Scams are repeated because they work. The ones that work are often driven by financial life moments such as taxes, holiday shopping, and utility scams. Identity thieves and scammers often try new twists on old scams that worked in the past. So far this year, a number of different and new scams have made the news, listed here in alphabetical order, not by ranking.
Cryptocurrency Scams
As the price and popularity of Bitcoin and other cyber-currencies skyrocketed in late 2017, scammers eagerly sought to take advantage of the frenzy. The Japanese Bitcoin exchange Coincheck was hacked in January and the thieves were able to steal more than $500 million in cryptocurrencies. This is the largest cryptocurrency hack to date.
Facebook and Instagram have banned advertisements for certain bitcoin, initial coin offerings (ICOs), and some other cryptocurrency-related products because of deceptive and misleading practices. Several ads were leading victims to sites such as Prodeum, whose only purpose was to take their money and not provide the advertised service.
Death Threat Hoax
The FBI came out warning consumers about death threats being made through emails that state “I will be short. I’ve got an order to kill you.” The email then demands money or bitcoin as a payout from the email recipients. Other versions of the scam could state that a “hitman has been hired to kill” them. This scam is very aggressive and threatening in nature to convince people that they have to pay or else.
Fake Bank Apps
Big banks have scammers posing as them in the form of apps. A recent survey by an Avast, a multi-national cybersecurity firm, found that one in three worldwide users mistakenly believed that a fake mobile banking app was the real thing, putting their financial data at risk. Thieves use the big customer base of major banks to try to get past the secure app stores and collect personal information.
Home Improvement Scams
Another common seasonal scam centers around home improvement. As the weather gets nicer, homeowners often look to improve their homes. The Better Business Bureau says in 2017, there were nearly 350 home improvement scams reported to BBB Scam Tracker across the U.S., resulting in more than $600,000 lost.
Some scammers go door-to-door, offering to do improvement projects. They may take a deposit, and then never complete the work If you’re not sure the salesman is legit, you can ask for a card and get back to them once you have been able to research the company by visiting the BBB website. These scams can also happen after major national disasters—hail storms, tornadoes, hurricanes, mudslides, and fires, among other things.
Jackpotting
Jackpotting is a new cyber-attack scam that the Secret Service warned financial institutions about criminals installing software or hardware on ATMs that force the machines to issue large amounts of cash. Criminals have found ways to exploit the standalone machines commonly found in pharmacies, big-box retailers, and some drive-thru ATMs. It’s hard to know the exact financial implications because sometimes these crimes aren’t disclosed publicly, but any time money is missing, it’s sure to have an impact on the banks and ultimately you, the consumer, in the former of higher fees or more obstacles to accessing your cash.
Jury Duty Scams
Another new spoofing phone call scam has popped up and involves scammers posing as judicial officials or police and calling people to let them know they failed to report for jury duty and owe a fine. Scammers can spoof law enforcement phone numbers or names so people receiving the call may think that the call is legitimate. The FBI in Atlanta has received numerous complaints about the scam from people in and around the Savannah, Georgia area.
Medicare Card Scam
The Federal Government mailed out new Medicare cards that now have an 11-digit identification number instead of an enrollee’s Social Security number to help protect seniors from identity theft. About 59 million people will receive the cards with a requirement from Congress that the Centers for Medicare & Medicaid Services remove Social Security numbers from Medicare cards by April 2019. Because of the update, scammers are taking to the phones to try trick people into giving them their new 11-digit identification number so they can take over their identity. According to an Allianz survey, the elder financial abuse victims average loss was $36,000.
Netflix Scam
The popular service is the target of an email phishing scam featuring the subject line “payment declined,” which may get your attention if you are a subscriber. The email wants you to click on a link to update your credit card information. If you see this don’t click on the link because it can be dangerous malware. Visit your Netflix account by typing the address in yourself to check your account as a safer means of verifying your account status.
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