Scams across the US cost victims around $10 billion by 2023, it has been revealed.
Tricks planted by keen fraudsters can be found across social media and online, with targeted ads luring unsuspecting victims into coughing up huge wads of cash.
“Scammers say and do things that can tell us they’re lying — and they’re not who they say they are,” wrote Jennifer Leach from the Federal Trade Commission (FTC).
‘We need to get past the panic scammers who make us feel, thanks to the so-called emergencies they try to create.’
Scams across the U.S. have caused victims to lose an estimated $10 billion by 2023. Some of the most common scams include scams, investment, and social media scams
According to Jennifer Leach: ‘Scammers say and do things that can tell us they’re lying – and they’re not who they say they are’
According to the FTC, the most common scams in 2023 were scams, investment and social media scams with scammers convincing people to part with their hard earned money over the phone as well as online.
The FTC revealed several lies that scammers commonly tell their potential victims on March 7.
In some cases, a salesperson will entice a customer to make a purchase on a sale item by asking them to ‘shop now’.
Scammers usually tell their potential victims the same thing, but instead do it to rip them off.
Those individuals seeking to defraud any consumer will pressure them to act immediately, and it is the ‘sense of urgency’ that the FTC wants everyone to watch out for.
Scammers can convince people to part with their hard-earned money over the phone as well as online
Even if a scammer doesn’t tell a consumer to ‘act now’, scammers can force potential victims to do only what they say.
Anyone who is told to lie to someone, such as a spouse, financial advisor or bank, is likely to be cheated.
A scammer may also use these common statements ‘don’t trust anyone’ or ‘they’re onto it’ to cut off a consumer from anyone who could put a stop to their scam.
According to the FTC via CBS News‘cybercriminals want you to feel isolated and unable to turn to anyone who might tell you to pump the brakes.’
If cybercriminals can make someone feel isolated, then that person can become a victim of fraud.
In some cases, a salesperson will entice a customer to make a purchase on a sale item by asking them to ‘shop now’. Scammers usually tell their potential victims the same thing, but instead do it to rip them off
A potential victim may also be told: ‘Do (this) or you will be arrested.’
The FTC confirmed in their March 7 letter that “any such threat is false.”
‘No one needs money or information to keep you out of jail, prevent you from being deported or avoid bigger fines. They are all scams,” they added.
Speakers should also listen to the ‘don’t hang up’ line when talking to someone they don’t know on the phone.
“If someone wants to keep you on the phone while you withdraw or transfer money, buy gift cards, or anything else they ask you to do: that’s a scam,” the FTC wrote.
Unfortunately, the statement ‘move your money to protect it’ may sound like a good idea, but it can lead to someone getting scammed.
A potential victim may also be told: ‘Do (this) or you will be arrested’. The FTC confirmed in their March 7 letter that “any such threat is a lie”
Speakers should also listen to the ‘don’t hang up’ line when talking to someone they don’t know on the phone because scammers will try to pressure a potential victim
In reality, it is not good when someone is told to transfer or withdraw their money from their bank or investment accounts.
But big red flags can go off in a person’s mind if someone requests that they withdraw money and buy bullion or give it to someone.
Gold bars can be bought through licensed dealers online but the FTC insists that a withdrawal like this is always a scam. Every time.’
Withdrawing money can also be an easy scam, so anyone doing this must not ‘give it to a courier’ or ‘deliver it anywhere’.
Bitcoin is a popular decentralized cryptocurrency that can lead anyone straight into a scam.
This cryptocurrency scam has become popular, and according to Fox 59, it is the cause of $1.41 billion reported in losses last year.
Someone telling a consumer to ‘buy gift cards’ is also hoping to steal a barcode and PIN information from credit or debit cards.
‘There is never a reason to pay for anything with a gift card. And once you share the PIN on the back, your money is pretty much gone,’ the FTC wrote.