments?
Whenever rent prices are increasing this scam is more likely to happen, and the warning signs can be difficult to spot. It might be slightly lower prices, demands for upfront payment, or perhaps even asking for cryptocurrency as payment. For apartments, don’t be pressured into sending any money without seeing the apartment, confirming the owner and listing agent independently, and signing a legitimate lease. For vacation rentals always work with a trusted rental agency and never pay outside the normal channels.

Have text and email scams increased in complexity?
Text and email scams are more sophisticated than they used to be, and because of all the data breaches, fraudsters have more data to make the texts and emails seem even more real. These scams are focused on making you feel a sense of urgency such as threatened jail time, huge fines, or past due payments. To protect yourself, start by ignoring emails and texts that are from people you don’t know or about situations that don’t apply to you. If you are concerned about a message, verify the information outside of any numbers or emails in the message. Finally, don’t ever rush to respond to these messages as that is what the fraudsters are hoping will happen.

What can we do to protect ourselves from imposter scams?
These have become even more sophisticated because fraudsters can spoof a phone number to make it look like a real number. They create a sense of urgency, such as saying your card has been compromised or that you are under investigation. Fraudsters will begin asking for information including passwords and even ask you to tell them one time pass codes you receive. Often, they stay on the line as you review your account. If you receive a call that seems to be from your financial institution and they begin asking you for information that they should know, hang up immediately. Don’t ever share passwords or usernames with anyone. If you receive a call, report it to your financial institution so they are aware that you have been targeted.

Are there scams related to job openings or part-time work?
These scams continue to be an issue, and with the use of AI fraudsters can make websites and other materials to make fake companies seem legit. The offers might be slightly higher pay than is normal for that type of job, or it may be an offer to help them process payments in this country because they are not a US business. Other lures include doing all work from home and setting your own hours. The scam includes getting your personal information or having you handle fraudulent checks for them. If you are asked to purchase a kit or pay an application fee, you should be concerned about the legitimacy of the job. Even non-US companies don’t need a third party to handle payments for them. Always look at several different sources to confirm if a job is legit. An internet search might not be enough, and you may need to look at databases listing all real companies.