- If someone calls or emails you, asking for your account password, multi-factor authentication codes, or other access information, you’re talking to a scammer.
- If someone calls or emails and wants to take control of your computer to “help” you resolve an issue, you’re dealing with a scammer.
- If you responded to an email or message by calling a number not on your statement or the back of your credit card, it is best to assume you are calling a scammer.
Scams are getting increasingly sophisticated and using what’s known as “social engineering.”
That means a real, live person gets you on the phone and impersonates an employee of a bank or other business with whom you do business. They often research you online, gleaning personal information from your Facebook, LinkedIn or other places. Usually, they will introduce a sense of urgency into the interaction – often by persuading you that there is fraudulent activity on your account that needs to be stopped immediately.
Scamsters can even “spoof” a telephone number or email address to make it look like the caller or email is from a business you know.
As fraudsters get better at this, it’s not enough to spot glaring typos or heavy foreign accents. Artificial intelligence even means they can make an approach look and/or sound like someone you know.
It’s scary. But there are simple steps you can take to avoid being scammed.
Don’t panic. Even if someone claims to be from the IRS, threatening immediate fines for non- payment of taxes, or a bank telling you your bank account is about to be drained at any moment, take a deep breath and think about what’s going on.
Don’t call me, I’ll call you. It’s critical to remember that anyone who contacts you regarding your account might very likely be trying to commit fraud. Always, always hang up and call them back, using a number you know to be legitimate – from your statement, the back of a card, or your online account. Be sure to avoid simply searching online for a number for the company you’re trying to reach or clicking on a link from an email; there’s been an enormous increase in scamsters setting up credible-seeming websites that offer contact info that simply lead you straight to them. And remember: banks and online vendors will NEVER ask you for your password or any other information used to access your account.
Banks and online vendors can and do ask you to verify your identity with answers to security questions. But you should always have contacted them, not the other way around. Otherwise, you might be talking to a fraudster who will then use that information to impersonate you.
Never give a stranger remote control of your computer. You wouldn’t let someone you don’t know rummage through a filing cabinet full of your financial records and personal documents; there’s no difference online. If you have a computer helpdesk you work with, be certain they are the only people remoting into your computer. There are no services you use (your bank, Schwab, Apple or Verizon, for example) that will ever need to get onto your computer.
Double-check any transfers of funds. If you’re sending money to a company or individual, even if you think you know them, double-check the account you’re sending it to. Call the recipient on a verified number and confirm that the request and the account details are legitimate.
Act quickly if you believe you’ve been scammed. Online fraud is massively under-reported because there’s a social stigma attached to having been fooled. But there are many possible paths to recourse, even recovering stolen money, and it’s critical that you quickly act to make sure all your accounts are secure. Ask for help. Don’t be ashamed. A poll conducted for Wells Fargo last year concluded that nearly 1 in 3 Americans reported being a victim of online financial fraud or cybercrime.
The good news is we’re here to help.
At Bridgewater, we take great care to verify any financial transaction coming out of any of your financial accounts. All third-party money transfer requests are first confirmed by a phone call from Bridgewater to you, the client. We have to call you, not the other way around. Then, we confirm the receiving account by calling them to check that all details are in order.
You can call us at any time if you think something is fishy. We’re very happy to help and advise you, and we work to keep your money safe.
Benjamin W. Bernard, Leo V. Marzen and the rest of your Bridgewater Team