Financial Security - Are You Protected?

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There are many ways to make sure that your finances are in good health, as the new year gets underway. One of them, knowing how to spot a scam, is often ignored. The result is that many people are swindled out of their hard-earned savings every year. While 2015 was a year of many familiar scams, 2016 promises new scams as thieves take advantage of election fever, technological trends, and an inadvertent helping hand from the government.

Here’s what you need to watch out for in 2016:

Uncle Sam Impersonators

2015 was the year of the IRS scam: Scammers impersonating the IRS and intimidating consumers into paying penalties for “back taxes” accounted for nearly a quarter of all scams reported to the Better Business Bureau. Expect even worse in 2016.

Recently a Congressional budget bill was a approved allowing debt collectors to use robocall technology to pursue anyone owing government debt (such as overdue student loans, Freddie Mac/Fannie Mae mortgages and taxes).

Until now, consumers were advised that the government would never initiate contact by phone. In 2016 that will no longer be true—and new scammers will likely take advantage of this.

Tip: Don’t trust the number that shows up on your caller ID. If someone calls to collect money, tell the caller you want to conduct the transaction in person and that you will come to his office. That almost always shuts down a scammer. If he’s legitimate, he’ll give you an address.

Political Scammers

Amid the onslaught of political phone spam consumers can expect in any election year there are new scams that researchers have never seen before.

The basic scam starts with scammers spoofing a candidate’s phone number so that the call appears to come from campaign headquarters and inviting you to join a virtual “town hall” meeting with the candidate. The meeting sounds legitimate because the scammers have either patched together portions of previous town halls or use a talented voice actor to imitate the candidate. At a certain point, the call is interrupted and you’re asked to press #1 to make a donation. then asks you give out your credit card number. Not only have you handed over money to an unknown entity, you have opened the door to identity theft.

Tip: Never donate to a political campaign during an unsolicited phone call. “You don’t know whom you’re donating to,” warns Dewey. “There is no way to authenticate the person who’s on the call.”

Data breaches

Last year’s data hacks at the toy maker VTech proved that scammers are after more than your credit card number. Instead, they want personal information to build detailed profiles that can be used for sophisticated forms of identity theft that may not be immediately obvious.

For example, scammers could exploit the VTech data breach, which compromised the profiles of 6.4 million kids around the world, to steal identities for years. Children have no credit history and parents generally don’t check their child’s credit reports regularly. The theft might not be noticed until the kids grow up and apply for a credit card or financial aid for college.

Tip: This type of data breach could affect you as well. The healthcare industry is a rich target for new scams. Even sharing sites, such as Lift, Uber and AirBnB may start to be targeted.

Mobile Wallet Pickpockets

Scammers thwarted by the added protection of chip-embedded credit cards have a promising new alternative: mobile wallets. Thieves increasingly hacking into the accounts of others through Apple Pay, Google Wallet, Samsung Pay, Android Pay, PayPal, and others.

Thief’s secretly steal credit card numbers and expiration dates. A little Google investigating revealed the answers to “secure” identification questions (such as a victims mother’s maiden name) needed to activate the victims card in the thief’s mobile wallet account. Within minutes, an account you never started has drained your account remotely with out a trace. It’s amazing how easy it is to add somebody else’s credit card info to an Apple Pay account.

Tip: There will be new scams that will find new loopholes and workarounds to take advantage of new technologies. Check your credit card statements carefully for unexpected charges.

Bottom Line

There will always be new ways available that unscrupulous individuals will use to get your money. The best thing you can do is to be aware of their methods!! While some employ new technology, others will use the tried and true old fashion scams

Did you know that the majority of insurance companies offer Identity Theft Protection at very reasonable rates??

Come into Brew City Insurance and find out more.

Come in to Brew City Insurance for a no-obligation insurance review.

We will make sure you and all your family are safe all year long.

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2937 S Chicago Ave. in South Milwaukee between Pick N Save and Walgreens.

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