Top 6 Most Common Financial Scams

2 October 19

Financial Scams

Scammers are much bolder now than they were in generations past, so you have many more fronts that you need to be watching for financial scams from. Here are some of the most common financial scams running rampant today that you should be on the lookout for.

In-Person Scams

The first type of scam you should look out for would be the “Advanced Fee Scam”. This is a scam where a person approaches you and tells you that if you pay an upfront fee for a product or service you need, they will be able to get you services for an extended period of time at a discount. This is common with cable providers across the country, but other utilities have fallen victim to this type of scam as well. The other type of scam to watch out for is the “Health Care Fraud” scam. This is where fake tests are performed and medical insurance companies are billed in your name. Both of these scams put your financial information at risk, and could cost you quite a bit of money. The healthcare scam could also cost you your health insurance, so be very careful whom you give your information to.

Phone Scams

The first type of phone scam to be on the lookout for is called a “Telemarketing Scam”. This is when a person is called directly and told to send money to unknown individuals in exchange for some ‘too good to be true’ type of deal. This type of scam can usually be caught when you call the company the caller claimed to be from directly, but the scammers often will not give you the time to call without telling you that the deal is no longer available to you. The second type of phone scam is the “Family Fraud Scam”. This is where a person pretending to be an extended family member calls you in distress. They claim to be stuck somewhere that you cannot verify, and beg for the money to get out of the situation. This is often targeted at seniors. Once the money is submitted to either of these financial scams, it is gone for good.

Email Scams

The first email scam to watch out for is a simple “Send Money Scam” where you are asked to send a little money with a big promise of incredible returns on your investment. These scams are often easily found with some research online, but not everyone has the time to figure them out. The second email scam to beware of is a “Financial Institution Scam” where you get an email that appears to be from your financial institution, or one that you’ve worked with before. The email requests that you verify your information by clicking on a link. Once you click that link and put your information in, your financial information is up for grabs. The link often has an embedded virus that tracks your usernames and passwords for all of your accounts, leaving you susceptible to any number of scams in the future.

No matter what financial scams you face, you have the opportunity to go on the offensive against the scammers. Take notes of what you are told, and verify all of the information on your own before giving away any information. If an offer sounds too good to be true, or if you are being pressured to make a decision without the time to research all the facts, then it may be best to walk away. You are better off potentially losing out on one good deal than you are falling victim to any of these financial scams. You could lose out on far more than just a few dollars if you fall victim to these scams, and your peace of mind and financial security are priceless.

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