Many scams start with something unexpected. An unexpected credit card charge. An unexpected text from someone claiming to be a loved one. An unexpected phone call from a company or a government agency.
A recent article published on the Federal Trade Commission website1 explains how scammers trick people out of their money by claiming to be a business or a government agency. This could happen to anyone, given the element of surprise and the fear the scammers know how to cause.
What should you do if you find yourself in an alarming and unexpected financial conversation?
Interrupt the Conversation - If you feel something might be wrong, pause and let the caller know you will call them back. It's essential to call back using a publicly available number; do not use a number provided by the caller (no matter how much they protest). For example, if you receive a call from your bank and want to be sure it's legitimate, hang up and call back using the number on your bank's website or the back of your credit card. Often, this act in itself can disrupt a scam in progress.
Trust Your "Gut" - If doubts persist, refuse to engage until you have verified the caller's identity through a trusted legal or authoritative body. Genuine organizations will never rush you into making instant decisions, nor will they ask for payments in an unorthodox and immediate manner.
Find out more information from the Federal Trade Commission website:
- Recognize Business and Government Imposters Who Want Your Money
- Scammers Use Fake Emergencies To Steal Your Money
- FTC Data Shows Major Increases in Cash Payments to Government Impersonation Scammers
Your Team at IFS is here to help. Please don't hesitate to get in touch if you need guidance or if something doesn't feel right.
1. Puig, Alvaro. "Recognize business and government imposters who want your money." Federal Trade Commission. 14 June 2024, https://consumer.ftc.gov/consumer-alerts/2024/06/recognize-business-and-government-imposters-who-want-your-money. Accessed 4 October 2024.