CLIENT LOGIN
Cybersecurity Awareness Month: 5 Common Scams to Watch Out For 10.16.25
Never Bet Against the American Consumer
Never Bet Against the American Consumer
2722
wp-singular,post-template,post-template-elementor_header_footer,single,single-post,postid-2722,single-format-standard,wp-theme-bridge,bridge-core-2.5.2,qode-quick-links-1.0,ajax_fade,page_not_loaded,,qode-title-hidden,qode_grid_1300,hide_top_bar_on_mobile_header,qode-theme-ver-23.7,qode-theme-bridge,qode_header_in_grid,wpb-js-composer js-comp-ver-8.0.1,vc_responsive,elementor-default,elementor-template-full-width,elementor-kit-1402,elementor-page elementor-page-2722

Cybersecurity Awareness Month: 5 Common Scams to Watch Out For 10.16.25

You have probably noticed by the deluge of scam texts, emails and phone calls that there has been a big jump in fraud activity. The Federal Trade Commission reports that consumers lost more than $12.5 billion to scams in 2024, a 25% increase from the previous year. October is Cybersecurity Month, and here are a few of the top scams to avoid.

Investment Scams

Nearly half of the $12.5 billion reported in fraud loss was due to investment scams. Beware of anyone promising high returns on cryptocurrency investments. If it seems too good to be true, it likely is.

Imposter Scams

If someone says they are from the FBI, IRS or other agencies and threatens you with an urgent request for money, it’s a scam. These agencies won’t ask for payments by wire transfers or Bitcoin.

Toll/Ticket Scams

You receive a text or email that you have a late toll payment or a past due parking ticket. You are asked to click a link to make a payment. Never click links or call listed phone numbers on these types of requests. It’s best to go to an official website or call official numbers for verification. In Kentucky, for instance, the Transportation Cabinet does not send toll payment requests via text message.

Grandparent Scams

A grandparent receives an urgent call or text from a “grandchild” who has been arrested and needs money (wired to them or sent via a payment app). It’s likely not a grandchild but an imposter, who may have used AI to imitate the grandchild’s voice. The grandparent should call family members to verify, and it’s good have a secret family code or password to confirm if it is really a family member contacting you.

Romance Scams

Love stinks when a scammer is involved. Online romeos or romeoettes build a relationship and then begin asking for money. Victims will not have met their love interest in person because they may claim to be working overseas. Never send money by payment apps or wire to those you do not really know.

 

Scammers play on your emotions: fear, excitement or love. If you ever receive an urgent request for money, pause and ask yourself if it all makes sense.

 

WealthSouth is committed to your financial well-being. If you ever suspect a fraudulent request or believe you have fallen victim to a scam, contact us immediately so we can assist you.