March 1 – 7 is National Consumer Protection Week. This week is all about teaching consumers their rights, learning how to recognize fraud and scams, and knowing what to do if you fall victim to a scam. Scammers target people of all ages and demographics, trying to trick them into giving up their personal information and money. Scammers will impersonate government officials, bankers, charities, employers, and even family members to gain your trust. Knowing how to avoid, report, and recover from scams is essential in protecting yourself.
Most importantly, learn to recognize and avoid scams. There are four signs that indicate a scam.
- Scammers pretend to be from an organization you know. Scammers can use technology to change the phone number that appears on your caller ID, so even if it looks legit, it could be fake.
- Scammers say there’s a problem or a prize. They may say you owe money, you’re in trouble with the government, someone in your family had an emergency, or there’s a virus on your computer. Sometimes scammers will say you’ve won money but have to pay a fee to get it.
- Scammers pressure you to act immediately. Scammers don’t want to give you time to think. If you’re on the phone, they may discourage you from hanging up. Scammers may even threaten you with jailtime, a lawsuit, or deportation.
- Scammers tell you to pay in a specific way. They often insist on using cryptocurrency, wiring money, using payment apps (e.g. PayPal or Venmo), or putting money on a gift card. Transactions like these are the hardest to recover if they turn out to be a scam.
Avoid scams by following these steps:
- Block unwanted calls and text messages.
- Don’t give your personal or financial information in response to a request that you didn’t expect.
- Resist the pressure to act immediately.
- Know how scammers tell you to pay.
- Stop and talk to someone you trust.
- Create an action plan.
Report fraud and identity theft to the Federal Trade Commission (FTC). The FTC has tips for recovering if you paid a scammer, if you gave a scammer your personal information, or if a scammer has access to your computer or phone. In addition, during National Consumer Protection Week, the FTC is hosting in-person and virtual events to educate the public on scams, identity theft, and digital literacy.