Thank you AI. Now we have capabilities of analyzing complex data within a blink of an eye. But perhaps maybe scams were made more streamline because of it? Either way scams are on the rise and the scammers are running away scot-free while we are coerced into getting our banks drained. From fake emails to phone calls from “IRS agents,” it can be hard to know what’s real and what’s not. 

But you mustn’t fear, as two experts in a media briefing on September 22, hosted by Ethnic Media Services, arm you with tips to avoid falling victim to these scams.

Speakers

(L-r) Sophia Siddiqui, Attorney, Division of Marketing Practices, Federal Trade Commission; Lois Greisman, Associate Director, Federal Trade Commission, Division of Marketing Practices, Washington DC (EMS)
  • Sophia Siddiqui, Attorney, Division of Marketing Practices, Federal Trade Commission
  • Lois Greisman, Associate Director, Federal Trade Commission Division of Marketing Practices, Washington DC 

Lois Greisman and Sophia Siddiqui recently gave a presentation on payment scams, and they had some valuable insights to share. According to Greisman, one of the most common payment scams is the “overpayment scam.” This is when someone sends you a check for more than the amount you’re owed, and then asks you to send them the difference. The problem is, the original check is usually fake, and by the time you realize it, you’ve already sent the scammer your own money.

Siddiqui added that another common scam is the “tech support scam.” This is when someone calls you claiming to be from a tech support company, and tells you that your computer has a virus or some other problem. They’ll then ask you to give them remote access to your computer so they can “fix” the problem. The so called “fix” is indeed them installing malware or stealing your personal information. Now that doesn’t sound very nice, does it?

Well it isn’t, so how can you protect yourself from these scams? Greisman and Siddiqui lay out the “do’s and don’ts”:

  • Be wary of overpayments. If someone sends you a check for more than you’re owed, don’t cash it. Instead, contact the person and ask them to send you a new check for the correct amount.
  • Don’t give out personal information over the phone. If someone calls you claiming to be from a company you do business with, hang up and call the company’s official phone number to verify the call.
  • Be suspicious of unsolicited emails. If you receive an email from someone you don’t know, don’t click on any links or download any attachments. They could be an attempt of phishing.
  • Use strong passwords. Make sure your passwords are at least 8 characters long and include a mix of letters, numbers, and symbols. Don’t use the same password for multiple accounts.
  • Keep your software up to date. Make sure you’re running the latest version of your operating system and any software you use. This will help protect you from known vulnerabilities.

But what if you’ve already fallen victim to a scam? Greisman and Siddiqui had some advice for that, too. According to Greisman, the first thing you should do is contact your bank or credit card company and report the fraud. They may be able to reverse the charges or issue you a new card. You should also file a complaint with the Federal Trade Commission. The FTC can chase the scammers and keep them from spreading the unwanted love.

Even if you have been scammed already, Siddiqui wants to emphasize to stay vigilant still. Scammers may try to contact you again, either to ask for more money or to offer to help you recover your lost funds. Don’t fall for it. Once you’ve been scammed, it’s unlikely that you’ll be able to recover your money, and any further contact with the scammers will only put you at risk of being scammed again.

In addition to these tips, Greisman and Siddiqui emphasized the importance of staying informed. The FTC website has a wealth of information on scams and how to avoid them, and they encourage everyone to take advantage of it. Share the information with friends and family, especially those that are older, being the most vulnerable to online scams. 

Overall, the key to avoiding payment scams is to be cautious and skeptical. If something seems too good to be true, it probably is. Armed with this info, it’s your turn to do your part – stay informed, stay vigilant, and stay safe. As Siddiqui said, “The real takeaway today is that we want you to remember, that scammers will say that you have to pay with gift cards, crypto or wire transfers and you should be careful of these payment methods.”