Scammers are becoming increasingly sophisticated, finding new and creative ways to defraud unsuspecting individuals of their hard-earned money. No aspect of daily life is free from potential fraud, from the digital to the tangible.
Here are 20 of the most prevalent scams and frauds that people fall for daily, arming you with the knowledge to stay one step ahead.
1. The Virus Call from “Microsoft”
A classic yet still effective scam, it involves individuals receiving a call from someone claiming to be from Microsoft or another tech giant, stating that their computer is infected with a virus. The scammer then requests remote access to fix the issue, aiming to steal personal information or install malware. It’s happening to individuals and large corporations alike.
2. Multi-Level Marketing Scams
These schemes promise wealth and success by selling products and recruiting others to do the same. However, the structure benefits those at the top, leaving most participants with unsold products and financial losses. You must get to the bottom of the fine print before signing up.
3. Phishing Scams
Phishing scams use fake emails or websites to mimic legitimate organizations, tricking individuals into providing sensitive information. These scams exploit trust and can lead to identity theft and financial loss.
4. Money-Making Courses from Influencers on Social Media
Influencers often promote courses promising secrets to wealth and success. However, these expensive courses rarely deliver on their promises, benefiting only the influencers who sell them. Those “free” ones are usually just held to sell their other services or products.
5. Reverse Mortgages
While appealing to seniors seeking extra income, reverse mortgages can have high fees and interest rates, potentially resulting in the loss of their home if they cannot comply with the loan terms. Not all companies are scammers, but it’s often found that they aren’t all that clear with the terms upfront.
6. Extended Warranties
Often pushed at the point of sale, extended warranties rarely provide the value they promise, covering less than expected and costing consumers more in the long run. Sometimes, they may be worth it, but it’s important to get all the details in writing.
7. Rent to Own Furniture
This scheme allows consumers to rent furniture with the option to buy, but exorbitant interest rates and fees can result in paying the item’s original value many times. At the same time, some people’s financial situation makes this their only choice. You can often find cheap pieces online and purchase one item at a time.
8. Payday Loans
Offering quick cash for those in need, these loans come with astronomical interest rates, trapping borrowers in a cycle of debt that is difficult to escape. It’s even worse when you’ve provided your car for collateral. When you cannot pay, you are in a deeper hole than before.
9. Social Security Calls Asking for Your SSN
Scammers posing as government officials claim there’s a problem with your Social Security number or account. They ask for your SSN to confirm your identity, aiming to steal your identity. So that you know, the Social Security Administration will never call and ask you for personal information by phone.
10. The “I’m Stuck in a Country and Need Money” Scam
A classic scam involving a supposedly stranded friend or relative asking for money to return home. Once the money is sent, it’s lost forever, and the stranded individual is revealed to be a scammer. Hang up and reach out to your friend or loved one. Chances are they are just fine!
11. “Hot Singles Want to Meet You” Emails
These phishing emails lead to sites that steal personal and financial information or infect your device with malware, preying on personal desires for connection. Make real connections on reputable sites.
12. Crypto Scams Promising Big Returns
With the rise of cryptocurrency, so too have scams promising guaranteed returns. These schemes often result in significant investment losses with no real way of getting them back. Learn all you can about crypto before getting involved, and don’t send people money online.
13. Going Out of Business Sales
Retailers announce going-out-of-business sales offering terrific deals but then open up in a new location shortly after. These sales often have inflated prices and strict no-return policies. It happens all over the country, with some customers none the wiser.
14. Catfish Scams
Scammers create fake online profiles to form relationships. Eventually, they convince their victims to send money for various fabricated reasons, exploiting emotional vulnerability. If they won’t video call with you, you’re probably not talking to who you think you are.
15. Auto Charge Subscription Services
Consumers sign up for a free trial or a service only to find it nearly impossible to cancel the auto-renewal, which results in recurring charges for unwanted services. It’s essential to get the details of how to cancel. If you can’t get help from the company, call your bank or credit card company.
16. Day Trading
Promoted as an easy way to make quick money, day trading involves significant risk. Many are lured by the potential for high returns but end up with substantial losses. Remember that if it sounds too good to be true, it probably is.
17. “Unauthorized Spending” Calls
Scammers pretending to be from your bank or credit card company claim to have detected unauthorized spending and ask for your account details to “secure” your account, only to use them for fraudulent purposes. Hang up and call your bank or credit card company yourself.
18. UPS and USPS Scam Emails About a Package
These emails claim there’s a problem with package delivery and ask you to click a link to resolve the issue, leading to phishing sites designed to steal personal information. Don’t click the link. Contact the shipping company directly.
19. Article Clickbait with Flashy Titles
Clickbait articles lure readers with sensational headlines but lead to websites that host malware or phishing scams, exploiting curiosity for malicious gain. These can waste our time and cost some people money. Stick to articles from reputable publications.
20. Fake Sweepstake Winner Emails
These emails congratulate you on winning a sweepstake you don’t recall entering and ask for personal information or a fee to “release” your prize, which never arrives. Ignore these and mark them as spam.
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