ROMANCE SCAMS ARE HEATING UP! – In a confidence/romance scam, victims are lured into thinking they are in a relationship with a friend or romantic partner, then are tricked into sending money, financial information, or personal information to the criminal. They may also be deceived into laundering money.
Romance scammers tell all sorts of lies to steal your heart and money, and reports to the Federal Trade Commission (FTC) show those lies are working. In 2022, most recent published data, nearly 70,000 people reported a romance scam, and reported losses hit a staggering $1.3 billion. The median reported loss: $4,400.
Most romance scammers tell you they’re sick, hurt, or in jail – or give you another fake reason to send them money. But did you know that many romance scammers operate by offering to do you a favor? They may claim to be a successful cryptocurrency investor who’ll teach you how it’s done. But any money you “invest” goes straight into their wallet. In another twist, they might say they’ve shipped you a valuable package (not true), which requires you to send money for “customs” or some other made-up fee. It’s all a lie. You send the money, and the package never turns up.
How can you spot a romance scammer in the act?
- Nobody that is legitimate will ever ask you to help—or insist that you invest— by sending cryptocurrency, giving the numbers on a gift card, or by wiring money. Anyone who does is a scammer.
- If someone tells you to send money to receive a package, you can bet it’s a scam.
- Talk to friends or family about a new love interest and pay attention if they’re concerned for you.
Try a reverse image search of profile pictures. If the details don’t match , it’s a scam.
Most romance scammers tell you they’re sick, hurt, or in jail – or give you another fake reason to send them money. But did you know that many romance scammers operate by offering to do you a favor? They may claim to be a successful cryptocurrency investor who’ll teach you how it’s done. But any money you “invest” goes straight into their wallet. In another twist, they might say they’ve shipped you a valuable package (not true), which requires you to send money for “customs” or some other made-up fee. It’s all a lie. You send the money, and the package never turns up.
How can you spot a romance scammer in the act?
- Nobody that is legitimate will ever ask you to help—or insist that you invest— by sending cryptocurrency, giving the numbers on a gift card, or by wiring money. Anyone who does is a scammer.
- If someone tells you to send money to receive a package, you can bet it’s a scam.
- Talk to friends or family about a new love interest and pay attention if they’re concerned for you.
Try a reverse image search of profile pictures. If the details don’t match , it’s a scam.
Here’s the bottom line: Never send money or gifts to a sweetheart you haven’t met in person.
If you suspect a romance scam:
- Stop communicating with the person immediately.
- Talk to someone you trust. Do your friends or family say they’re concerned about your new love interest?
- Search online for the type of job the person has and the word “scammer.” Have other people posted similar stories? For example, search for “oil rig scammer” or “US Army scammer.”
Do a reverse image search of the person’s profile picture. Is it associated with another name or with details that don’t match up? Those are signs of a scam.
BEWARE OF SCAMMERS IMPERSONATING CHARITIES – Cybercriminals often seek to exploit the compassion and generosity of the public by soliciting donations for bogus charities to help the victims of attacks and natural disasters. Scammers may contact you via email, text message, phone, or private messages on social media. They may impersonate reputable organizations and convey a sense of heightened urgency. For example, a scam email may appear to come from a trusted charity and ask you to click a link that collects your sensitive information and credit card details.
Protect yourself by exercising caution when clicking links or providing sensitive information, such as financial details, to unverified charities. Verify the legitimacy of the charity by searching for it online, rather than using a link sent to you. For more cyber-related updates, sign-up at cyber.nj.gov.
WATCH OUT FOR SILICON VALLEY BANK SCAMS – Recently, the US-based Silicon Valley Bank (SVB) recently shut down due to failure to meet its financial obligations. This collapse has caused a public panic, and unfortunately, cybercriminals take advantage of high-profile news stories to catch your attention and manipulate your emotions.
In the coming weeks, we expect to see cybercriminals referencing the collapse of SVB in phishing attacks and disinformation campaigns. Cybercriminals are already taking advantage of this event to try and steal your sensitive information. For example, cybercriminals may send you emails offering money or financial advice in response to the bank failure. These emails may appear to come from trusted financial services, but interacting with these emails can lead to cybercriminals taking your banking information and funds.
Tips to stay safe from similar scams: Always make sure to think before you click, watch out for sensational or shocking headlines about SVB, and be cautious of unexpected payout opportunities.
FTC CONTINUES TO CRACKDOWN ON STUDENT LOAN SCAM – Updated A lot of us have student loans – and some of us have trouble paying them every month. Some companies claim to resolve that issue by saying they can help you pay them down quicker, cheaper, or get them forgiven altogether. Be cautious – some of these companies are running scams. Here are some tips to avoid student loan repayment scams:
- Never pay an upfront fee. It’s illegal for companies to charge you in advance before helping you to reduce or get rid of your student loan debt. Companies that make you pay upfront might give you no help and not give your money back.
- Only scammers promise fast loan forgiveness. Before they know your situation, scammers might say they can quickly get rid of your loans through a loan forgiveness program. But they can’t.
- A Department of Education seal doesn’t mean it’s legit. Scammers use official-looking names and logos and say they have special access to certain federal programs. They don’t.
- Don’t share your Federal Student Aid (FSA) ID with anyone. Scammers could use it to take control of your personal financial aid information on U.S. Department of Education websites.
In 2018, the FTC announced a lawsuit against American Financial Benefits Center (AFBC), Financial Education Benefits Center (FEBC), AmeriTech Financial, and Brandon Demond Frere as part of its crackdown against unlawful student loan debt relief practices, Operation Game of Loans. The FTC alleges that the companies charged illegal, upfront fees and failed to deliver on their promises to enroll people into a government program that they claimed would permanently lower monthly loan payments or result in total loan forgiveness. The FTC also alleges the companies charged a monthly fee for the life of the loan (typically 10-25 years) and represented that the fee would go towards the student loan balance. But it didn’t. You don’t have to pay for help with your student loans. There’s nothing a company can do for you that you cannot do yourself for free: federal borrowers can start with StudentAid.gov/repay; private borrowers can start by talking with their loan servicer.
PHONE SCAM – Updated FCC Warns Consumers on ‘Can You Hear Me’ Phone Scam: The FCC today is warning consumers about a scam that aims to trick people into saying “yes” during a recorded phone call. The scammer asks the target “Can you hear me?” and when the victim says “Yes” that response is recorded and can be used later to authorize unwanted charges on a credit card or utility accounts, the FCC said in a consumer alert today. The FCC has received dozens of complaints about the scams, a spokesperson said. In some instances, the fraudulent callers pretend to be from an organization that might be familiar to the person receiving the call, such as a mortgage lender, the FCC said. The alert encourages consumers not to answer calls from unknown numbers and lets them go to voicemail instead.
TEXT MESSAGE SCAM – Several of our members received a text message from local credit unions alerting them that there is an issue with their account. The text wants you to click on a link to confirm your personal information. Please be advised that this is a scam and was not initiated by local area credit unions. Do not reply to the link or provide any personal information. Delete this text message immediately.
REMINDER: IRCO will never send a text or email asking for this type of information. If you have any questions, please contact us at 908-859-1811. GENERAL FRAUD PROTECTION INFORMATION BE AWARE: No credit union association, federal regulator, or state league will send you a message via e-mail asking for your identification numbers.
- DO NOT use the link in these messages, simply delete the message.
- CONTACT US immediately if you have any questions.
For more information visit the following websites for more valuable information on protecting your family from fraud:
www.irs.gov | www.antiphishing.org | www.mycreditunion.gov | www.onguardonline.gov
https://cp.email.aarp.org/fraudwatchsignup?intcmp=AE-SCM-FRD-SIGNUP
We also have several brochures that may help to explain how to protect yourself against new and existing threats that are present on the internet and the measures that have been implemented to protect your personal identity.
To see our Fraud Information Emails, click the links below:
May is Older Americans Month 2022 – https://conta.cc/3G5sQZl
Beware of Cryptocurrency Scams 2022 – https://conta.cc/3A922VN
Is this a Romance or is this a Scam? 2022 – https://conta.cc/3JnTQno
A Friendly Reminder During Tax Season 2022 – https://conta.cc/3uoMImv
5 Popular Scams that Target Older Adults 2023 – https://conta.cc/3oByEWr
An Early Tax Reminder from the IRS 2024 – https://conta.cc/3S9Vjnr
Romance Scams are Heating Up! 2024 – https://conta.cc/42KfME1
This Fake App Takes the Cake 2024 – https://conta.cc/482Ru9m
Beware of Cryptocurrency Wallet Scams 2024 – https://conta.cc/3TMZF6s
