Phone frauds cause people to lose money, sometimes even their life savings. Scammers have developed various techniques to rob you. They appear friendly and helpful in some frauds, but sometimes they give threats and blackmail. You can count on a phone scammer to try to steal your money or personal information to commit identity theft. Here is what you should know to keep ahead.
According to research from PhishLabs by HelpSystems, phishing attacks that use fake emails, text messages, or call to trick you into disclosing personal information rose 28% last year.
Interesting data reports
These data reports reveal how the problem is growing and severe. That has created a big business worldwide to stop and filter spam & scam calls. Both tech companies and governments are investing time and resources into solving the problem for consumers.
From Q1 to Q4, the volume of hybrid Vishing (voice phishing) attacks started by email jumped by 554%. (Source - PhishLabs)
Phones are the most-used channel for fraud. People got called twice versus received text. (Source - F.T.C.)
Americans lost $30 billion from phone frauds in 2021, over $10 billion more than in 2020. (Source - TrueCaller)
How do frauds work?
Text messages, robocalls, or real-person phone calls can deliver fraud. Callers frequently make false promises, including chances to invest money, buy things, or get free product trials. Additionally, they might provide you with cash via unrestricted grants and lotteries. If you do not pay them, some scammers may phone and threaten you with jail time or legal action.
Warning Signs
Solicitation calls from charities, particularly during the holidays.
Calls offering free items, rewards, or services in terms that seem unreasonably appealing. Free product trials, cash awards, inexpensive vacation packages, medical devices, preapproved loans, debt reduction, and low-risk, high-return investments are typical fraud promises.
A robotic sales call from a business you have not permitted to contact you. (Automated calls are allowed from non-profit organizations like AARP or political campaigns for some educational or non-commercial purposes.) That robocall is against the law and very definitely a fraud.
Unwanted phone calls from individuals posing as Government representatives, a utility, or a big tech company like Apple or Microsoft.
A FAMILY MEMBER claims that your family is ill, has been arrested, or urgently needs money.
A COURT OFFICIAL notifying you that you must pay a fine because you neglected to report for jury duty
If you do not pay your taxes or other debts as soon as possible, the POLICE will threaten to have you arrested, punished, or deported.
You received a message from the I.R.S. that you owe back taxes, your return has an issue, or further information is required.
From your BANK stating that they must confirm your data before sending you a new card.
What to do if the money has already gone to the scammer?
Scammers frequently make payment requests that make it challenging to get your money back. No matter what type of payment you use, the sooner you act, the better.
Contact the bank, company, or service provider as soon as possible.
Suppose you paid a scammer with a credit or debit card. In that case, call the businesses quickly to report the fraud and file a complaint.
Update the security software on your computer if you let a fraudster remote access. Run a scan after that and remove anything it finds problematic.
Make a strong password for a new account. Change your password on those accounts and websites if you use the same one elsewhere. Change your password immediately if you accidentally give a scammer access to your account and password.
Visit the gov website to find out how to check your credit report to determine whether your Social Security number (SSN) is being used fraudulently if you provided a scammer with your SSN.
Do not give anyone your bank or personal information if they contact and "assist" you in recovering the money you have already lost.
Report Phone Scams
Report phone fraud to the authorities:
If you have lost money or know who called, you or what firm it was. They examine complaint data and trends to identify unauthorized callers based on calling patterns.
To find scammers, they also use the additional information you disclose, such as any names or phone numbers you are given to contact back.
Government agencies collect the reported number daily and make it public to help companies develop call-banning and tagging technologies.