Jill On Money: Stop the scam!
— Suspend your Social Security number.
— Claim to need personal information or payment to activate a cost-of-living adjustment or other benefit increase.
— Pressure you to take immediate action, including sharing personal information.
— Threaten to seize your bank account.
— Offer to move your money to a “protected” bank account.
— Demand secrecy.
— Direct message you on social media.
Your ability to spot a scam not only can save you time, but also money. Federal Trade Commission data show that consumers reported losing more than $10 billion to fraud last year, a whopping 14 percent increase over reported losses in 2022.
To avoid being part of these growing statistics, keep your guard up, because even the most financially savvy can fall prey to tactics employed by these criminals. (I encourage doubters to read New York Magazine's financial-advice columnist Charlotte Cowles’ harrowing experience as the victim of a scam.)
If you receive a communication that causes a strong emotional response, take a deep breath, try to remain calm, and disengage from the conversation immediately.
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