Many of us have developed a sixth sense in detecting a possible scam. The red flags are easy to spot. So easy, we think, that it’s silly that anyone could fall for the scam. However, sometimes our idea of a scam is skewed by extreme stories of people getting conned out of thousands of dollars from an unsolicited email from a foreign prince.

The reality is many scams fall right under our radar. They are effective because they aren’t necessarily extreme or unsolicited. They may be something we are actively searching for!

A 2019 survey conducted by authors from Stanford, the Federal Trade Commission, the FINRA Foundation, the International Association of Better Business Bureaus, Inc., and the BBB Institute for Marketplace Trust found the most effective scams based on answers from survey respondents. While nearly half of respondents did not engage with the scam (47%), nearly a quarter (23%) lost money through engaging with the scam.

Based on the information from the respondents, surveyors were able to determine the most effective scams. Here are the top 6.

Online Shopping Scam

The most effective scam tactic is to target online shoppers. Unlike unsolicited calls or emails, you are actively searching for something to purchase and for the best deal you can find. This puts you in a vulnerable state, especially around the holidays while you frantically search for that perfect gift at a manageable price.

According to Lenny Zeltser, writing for SANS.org, cyber criminals scam online shoppers by either creating a fake online store or by creating a fake business as a seller on a legitimate website.

Always make sure the website or seller you buy from is legitimate and trustworthy. Look out for prices that are too good to be true. Lastly, it’s a good idea to check the reputation of the site you’re buying from. Use a search engine to see if others have complained about that website or seller.

Tech Support Scam

In the survey referenced above, of those that fell victim to the scam and lost money, many had the same reasoning for why they engaged with the scammer: “They seemed official.” Many scams create a sense of urgency that calls for a quick decision to be made. One of the scams that takes advantage of this urgency is the tech support scam.

According to this helpful page from the Windows Security support section of Microsoft.com, tech support scams “are and industry-wide issue where scammers use scare tactics to trick you into paying for unnecessary technical support services that supposedly fix contrived device; platform, or software problems.”

In other words, these scammers convince you one of your devices has a virus or that you will lose your important data because of a serious issue. Visit the link provided above to learn just how these scams work and what you can do if you or a loved one falls victim to them.

Employment Scam

Scammers often target those seeking a great paying job or to start a career. Using fake job listings which may use real company names, they create convincing job opportunities. They use social engineering tactics to persuade you into thinking you’re going through a normal hiring process, however, they are just waiting for their chance to get access to either your account information or your money.

How can you spot these scams? This Better Business Bureau article offers a few tips:

• Generic job titles or work-from-home opportunities are positions that are more likely to be scams.
• Beware of job offers without interviews or getting hired on-the-spot. The scammer’s goal is your money and they’ll rush the process if they see a chance.
• If they start asking for money, it’s probably a scam. They may “overpay” you on the first paycheck and ask for you to send back the difference. They may ask you to pay for training for the job. If they ask you to pay for something, stop and think about the legitimacy of this business.

Fake Check/Money Order

Cashier’s checks or official bank checks are often used as a reliable source of payment as it is believed these funds are guaranteed by the bank. However, scammers rely on this belief and create fraudulent checks that have the look of an official bank check.

In a typical fake check scam, the scammer has you deposit the check into your account. They will then ask you to send some of the money back to them. While you think you’ve gained money in this situation (you get to keep most of the funds), what actually ends up happening is the check doesn’t clear at the bank and you are hit for the full amount.

Were you expecting the check? If not, there is a good chance that it is fraudulent.

Visit this article from the FDIC on how to spot these fake checks and what you can do if you receive one here: https://www.fdic.gov/consumers/consumer/news/august2019.html

Sweepstakes

Daydreaming about what you would do with the money you’ve won from a lottery is something we’ve all done at one point or another. Having money fall right into our lap would help out with a lot of daily expenses.

Scammers take advantage of these emotions through sweepstakes or lottery scams. Generating a lot of excitement through a call or email, they make you think you’ve won some money you desperately need, only to scam you out of what you already have.

This is how the scam works: They contact you to inform you that you’ve won, but in order to receive the winnings you must first pay some initial fees or taxes. These fees seem miniscule compared to the winnings, so you give your bank information willingly. The scammers then take what they can from you and you get nothing in return.

Don’t let your emotions get the better of you if someone contacts you about winning a contest you don’t remember signing up for. Take a step back and investigate before moving forward and accepting any “winnings.”

Learn more about these scams by following this link: https://www.consumer.ftc.gov/blog/2018/06/winners-are-losers-lottery-sweepstakes-scams

Debt Collection

Debt collectors are already frustrating to deal with and present a challenge to anyone who is lucky enough to get a call from one. Those who are in trouble financially may be attempting to get a handle on these calls and pay off burdening debts to build their credit back up.

The debt collector scammer pressures you to pay off a debt. They will prefer you pay through untraceable means like a prepaid card and will threaten you with fears of jail time.

Don’t let these scammers fool and confuse you. The CFPB offers tips on how to spot these scammers and how to make sure you are dealing with a legitimate debt collection agency.

Conclusion

When it comes to scams, more often than not, the easiest question to ask is “is it too good to be true?” Scammers tug on your emotions like excitement, fear, and relief. They will use this to their advantage to persuade you to give up information or money.

The best way to help yourself or family members spot these fraudsters is to take a second to relax and question the legitimacy of the person contacting you. This small step will go a long may in making sure you and your family are protected.