Scams & Fraud

The week of October 3 is World Investor Week, a great time to remember that the too-good-to- be-true investment opportunity often is exactly that. Investment scams are among the oldest out there. With lots of people looking for a way to make money on investing, there are at least as many looking to take it away. One area where investment scams have thrived as of late is in cryptocurrency, which has taken a quantum leap recently.

Staying a step ahead of the scammers is like playing a never-ending game of whack-a-mole. Research shows that people who know about a specific scam are 80% less likely to engage with it, but how can you stay up to speed on all the different threats? One great tool is the AARP Fraud Watch Network’s Watchdog Alert.

No matter the season, plenty of us are looking to slim down, and scammers hope to pack their pocketbooks while we all try to unpack the pounds. In 2021, according to the Federal Trade Commission, bogus diet products and programs accounted for nearly 30% of all complaints in the category of health care scams.

Certain scams can come and go but there is one that never seems to fade away – the Social Security impostor scam. According to the AARP Fraud Watch Helpline, Social Security impostor scams were the most frequently reported type of scam in 2021. In fact, according to the Federal Trade Commission, there have been nearly 312,000 reports of Social Security impostors, with overall losses topping $95 million over the past 5 years.

When it comes to the labor market, the supply of jobs is outpacing demand but that doesn’t mean that employment scams have gone away. With many workers looking for a side hustle to help make ends meet, there are still enough potential victims to fuel these schemes.

Grandparents love their grandchildren, and criminals love to take advantage of that. Indeed, scammers continue to find ways to put new spins on an old scam to target grandparents’ hearts and wallets.

When it comes to combatting scams, we all have the same superpower. The single most effective way to avoid scam calls is to let your answering machine or voicemail screen calls for you. It’s a power we all have, but unfortunately, it’s not a power we all use.

Congress is talking about changes to Medicare again and scammers are listening. Whenever large government programs like Medicare are in the news, criminals will be on the phones hoping to cash in on the surround sound.

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?

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.