Watch out for these common scams.
It’s an unfortunate reality that scammers are constantly working on ways to get their hands on your hard-earned money. However, your first line of defense against them is to familiarize yourself on some common deceptive schemes that are geared towards you and your family.
Pay day loans
Loans that are typically for small dollar amounts and have a high rate of interest. If you experience cash flow difficulties, don’t be tempted to take advantage of these types of loans. In the long run, the fees and interest charges can be outrageous.
Credit repair schemes
Schemes that promise to fix or improve your credit score by removing negative items from your credit report. These firms will require a fee for filing a dispute which you can do yourself. More often than not, unless the item is truly an error, it will not be removed and you would have paid the fee for nothing.
Deployment related scams
Scams that prey on the emotional strain and distance from home Service members experience. They may impersonate family members requesting financial help. Be wary of these and verify that it’s a true need before you send any money.
Emails, text messages and phone calls sent by fraudsters who impersonate legitimate organizations and government agencies. They typically ask for personal identifying information and banking details. Make sure to double check by calling the number on the organization’s website and not the contact information given by the caller or email.
Deceive individuals using an emotional connection. The scammer typically poses as a potential romantic partner, establishing a relationship built on trust and affection. Eventually, they manipulate their target into sending money, gifts or personal information.
Cryptocurrency and online gaming scams
Involve downloading or participating in play-to-earn games offering financial incentives to players. Often, the victims of these scams are directed to create a crypto wallet to purchase cryptocurrency to play. The more crypto the victim stores in their wallet, the more rewards they will purportedly earn in the game. Eventually, the criminal drains the victim’s wallet using a malicious program activated upon joining the game.
Social media scams
Deceptive tactics and fraudulent activities carried out with social media. These scams often entice individuals with offers, prizes, or financial opportunities to extract personal information or money from unsuspecting users.