Millions of people fall victim to scams and fraud every year. It occurs when someone uses deceptive, misleading or illegal means to cheat you out of your money or jeopardizes your financial health. Financial fraud has increased by 70 percent during the past year, costing people billions. The threat can arrive in a variety of forms, via video, text, phone, mail and email. Artificial intelligence is exacerbating the problem.
Charity
Scammers often utilize names similar to authentic charitable organizations. The scams are especially prevalent during holidays, after a natural disaster or emergency.
Debt Collection
Fraudsters pose on the phone or via a letter, claiming you owe a debt that you don’t or one you’ve already paid.
Mortgages
The unscrupulous will ask for an upfront fee to provide a loan modification, prevent foreclosure, or for closing fees on a home.
Grandparents
One of the most effective scams targets grandparents with calls or messages saying a grandchild needs money for bail or other reason.
Imposter
A scammer pretends to be a trusted friend or family member. Sometimes it’s an authority figure threatening jail.
Lookalike Logos
Letters and websites. often contain official looking logos and insignias to confuse the unwary.
Jobs
Ads promising online employment or work from home jobs turn unsuspecting people into money mules that do the scammers’ work for them. They’re often not aware they’re being used.
Money Transfers
The availability of money apps makes it easy for scammers to conduct the fraud.
Lottery or Prize
In this scam, the perpetrator contacts you in any number of ways to say you’ve won a lottery or other large prize. You can only receive it after paying a fee.
Romance
Millions of people are looking for love and that’s how scammers find their victims. They steal images and profiles to commit the crime. They always need money to escape a foreign country, pay a fine, cover medical expenses, or other fake need.
At Peavy and Associates PC our mission is to assist you with all your tax preparations, payroll and accounting needs. We provide our clients with professional, personalized accounting services and guidance in a wide range of financial and business needs. Give us a call today (843) 347-0849 and discover why our clients return to Peavy and Associates, PC year after year!