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Education Center

How to Recognize a Phone Scam

| Posted in Security & Fraud Awareness

Have you ever received a phone call and wondered, is this legit? In 2024, scammers stole over $1.03 trillion globally and the majority of these scams are delivered via phone calls or text/SMS messages. * Scammers have figured out countless ways to cheat you out of your money and personal information. They’ll do whatever it takes to commit identity theft, which is why its important to recognize a phone scam.

Phone scams come in many shapes and forms, but they tend to have commonalities.

Here’s What to Know:

1. There Is No Prize.

You get a call or text saying you won a sweepstakes, lottery, or prize – like a gift card or iPad – but they say you have to pay money or give account information to receive said prize. If you have to pay to get your prize, it’s a scam. If you have to pay to increase your odds of winning, it’s a scam. (It’s also illegal). If you have to give your financial or personal information, it’s a scam. Plenty of contests are run by reputable marketers but they all have clear rules they must follow, such as saying that entering is free.

2. You Won’t Be Arrested.

Some scammers pretend to be law enforcement or a federal agency. They might say you’ll be arrested, fined, or deported if you don’t pay taxes or claiming you failed to appear for jury duty. The scammer will tell you that you can avoid arrest or other negative consequences by making a payment, including channels like Zelle, Venmo, PayPal, or purchasing a pre-paid card – and then giving the card number to the scammer. The goal is to scare you into paying. But real law enforcement and federal agencies won’t call and threaten you.

3. You Don’t Need To Do Anything “Now”.

Very rarely will a reputable business request you make a decision “now”.  They will give you time to think their offer over before you commit. Don’t let yourself get pressured into make a decision on the spot.

4. Only Scammers Demand You Pay A Certain Way.

Never send money to someone you don’t know. Scammers will often insist you pay in ways that make it hard for you to get your money back, including:

  • Wire Transfers
  • Money Transfers
  • P2P (Peer-to-Peer or Person-to-Person) payment services and mobile payment apps
  • Gift Cards
  • Cryptocurrency

5. Government Agencies Won’t Call to Confirm Your Sensitive Information.

You get a call from a government agency. To sound official, they might start by giving you their “employee ID number” and follow it up with information about you, like your name or home address. They often claim to be from the FTC, Social Security Administration, IRS, or Medicare – but sometimes they give you fake agency names. If you get a call like this, hang up and ignore it. No government agency is going to randomly call you and ask for sensitive information, like your Social Security number.

How to Stop Calls from Scammers

Now that we’ve covered a few of the common phone scams, it’s important to learn how to stop calls from scammers.

  1. Hang up.
    • First and foremost, if you receive a phone call from a scammer or even a company you don’t want to be doing business with, hang up. If it’s a robocall, don’t press any buttons – even when it urges you to press 1 to be removed from their call list.
  2. Consider call blocking or call labeling.
    • Scammers do not care if you’re on the National Do Not Call Registry. That’s why blocking a phone number is your best defense against unwanted calls. Not sure how, or not sure what options are available to you with your phone carrier? See what services your carrier offers and look online for the best reviews. The FTC offers great resources on how to block unwanted calls.
  3. Don’t trust your caller ID.
    • Scammers have the technology to make any name or number show up on your caller ID. This is called spoofing. You may not be able to tell right away if an incoming call is spoofed. Be extremely careful about responding to any request for personal information. Additionally, do not respond to any questions, especially those that can be answered with “Yes” or “No”.
    • If you’ve lost money to a phone scam or have information about the company or scammer who called you, tell the FTC or ReportFraud.ftc.gov.
    • If you did not lose money and just want to report a call, use the reporting form at DoNotCall.gov.
    • Remember, any information you provide will help stop the scammers. In 2024, 70 percent of scam victims did not report the scam. * Report the number that received the call, the number on your called ID, and any number they told you to call back. By knowing this information, law enforcement and the FTC can track down the scammers behind the call.

 

*https://www.gasa.org/post/global-state-of-scams-report-2024-1-trillion-stolen-in-12-months-gasa-feedzai

*The content provided in this blog is for informational purposes only. Nothing stated is to be construed as financial or legal advice. Some products not offered by JVB. JVB does not endorse any third parties, including, but not limited to, referenced individuals, companies, organizations, products, blogs, or websites. JVB does not warrant any advice provided by third parties. JVB does not guarantee the accuracy or completeness of the information provided by third parties. JVB recommends that you seek the advice of a qualified financial, tax, legal, or other professional if you have questions.*

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