United States, 4th Jul 2024, King NewsWire - When it comes to information-stealing scams, there's a mix of good news and bad news. The good news is that the overall number of identity theft incidents is decreasing. According to Motley Fool, there were 1.036 million identity theft reports in 2023, down from 1.107 million in 2022 and 1.4 million in 2021. However, the bad news is that scammers are becoming increasingly sophisticated, making it essential to remain vigilant in protecting our personal information.

In this article, we'll explore some of the most common information-stealing scams to help you stay aware and protect yourself.

Text Message Scams

Text message scams, also known as SMS phishing or "smishing," have gained popularity among scammers due to the widespread use of smartphones. These messages often appear to come from legitimate sources, such as banks or financial institutions, and aim to trick recipients into revealing personal information or clicking on malicious links.

Example: Fake Account Alerts

A common text message scam involves fake account alerts. Scammers send texts claiming there is suspicious activity on your bank account and urge you to click on a link to verify your information. The link, however, leads to a fraudulent website designed to steal your login credentials. Scammers may also impersonate other financial apps, such as Venmo or PayPal.

To avoid falling victim to these scams, keep these tips in mind:

• Verify the Sender: Legitimate financial institutions typically use recognizable phone numbers or official shortcodes for their messages. If the sender's number seems unfamiliar or suspicious, it is likely a scam.
• Think Before Clicking: Avoid clicking on links in unsolicited messages, especially if they claim urgent action is required. Instead, independently verify the information by visiting the institution's official website or calling its customer service department.

Robocalls

Robocalls, or automated phone calls that deliver prerecorded messages, have long been a nuisance. Scammers have increasingly used them to target individuals' banking and investment accounts.

Example: Investment Scams

One prevalent scheme involves robocalls offering fake investment opportunities with promises of high returns. These calls often claim to be from reputable financial firms or offer exclusive deals, luring unsuspecting individuals into providing their personal and financial information.

To protect yourself from investment-related robocall scams, consider the following tips:

• Be Skeptical: Approach unsolicited investment opportunities with caution. If an investment sounds too good to be true, it probably is.
• Verify Credentials: Thoroughly research a company before sharing any information or making investments. Legitimate investment firms will have a verifiable track record and proper licensing.

Phishing Emails

Phishing emails remain a favored tool for scammers seeking to steal sensitive information. These emails are designed to appear legitimate, often mimicking official correspondence from banks or investment firms.

Example: Account Verification Requests

A common phishing email tactic involves requests for account verification. The email typically states that your account needs immediate attention due to suspicious activity or an expiring security certificate. It then prompts you to click on a link or download an attachment, which leads to a fake login page designed to capture your credentials.

To avoid falling for phishing emails, follow these guidelines:

• Inspect URLs: Hover your mouse over email links to see the URL. If it looks suspicious or doesn’t match the sender’s website, don’t click on it. Instead, report the email to your email provider.
• Check for Red Flags: Watch out for spelling errors, generic greetings (e.g., "Dear Customer"), and urgent language designed to provoke a quick response.
• Use Two-Factor Authentication: Enable two-factor authentication (2FA) on your accounts whenever possible. Even if scammers obtain your login credentials, 2FA provides an additional layer of security.

Protect Your Personal Information

As scammers continue to evolve and use more sophisticated tactics, staying informed and vigilant is crucial to safeguarding your financial information. Here are some additional tips to help protect yourself and secure your personal information:

• Regularly Monitor Your Accounts: Routinely check your bank and investment account statements for any unauthorized transactions. Report any suspicious activity to your financial institution immediately.
• Keep Software Updated: Ensure that your devices, including smartphones and computers, have the latest security updates and antivirus software.
• Educate Yourself and Others: Share information about these scams with friends and family, especially those who may be more vulnerable to such schemes.

By staying informed and adopting best practices, you can minimize the risk of falling victim to these information-stealing scams. Stay safe, stay vigilant, and safeguard your finances in the digital age.

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This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

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