Working Together to Fight Scams Our Experts Share Latest Fraud-Fighting Tactics.
Weâre more likely to associate scams with criminality than psychology. Yet the most convincing cons often apply psychological influences which make us more likely to fall victim.
We all like to think we can spot scams, but any one of us could be vulnerable to tactics that break down our defences, particularly when weâre under financial or emotional pressure.
Anna was targeted by a loan scam when she was short of funds. In her case, scammers tried to take advantage of financial anxiety at a time when her defences were low, and her judgement potentially impaired as a result. PLACE YOUR FIRST SCAM REPORT How to Fight Fraud the Easy & Cheap Way Consumers worldwide spent almost $7 billion last year on identity theft protection services, and that figure is expected to reach $24 billion by 2025. Thatâs a lot of fearful folks paying up to $360 a year to protect their personal data and privacy â some prompted by well-crafted, nerve-racking TV commercials, others by harsh realities: Following last yearâs Equifax breach, one study found that nearly 20 percent of Americans froze their credit files, at a cost of $1.4 billion. Until then, only 2 to 3 percent had credit freezes.
Why pay? Here you have free, easy and effective scam reporting and fighting service that will do the job for you easy and totally free. REPORT A FRAUD OR A SCAM, ITâS FREE
Sometimes, itâs too good to be true
Whenever a scam story is exposed, most people will call the victims greedy, but the truth is, thatâs not the only reason for them to fall into a scam. Most of the time, they are conned because they end up trusting the scammer too much.
âThe fact is, greed is rarely the only factor. Victims of scams are so for a variety of reasons and mostly itâs because they are too trusting. Often, itâs because they trusted someone close, a friend or a relative who they were sure wouldnât lie to them.
And the fact is itâs hard to tell a scam from a real investment opportunity. Itâs not just old uncles and aunties who canât tell but celebrities, MPs, ministers and journalists are often fooled too because they donât do the necessary background checks or are just not savvy enough.
Donât be impressed by anyone who takes pictures with and receive âawardsâ from Ministers, MP, celebrities or anyone famous. IT MEANS NOTHING. The more they show u this, the more you should be careful of them. What are they trying to prove by selling you credibility through this GIMMICK?!! Donât be impressed too by anyone giving a big cheque to charity and appearing on media to BOAST. Many people give bigger cheques behind the scenes and donât even talk about it. PLACE A SCAM REPORT
Have you been scammed, report the bastard(s).
Working Together to Fight Scams Q: Can you tell us about some of the latest approaches to combat schemes against older Americans?
A: Iâm seeing much more interest in creating a multidisciplinary climate for helping older adults. The notion used to be that law enforcement could solve the problem, but thatâs just never going to happen because things come too fast and furiously. Scammers come from different parts of the world and with tremendous sophistication.
Q: How do the different parties work together in a multidisciplinary way?
A: Law enforcement continues to act as the cop on the beat in every possible way, from the local police to the FBI. But law enforcement is just one piece. The financial services industry has a big role, as well. Their work is often to stop the assets from leaving the institution, whether itâs a securities firm, an investment advisory firm or a bank.
Q: Whatâs law enforcement doing on this front?
A: The International Association of Chiefs of Police just came out with some videos on elder abuse.
That provides a new tool for police. Together, we are able to do it.
Stopping Fake Charities Q: You have been going after charity scammers for the FTC since 1994. What has changed in that time?
A: The phony sweepstakes that I investigated 20 years ago that were done by telemarketing might now be done online or via email. The investment scams from the â80s were investing in precious metals or gems. These days they are investing in Bitcoin.
Q: What are the newest techniques that shady charities and fundraisers use to target older Americans?
A: Recently, we have seen a rise of telemarketing calls on behalf of political action committees that use soundboard technology . The calls sound just like the charitable-donation calls that you may have gotten before.Â
Q: Is the FTC using any modern or high-tech methods to investigate fraud?
A: Yes. Tax-exempt organizations have to file 990s . Much of the information that states collect is available online. That has absolutely made our job easier. With a little bit of poking around, we can pull relevant information to help us assess whatâs going on.
Preventing Medicare Fraud Q: What are the most recent schemes in health care fraud?
A: We all talk about health care fraud in dollars, but it has a personal effect, as well. For example, if a scammer were to use a beneficiaryâs information to bill for an electric wheelchair today and if that beneficiary, God forbid, were to suffer a stroke next week and require the use of an electric wheelchair, Medicare wouldnât pay because, according to its system, that patient already has that equipment.
Q: What steps are you able to take to combat that type of fraud?
A: We try to do prevention first. We always try to reinforce the idea that nothing is ever free. One of the places where scammers pick up information is health fairs. They urge folks, âHey, come on over; get your free blood-pressure check.â And then theyâre asked for a Medicare number. The minute youâre asked for your Medicare number, that should be a red flag to realize somebodyâs going to bill something somewhere.
Q: How are you finding better ways to use data?
A: We use data to identify hot spots, where we see irregular billing.
Weâve seen a decline in Medicare billings in hot spots where weâve focused resources based on our data analysis.
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