Technology has grown at an astonishing rate, providing ease of use for everyday tasks. Just as technology makes our jobs easier, it makes the nefarious work of scammers easier too.
To keep your private information private, you’ll need to stay vigilant and be on the look out for for common cyber scams. When it comes to spotting scams, here’s what to watch out for.
5 Cyber Scams to Look Out For
Understanding the methods scammers use can help you avoid being their next victim.
1. Vishing (Voice Phishing)
Scammers will utilize an automated voice or technology that mimics the voice of loved ones to build trust before asking for money or personal information.
To Avoid: Hang up and call a confirmed number for the person or company. Consider using a safe word with loved ones to ensure its them.
2. Smishing (SMS Phishing)
Scammers send texts posing as reputable companies you work with. These texts may include a link that requests identifying information.
To Avoid: Watch for any typos, which can be a red flag of smishing. Never click on links. Instead contact the company directly to confirm any information they need or to report a smishing attempt.
3. Student Loan Servicer Scams
Scammers will pose as a student loan servicer by phone or via email and request private information. This is often under the guise of offering a loan consolidation.
To Avoid: Do not engage by providing sensitive information on the call. Instead, hang up and call your loan service provider directly. Don’t take a number from the caller, as it may lead to another scammer.
4. Mobile Payment App Scams
You may be familiar with the ease of use of mobile payment apps. Unfortunately, scammers are also aware of their popularity. Bad actors will often send text messages or calls requesting a verification code or stating you were issued an overpayment.
To Avoid: Do not respond to text messages. Instead, log in directly to the app to confirm the request is legitimate. Check your profile within the app to monitor for any usual activity or unauthorized linked accounts.
5. Job Search Scams
Scammers will prey on individuals looking for a new job by pretending to be an employer offering a position. Often, these jobs seem too good to be true, and the “employer” urgently asks for personal information or funds for work supplies.
To Avoid: Contact the company directly or search their site for the job listing. Consider using job search sites with a paywall, which can reduce the chance of running into a scammer.
Spotting Scams: Next Steps
Once you spot a scam, you may want to take action to protect your information. Consider taking the following steps:
- Contact your bank to notify them of the scam and check about security measures they may offer, like account restrictions.
- Contact credit reporting bureaus and see if freezing your credit information is a good option.
- If your SSN was compromised, report it to the IRS. This can be done on the IRS website or by calling them directly.
- If the scammers accessed your funds, making a police report may assist with any disputes.
Technology has made our lives easier in many ways, but it’s also made it easier for scammers to trick individuals into releasing personal information. Spotting scams early can protect you from becoming a victim and help keep your private information private.
About Michigan Mortgage Lender, Julie Krumholz from Superior National Bank
With over 35 years of experience in the mortgage industry, Julie Krumholz from Superior National Bank is a trusted resource and friend to homebuyers. Julie has worked in processing, closing, loan origination, underwriting, and QC auditing and has even co-owned a mortgage brokerage firm. Julie applies her knowledge to help first-time and seasoned homebuyers with a seamless homebuying experience.
