Watch Out for These Financial Scams

Financial tips

Watch Out for These Financial Scams

Posted by Infinite Wealth Advisors, LLC
6 years ago | February 7, 2018

Senior man talking on phone with laptopWe never want to worry you, but we also want to help you stay informed on financial issues that can impact your life. For that reason, we’re sharing news of a few common scams that are circulating these days.

Most con artists prefer to target retirees or those preparing to retire, because topics like Social Security, Medicare, life insurance, and so forth can be a lot to juggle. It would be easy to fall prey to one of these thieving operations, simply because a lot of these programs might be new to you, and you haven’t learned how they operate yet. For example…

Social Security won’t call you unexpectedly. Unless you’ve filed a claim for benefits, don’t expect any calls from Social Security any time soon. They almost always communicate by mail. If you receive a call from a “Social Security representative” who asks for personal information such as your Social Security number, this is most likely a scammer. If the Administration does want to talk to you, they will usually send a letter to set a date and time for a telephone interview.

Medicare scams are abundant, too. With the new Medicare ID cards being processed and mailed, we’re hearing reports of con artists trying to take advantage of the situation. Your card will be created and mailed according to an automated process, so don’t believe anyone who calls claiming that they need to “verify” your information before sending your card. This is a criminal trying to trick you into giving out personal information.

The IRS won’t make “cold calls”. If there is a problem with your tax return, the IRS will send you a letter. Anyone calling to ask questions about your income taxes is likely to be a fraud.

You can’t trust your Caller ID. The above scenarios are scam attempts, even if your Caller ID displays information such as “Washington, DC” or “Federal Government”. Today’s criminals are smart, and have utilized computer programs that make their phone numbers appear “legit”. So, don’t place too much trust in your Caller ID.

It is always best to exercise caution, and never give out information over the phone or email. If you’re concerned that a call was indeed legitimate, you can always hang up and call that agency yourself. That way, you know which number you’re dialing… And you know for sure you’re talking to a real representative.

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