December 2022
Fraud Alert

Fraud Alert: Impersonation and Holiday Season Scams

By: Corrina Olson

It’s the most wonderful time of the year! Unfortunately, it is also the time of year that scams are rampant as people are furiously shopping for gifts and our inboxes receive an influx of messages offering discounts and goodies. Here are the top scams to be aware of this holiday season:

Impersonation Scams — US Federal Trade Commission (FTC) reports that impersonation scams are the number one consumer complaint! These appear in various forms, but the most popular this holiday season is via Amazon fake order confirmations. How does it work? The scammer tricks a customer into confirming a supposed purchase—and instructs the customer to do it ASAP! Once the customer clicks the link in the email / text or calls the “customer service” phone number, the scammer is ready to steal any personal or financial information.

Gift Card and Giveaway Frauds — When the shopping season is in full swing, gift card and giveaway scams are too. Scammers may attempt to trick people into purchasing a gift card for them. The scammers have technology that allows them to make it look like it’s coming from someone in your contact list. They may also dangle a free prize in exchange for sharing your credit card information. If you receive an email from your friend asking you to buy them a gift card, send them a quick text to confirm they really sent the request. And if a giveaway looks too good to be true, it just may be fraudulent.

Charity-Related Scams — Attackers don’t show any restraint during the season of giving. In fact, charity-related scams and phishing attempts get worse this time of year, hurting both those who fall prey to the scams and the charities that would have benefited from the giving. Whether it’s a supposed charity tied to a subject in the news, or an organization with a familiar name, be on the lookout for anyone asking you to contact them on their personal email or send money to them directly.

Subscription Renewals Frauds — As we approach the end of the year, subscription renewal scams can spike. A particularly unwelcome version of these emails spoof antivirus services, which lure victims with the promise of improved security. While some scammers can make their message look very convincing, always be sure to check the sender’s email. If it looks off, it may be fraudulent. 

All these scams might seem more personal because they include some specific information about your life or identity. Whether it is spoofing communications from a local animal shelter or sending fraudulent emails targeted at particular age groups, keep your eyes open for malicious emails this holiday season. Here are some golden rules on how to avoid becoming a victim of a scam:

Slow It Down — Scams are often designed to create a sense of urgency. Take time to ask questions and think it through.

Spot Check — Do your research to double check the details you are getting. Does what they are telling you make sense?

Stop! Don't Send — No reputable person or agency will ever demand payment or your personal information on the spot.

Remember, scammers can be very convincing, and they are good at what they do. If you aren’t sure if a message is from a legitimate source, pause and do your due diligence to confirm the legitimacy of the message. If you still aren’t sure, you can always reach out to your financial advisor. We are happy to help review any suspicious messages!

If you have questions, please contact us.

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To download the December 2022 Newsletter: CLICK HERE