Let’s be honest here: payment scams are on the rise. With that said, it’s important to be able to identify scams and catch them before they catch you. According to bigcommerce.com, there are different types of payment fraud: phishing, identity theft, pagejacking, advanced fee and wire transfer scams, and merchant identity fraud. With robocall blocking tools readily available, however, you can put yourself in a good position to protect yourself in the first place. Ultimately, scammers will try everything they can to trick you into giving them money. How do you know where to begin in the fight against payment scammers? Let’s learn more about payment scams and what you can do to help protect yourself.
In this article, we cover:
Guarding your information
Fraudsters will do everything in their power to make their payment scam methods untraceable. Bigcommerce.com notes that “fraudsters have become savvy at illegally obtaining information online. Hackers often pose as a legitimate representative and contact credit card owners asking for sensitive information, then use the following means of interaction to steal personal data: email, texting, malware to smartphones, instant messaging, rerouting traffic to fraudulent websites, phone calls, and online auctions.”
In the pursuit of guarding your information, Wells Fargo encourages people to not share their temporary access codes, PIN, or any other account information which could give others a way to send money in your name. A good rule of thumb is that if someone asks for personal or private information right away, it’s usually a red flag. It’s important to be vigilant about these potential scams and protect yourself against giving money or private information away.
Not relying on Caller ID
Wells Fargo notes that “scammers can make it look like they are contacting you from another company. If you are suspicious about a call or text, hang up or don’t respond. Reach out to the company directly using a trusted source such as their website or the phone number on the back of your card.” Ultimately, you should never give away private information over the phone.
According to aarp.org, “phishing refers to any of a wide collection of ruses that try to trick you into disclosing personal information.” Fcc.gov claims that “spoofing is when a caller deliberately falsifies the information transmitted to your caller ID display to disguise their identity.” More often than not, scammers will use “neighbor spoofing” techniques to make their numbers appear local to yours. When you pick up a call and hear an automated voice, he/she is likely trying to obtain private information from you. Be vigilant not to disclose anything personal that could give someone else access to any of your assets.
Questioning unusual payment requests
According to Wells Fargo, “scammers often demand very specific forms of payment. Don’t be pressured into using gift cards, cryptocurrency, online wires, Zelle®, or third party payment apps. No legitimate company will ask you to send money to anyone, including yourself, to correct a problem or get a refund.”
Sometimes, for example, scammers will call you and tell you that you won a free prize through an automated voice. In doing so, they will ask you to reveal private banking information or get you to send them money first. It’s important to always be aware of this kind of deception.
If you’re ready to protect yourself against robocallers and payment scams, sign up for YouMail Plus today.