5 Key Ways to Protect Yourself Against Dangerous Scams Pt 2
In the previous post, we dicussed the first two of five key ways to protect yourself against dangerous and common scams. This post covers an additional three ways to help protect your data privacy and security. While new types of scams are continually being introduced, there are often universal aspects in many scams. Being aware of, as well as understanding how scams work, can help you protect yourself and others.
5 Key Ways to Protect Yourself Against Dangerous Scams
Below are three additional things you should be aware of that are often part of dangerous scams. Pay special attention to the information under why this tactic is used, as well as what you need to understand. This information can help protect you when faced with a situation meant to access your private information.
3. Do not give out banking information
The thought of giving away banking information is something most everyone would agree they would never do. What is important to keep in mind here is that while your intention might be to never share that information, it can happen without intent. There are many ways you can be tricked into giving up your banking information if you are not cautious.
You might enter your bank information into a form thinking it is legitimate, or you might share it over the phone to verify an account on a call that is related to something you did initiate. If someone you have worked with accidentally exposes their device to malware, all of their clients may be targeted. There are a multitude of ways people or companies you do business with can be scammed, and these scams are often then targeted at you.
Why this tactic is used: Data has value and items like your bank account information can be used against you or sold to someone else. Because people think they would never give their banking information, they can take for granted that they would recognize a scam when it what happening. Additionally, when people are scammed and suffer great losses, they commonly do not report it or tell anyone else for fear of judgement or repercussion.
What you need to understand: A lack of reporting is part of what allows these types of scams to propagate. If more people reported the crime, the odds of the scam being stopped sooner would increase. Unfortunately, these kinds of tactics are often targeted at older adults, which can cause a great deal of anxiety, denial, and silence about successful scams.
4. People are not emailing or calling you to send you money
Almost everyone has received at least a few emails or calls in their life that proport to be someone reaching out because they are trying to provide you with some sort of benefit. This often comes in the form of someone trying to help us out, if only we can help them first. They might be looking for an heir or trying to repay a debt, the help is presented in many formats.
Typically there is something we have to do first so they can help us. We might be asked to cover processing fees to gain access to the money or to share our banking information so they can wire us money (see #3 above). Another tactic is to ask to connect remotely to your computer so they can better "help us".
Why this tactic is used: Almost anyone would take easy money. Whether its a class action lawsuit that gains you a few hundred dollars, or buying a lotto ticket in hopes of winning millions, we are all susceptible to a quick buck. This is exactly why this tactic is used over and over again.
As soon as we see the potential to make some fast money, our brains can stop thinking as critically as our fear of losing out strongarms our fear of protecting ourselves. We might question what's the worst that can happen, or justify our actions by asking what if the information is real? Nobody wants to miss out on thousands of dollars, especially if this information is presented in a way that makes it seem like it is owed to us.
Some examples of this scam are emails or calls with information stating that they represent:
- The IRS and we have repayments/overpayments they want to send to us.
- An estate settlement that we may be an heir to.
- Someone looking to get out of a country who has plenty of money, but cannot access it until they are safely out of the country.
- Investments that are so great they have to be kept secret, yet you are one of the few selected to get in on this limited-time deal.
What you need to understand: The old saying that if seems to be too good to be true, it probably is, should be your motto every time you receive an inquiry from someone trying to send you money that you are not expecting.
The thing is NOBODY is emailing you to give you free money. Yes, it is true you might receive a communication for a class action lawsuit. If you do, do an internet search to see if the information you received is real before filling out any information to participate if you qualify. Always go directly to the website or use phone numbers found through searches and legitimate reporting agencies wherever possible rather than using information sent in the email.
5. Do not make any decisions under pressure or urgency
The last, and possibly one of the more important things you can do to protect yourself from dangerous scams, is to avoid making any decisions based on pressure put upon you or under urgent situations. Pressure is often coupled with the scammer reminding you often that they are only trying to help you if you would just help them help you. This kind of tactic is a huge red flag.
Why this tactic is used: Urgency and fear of missing out is something used in almost every single type of scam attack. The reason why is because IT WORKS often enough to be profitable. When we are rushed to make quick decisions, we do not have enough time to think through what questions we are answering or what information we are giving away.
What you need to understand: Imagine someone calling you from a hospital because they have an update about your loved one who happens to be at the hospital. As soon as the caller gives you one piece of information that is true, you are likely going to assume they are who they say they are and as a result, will easily provide information they ask for within reason.
Scammers are fully aware that once they have validated themselves, they are likely to be able to get a decent amount of information from you. These kinds of communications can be calls or email, but are often calls as they can put pressure on you faster and pivot based on your responses and reactions more quickly.
Anytime you receive an email or phone call that is putting pressure on you, stop and step back. Other than an actual love one being in a life-threatening situation, there is almost no need for urgency. If you think that is happening, hang up and call the hospital or wherever was supposed to be calling you directly and find out for yourself. In most cases, urgency is a clue that something is not right. Always slow the conversation down. If this annoys the person further, it is almost surely a scammer.
In addition to not sending money via digital links or calling a number flashing on your web browser stating your computer is infected, there are several other ways you can protect yourself from dangerous scams. Three of these things include protecting your banking information, realizing people are not calling or emailing to give you free money, and failing to give away important information because of pressure or urgency.
As always, being aware of scammers tactics can help you identify them when they happen and better protect yourself the next time someone tries to trick you.