Stay Ahead of Scammers in 2024: Protect Yourself from the Latest Scams

As we move into 2024, scammers are expected to continue evolving their tactics, leveraging new technologies and exploiting emotions around major events to deceive people. Their ultimate goal remains the same: to steal your personal information or money. By staying informed about the latest scams, you can protect yourself and your loved ones. At O1ne Mortgage, we care about your financial well-being. If you need any mortgage services, call us at 213-732-3074. Let’s dive into the latest scams to watch out for in 2024.

AI-Powered Scams

Artificial intelligence (AI) is a double-edged sword. While it offers numerous benefits, it also provides scammers with new tools to enhance their schemes. Here are some ways scammers might use AI:

• Creating more convincing phishing emails and text messages.
• Generating deepfakes of celebrities to lure victims into fraudulent investments.
• Impersonating friends or relatives in grandparent scams.
• Posing as employers to extract personal information.

The ability to create realistic images, videos, or voices of others makes these scams more believable and opens up new opportunities for fraudsters.

Student Loan Forgiveness Scams

The ongoing changes in student loan forgiveness policies create fertile ground for scammers. They prey on the hope that student loans will be forgiven, using this to their advantage. Scammers may:

• Contact you via phone or create fake application sites to steal your Social Security number or bank account information.
• Pressure you with urgent messages to apply for debt relief “before it’s too late” and charge hefty application fees.

Remember, it costs nothing to apply for student loan forgiveness. The U.S. Department of Education will not contact you by phone. Always go directly to their website for information.

Phone Scams

Phone scams continue to be a significant threat, with scammers using various tactics to deceive victims:

• Robocalls: Automated calls with natural-sounding voices offering everything from auto warranties to vacations, or issuing threats to get your attention.
• Impersonators: Scammers posing as IRS personnel, police, survey takers, relatives, delivery people, or well-known companies to gain your trust or scare you into providing personal information.
• Malicious Apps: Scammers may trick you into installing apps that steal your information or create nearly identical copies of existing apps to make money from in-app purchases.
• QR Codes: Scammers place their QR codes in inconspicuous spots, leading you to fraudulent websites or prompting small purchases.
• SIM Swapping: Thieves reassign your number to a SIM card they control, using it to log into your accounts.
• One-Time Password (OTP) Bots: Bots trick you into sharing authentication codes, allowing scammers to access your accounts.

Text Scams

Text message-based scams are particularly popular due to their low cost and ease of execution. In 2022, Americans lost over $330 million to text scams. These scams often involve impersonating well-known companies or government agencies and asking you to click on a link or call a number. Always be cautious and verify the sender’s legitimacy before taking any action.

Zelle Scams

Zelle, a peer-to-peer payment app, has become a target for scammers. They may contact you pretending to be from your bank’s fraud department, claiming a thief is trying to steal your money through Zelle. They then instruct you to send money to yourself, but it actually goes to their account. While Zelle has started refunding some scam victims, it’s crucial to remain vigilant.

Cryptocurrency Scams

Despite the cryptocurrency frenzy cooling down, scammers continue to exploit it. These scams can involve fake prizes, contests, giveaways, or early investment opportunities. Scammers may impersonate celebrities or popular cryptocurrency websites to lure victims into sending money or sharing login information. Always verify the legitimacy of any cryptocurrency-related offers.

Romance Scams

Romance scams are on the rise, with people losing $1.3 billion in 2022. Scammers create fake profiles on dating and social media apps to gain victims’ trust. They may ask for money or send fraudulent payments, asking you to forward the funds. Be cautious when forming online relationships and verify the person’s identity before taking any financial actions.

Online Purchase Scams

Online purchase scams remain one of the riskiest types of scams. Scammers set up fake e-commerce stores or list items for sale on online marketplaces. They may take your money without sending anything in return or use stolen credit cards for purchases. Always look for red flags and use credit cards for online purchases to limit potential losses.

Employment Scams

Employment scams target job seekers with enticing offers. Scammers may conduct fake interviews, collect personal information, or ask you to buy equipment or training. Some scams promise easy income if you purchase their program. Be wary of job opportunities that involve receiving and sending funds or reshipping packages, as these could be part of illegal operations.

Check Fraud

Check fraud often targets banks, but consumers can also be affected. Criminals steal mail to find checks, creating counterfeit checks to withdraw money from your account. To protect yourself, avoid writing and mailing checks when possible. If you must send a check, use pens with ink that prevents check washing.

How to Avoid a Scam

While scammers’ tactics evolve, a few basic security measures can help protect you:

• Be skeptical when contacted by unknown sources. Verify the legitimacy of the sender before sharing personal information.
• Don’t click on unknown links. Verify the sender’s intentions before taking any action.
• Be cautious with phone calls. Hang up or ignore suspicious calls and initiate contact with the organization yourself if needed.
• Enable multifactor authentication on your accounts to protect against SIM swapping.
• Research companies before making purchases or donations. Look for reviews and check charity ratings.
• Don’t refund or forward overpayments. Verify the legitimacy of the payment before taking any action.
• Look for suspicious payment requirements. Be cautious of requests for wire transfers, money orders, cryptocurrency, or gift cards.
• Create a family password to verify the identity of callers.

What to Do if You Fall Victim to a Scam

If you fall victim to a scam, take these steps to mitigate the damage:

• Report the scam to the FTC and relevant parties, such as your bank or email provider.
• Run an antivirus scan on your devices if you clicked on a suspicious link or attachment.
• Change your passwords and consider using stronger passwords or passkeys.
• Lock down your credit by adding fraud alerts and security freezes to your credit reports.

Monitoring Your Credit and Identity

Even with the best precautions, mistakes can happen. Sign up for free credit monitoring to get alerts about unexpected changes in your credit report. Consider an identity theft monitoring service, such as Experian IdentityWorks℠, which offers additional protection and identity theft insurance.

At O1ne Mortgage, we prioritize your financial security. If you have any mortgage service needs, don’t hesitate to call us at 213-732-3074. Stay informed, stay vigilant, and protect yourself from scams in 2024.