How to Spot & Stop Scams

Scams are as old as time, but the advent of the internet has allowed them to proliferate and infiltrate so many areas of our lives. While you may think that you are protected from scammers, the reality is that if you spend time online, you are a target for scammers!

Nowadays, scammers target people of all ages, whether young or old. According to the Federal Trade Commission, young adults click on scam links and engage with fraudsters the most, while older adults lose the most significant dollar amounts. 

So, regardless of your age, the threat is real and rising, especially on social media platforms where criminals can hide behind fake avatars easily. But how do you recognize a scam? Well, according to the Westwood Group, most scammers generally adhere to this playbook:

1. "We're from [Trusted Organization]."

   • The caller ID might say [the] "Internal Revenue Service" or "Bank of America," but remember, spoofing is easy! The IRS will never demand immediate payment by phone, and Social Security will not call to confirm your phone number.

2. "There's a problem—or a prize!"

   • Maybe the caller says they are calling about a frozen bank account, a relative in jail, or a lottery you "won." If you didn't initiate the call, take a step back and remember: Contests don't charge winners, and actual creditors send formal notices in the mail.

3. "Act now or else."

   • Scammers often rely on pressure as a secret weapon, threatening arrest, lost opportunities, or a vanishing discount unless you move to act this second. A legitimate business gives customers time to think and never requires an impromptu decision.

4. "Pay our way."

   • Scammers often ask you to pay them in unusual ways, whether it be through gift cards, wire transfers, cryptocurrency, or checks. The problem is that most of these payments are irreversible once you realize you have been scammed!

So, how do you avoid getting scammed? Well, following these guidelines can help:

First, take a step back and tell the caller you will call them back once you locate the organization's contact information to verify you are speaking to a legitimate representative. You can do this by going to the organization's website, contacting them through their, or by dialing the number on the back of a card they issued you.

Second, be careful about sharing your data, especially if you did not initiate the conversation. Birth dates, Social Security numbers, two‑factor codes, and more are secrets to guard!

Third, reject any payment request made via unusual methods. Treat demands for gift cards, wire transfers, or crypto as a flashing "SCAM" sign. Also, never deposit a stranger's check and forward a portion; when the bank reverses the fake check, you're on the hook!

Lastly, report scamming attempts to the FTC using this website, reportfraud.ftc.gov, and share your story with friends and relatives to help them spot the patterns.

While scammers will always exist, you do not have to fall prey to their tactics! If you ever have a concern about whether or not Lundeen Abrams Advisors sent you an email, called you, or left you a message, please do not hesitate to reach out to us. We want to ensure you are protected and not fall prey to scammers. So, stay safe and vigilant!