CONSUMER SAFETY TIP

TELEPHONE SCAMS: RECOGNIZE, REPORT, AND MINIMIZE THEM
 

The most direct contact that a scammer can have with the consumer is by the telephone. Criminals are always developing new ways to outwit consumers into providing personal or financial information. Increased awareness is a consumer’s best defense and everyone should educate themselves on how to recognize a scam caller.

There are a number of scenarios that should raise a “red flag” in the consumer’s mind. Some examples include: if you are being told that you won a big prize in a contest that you don’t recall entering; you are being coerced to enter a lottery in which you cannot lose; or you’re offered a once in a lifetime investment. All of these scenarios follow the adage – “too good to be true.”

Other examples of “red flag” scenarios include: the caller requests you to provide personal or financial information to either renew an expired subscription, receive a prize, enter a contest or to complete an inquiry request. Legitimate companies would never solicit their business requests by phone. The best rule of thumb is to never give out personal or financial information over the phone.

Criminals will prey on emotions. If they sense loneliness, they will become your long lost friend. When the caller says, “this is an offer that you cannot refuse”, in an excited and emotional tone, they are trying to gain your acceptance by building hopes of good fortune. Scammers will say anything to deprive the consumer of their hard earned money.

If you feel that you or a family member have been a target of a fraudulent scam, report it. Contact “Phone Busters” toll free at 1-888-495-8501 or email at info@phonebusters.com. To receive ongoing educational material on how to minimize one’s vulnerability to these and other types of scams, contact me or your local financial institution.

This consumer safety tip advisory is presented by Dixon Foster, Security Officer at Bank of Lancaster.