Welcome to the April Fraud Watch Network Update

Before we begin the Fraud Watch Network update for the month of April, here are a list of resources and information sessions you can sign up for in the event you would like to stay informed or are a bit overwhelmed with the contents of this update. AARP is here with you and can assist in navigating this world of ever-growing scams.

Available Resources:

• Visit the AARP Fraud Watch Network at www.aarp.org/fraudwatchnetwork  or call the AARP Fraud Watch Helpline at 1-877-908-3360.
• AARP created the AARP Veterans Fraud Center, a new online education and resource center, to help protect veterans, service members, and their families against fraud.

Upcoming Information Sessions:

AARP Massachusetts hosts monthly Fraud information sessions as part of our Fraud Talk Tuesdays
event series.  They take place on the second Tuesday of every month and you can attend from the comfort of your home. Every month, we rundown some of the latest scams that have been focusing Massachusetts residents and provide insight into how best to protect yourself. Sign up for one of these information sessions by clicking one of the blue links below:

• May 9, 2023 at 12:00pm: Scams Targeting Veterans and their Families
  
  • A new AARP report finds that veterans are more likely to lose money to scams than civilians. Fraudsters often use military jargon and specific government guidelines to craft an effective pitch to steal money from military members and veterans. Register now to learn more about scams that are targeting Veterans and their families.
  • Sign up by clicking here.

• June 13, 2023 at 12:00pm: Vacation and Travel Scams
  
  • These days, travel starts on the internet. But as you research destinations online and comb travel sites for savings on lodging and flights, keep a sharp eye out for deceptive offers and outright scams that could cost you a bundle.
  • Sign up by clicking here.

Call Into Our Upcoming Telephone Town Hall. April 26 at 10:00am we are joined by the Events and Outreach Manager for the Office of Consumer Affairs & Business Regulation, Robin Putnam. You can call in and get your questions answered and also hear Putnam speak about the functions of her office and what they do to protect consumers. Call this toll-free number: 833-380-0674 at 10am on Wednesday, April 26, 2023 to dial-in.

The April Fraud Watch Network Update:

Reported Scams Grow by $2 Billion
The 2022 numbers are in. While total number of scams reported to the Federal Trade Commission dropped by 1 million, the total reported amount of money lost grew by $2 billion. Totaling $8.8 billion lost to scams and fraud. What is worth noting is that this is only what has been reported – historically, fraud is severely under-reported. Fueling the growth were dramatic increases in investment schemes and scams asking for cryptocurrency as a form of payment. Investment scams were the single biggest type of scam last year with victims losing $3.8 billion. That somewhat explains the growth in cryptocurrency related losses which doubled from the year before. However, due largely to the ease of accessing crypto ATMs in retail locations, many scams have evolved to seek crypto as a form of payment. Be wary of any “can’t miss” or investment opportunities that imply any sort of deadline- especially if they come from the internet or new phone contacts that you’ve never met in person.

IRS Impostor Scams
According to the Federal Trade Commission, consumers reported losing $2.6 billion to impostor scams in 2022. One of the longest running impostor scams involves the IRS and most IRS impostor scams begin as a robocall. This automated voice will often have a message either directing you to press a number on your keypad to talk with a live agent. or to call back using the number provided. The messages can be negative- implying you owe back taxes, or positive- congratulating you on receiving a refund. Either way, there often an urgent request to call a number or click a link right away.
Remember- the IRS doesn’t initiate contact via text or email. If you get a call claiming to be from the IRS, hang up – or better yet, don’t pick up the call to begin with. If you think you may owe taxes, call the IRS at 800-829-1040, or visit irs.gov/balancedue.

Student Loan Relief Scams
If there is one constant in the criminal world- it is that scammers follow the news. Student loan forgiveness has been the focus of recent headlines, which has given scammers room for student-loan-related fraud. Be wary of any unsolicited contacts from "debt relief experts" offering access to instant, easy-to-access loan forgiveness options or mentioning the “Biden Plan.” They often ask for upfront payment or for personal information such as your Social Security number or your FSA ID (the username and password on your loan account).
It is illegal for debt relief companies to collect payment from you before they get results, so upfront fees are a surefire sign of fraud. Secondly, these offers provide nothing you can't find yourself for free by contacting your loan servicer or the U.S. Department of Education.

Staying Safe Online
Criminals have so many ways to getting in touch with us these days. According to new data from the Federal Trade Commission, the winning entry path in 2022 was the internet. About one fourth of fraud reports indicate the contact method was an online source (website, app, pop up add or social media) and in 6 out of 10 cases, the victim lost money. One reason these attacks are so successful is that criminals make it very hard to tell the difference between a legitimate website and a fake one. The same goes with online ads. To avoid going to a fake website, don’t click on links from emails or text messages – type the web address into your browser window yourself. And be dubious of online ads that seem too good to be true.
Oh, and the phone isn’t much safer. The FTC also found that victims of phone and text scams lose more money on average than those starting on the internet.

Overwhelmed? Not to worry. You can always call the call the AARP Fraud Watch Helpline at 1-877-908-3360 with any questions or concerns.