Peer-to-peer (P2P) payment apps like Venmo, Zelle, and Cash App have made sending money between family and friends easier than ever. But consumers beware: while these apps make exchanging money fast and convenient, they also make it quick and seamless for criminals to steal your money through a variety of tactics.
Artificial intelligence (AI) is making it even easier for criminals to steal people’s money, and American’s anxiety is rising. Concern is especially high around financial services, where scammers can use deepfake technology — AI-generated audio and video — to impersonate people and hack into bank accounts.
Studies have shown that if you are aware of a specific scam, you are 80% less likely to engage with it, and if you do engage, you’re 40% less likely to lose money or sensitive information. So, when it comes to scams and fraud, knowledge is indeed power. But how can we spread that knowledge around, so more people are empowered to protect themselves?
School supplies have hit the store shelves, but that doesn’t mean it’s too late for one last summer trip. But beware, because the pool of last-minute travel deals is filled with sharks.
Renting a home or apartment is a big expense but it could be an even bigger one if the rental is a scam. Criminals copy legitimate listings and look for easy cash by collecting the first month’s rent, deposit, and application fees and then bolt before handing over the keys. Numerous versions of rental frauds abound – some are bait-and-switch while others will attempt to rent out properties that are already leased or otherwise unavailable.
Every July, we take pride in celebrating our nation’s independence. For nearly 90 years, our programs have helped provide financial independence to millions of hardworking people. We have useful online tools like the Social Security Statement (Statement) and our benefits estimator tool that help people not yet receiving benefits. The Statement shows the benefits that you and your family may be entitled to with personalized fact sheets tailored to your age and earnings situation. The benefits estimator tool allows you to get estimates based on different ages you want to begin receiving benefits. These tools can help you plan the financial independence you deserve in retirement.
One out of every three American veterans has had a scammer try and steal their benefits. This statistic highlights how veterans, active-duty service members and their families are nearly 40% more likely to lose money to scams and fraud. To help combat this AARP recently launched an online resource center focused on veterans-related scams.