How to avoid holiday financial scams
Pennsylvania. Scams targeting charitable donors, Social Security recipients, and online shoppers are getting more sophisticated. Understanding how these scams work will protect your money and personal information.
| 10 Dec 2019 | 07:32
Robin L. Wiessmann, Department of Banking and Securities Secretary
With financial scams becoming more sophisticated, Department of Banking and Securities Secretary Robin L. Wiessmann and Pennsylvania State Police Captain Anthony J. O’Hara joined Tony Wolchasty, AARP Consumer Issues Task Force Volunteer, to share tips to help Pennsylvanians spot a scam and protect their money and personal information.
“While we may think we could never fall a victim to a scam, the reality is every day these scam artists are successful and so we must remain ever vigilant,” said Wiessmann.
The Pennsylvania State Police works with local, state, and federal law enforcement to investigate fraud and scams. Consumers and businesses cannot afford to take every financial opportunity or transaction at face value. Consumers are reminded to be cautious when sharing financial and other sensitive information this holiday season.
“The first step people can take toward protecting themselves and their loved ones against falling victim to a scam is to recognize that we are all at risk,” said Captain O’Hara, director of the Intelligence Division of the Pennsylvania State Police Bureau of Criminal Investigation.
Fake charity scams
Some criminals pose as legitimate charitable organizations by using mail, email, or telephone calls asking for financial contributions.
Always research charitable contributions by visiting charities.pa.gov.
Never follow links in unsolicited emails. Check that any emails you receive are from a correct email address.
Never provide credit card information as part of an unsolicited phone call, and think twice if you’re being pressured to donate “right now.”
Be wary of any transaction involving checks. Never send anything via Western Union or prepaid cards.
Phony website scams
A minor typo when entering a website address or following a link in an unsolicited email advertisement can lead consumers to a web page that might look legitimate but is actually a tool to steal private financial information.
Type the website directly into your browser. Pay attention to your spelling and check that it is a U.S. domain – like dot-com, rather than an international domain – before entering sensitive information.
Social Security scams
Criminals claiming to be with the Social Security Administration call potential victims and tell them they are under investigation for suspicious activity. The scammers pressure victims to immediately send money, prepaid gift cards, or other payment to avoid arrest, loss of benefits, or other tragic outcomes.
Legitimate calls will not ask you to “verify your information.” No government agency will demand immediate payment. When in doubt, hang up.
“Education is the key to protecting you and your family from scam artists who may be more prevalent during the holiday season,” said Tony Wolchasty, AARP Pennsylvania Consumer Issues Task Force Member. “Remember if you can spot a scam, you can stop a scam.”
Anyone can call the Department of Banking and Securities at 1-800-PA-BANKS or 1-800-722-2657 to ask questions or file complaints about financial transactions, companies, or products. If you believe you’ve fallen victim to a scam, contact local law enforcement.
Know the red flags
Know the “red flags” of scams and fraud and who to contact if you believe you are a victim. Stop and ask yourself a few questions:
Has someone contacted you unexpectedly? If you weren’t expecting a phone call or didn’t initiate the contact, it should be a red flag.
Have they promised you something? If they’re offering you something that seems too good to be true, it’s a red flag.
Have they asked you to do something? Are they asking you for money or account information? If you didn’t initiate the conversation, don’t provide it.