FORECASTS & TRENDS E-LETTER
by Henry Rohlfs
December 31, 2024

IN THIS ISSUE:

FTC on Scam Tactics
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I’m sure you’ve noticed, as I have, the dramatic increase in scams of all types. Scammers try to contact you by phone, text, online chats and many social media platforms. They always have the same goal – to get your personal information or money. And the scammers are using sophisticated technology like Artificial Intelligence to enhance their tried-and-true methods.

Experian reports that over $1 trillion was lost to scammers in 2024. To put that amount into perspective, that’s roughly the value of these three corporate titans: Tesla, Berkshire Hathaway and Meta (Facebook).

Personally, I know several folks who have fallen for scams. Their personal information was used to open phony credit cards which ran up thousands of dollars in charges. Some have lost tens of thousands of dollars through bank fraud or by sending scammers multiple gift cards thinking they were helping a relative.

We thought it would be good to start the new year with some solid education to help you avoid getting ripped off by these fraudulent schemes.

We have a new report called our Scam Prevention Guide, written in partnership with Charles Schwab & Company. This guide will help you recognize and avoid situations designed to steal your information or assets.

To get your started, here are excerpts from two articles by the Federal Trade Commission to help you avoid phishing messages and stay ahead of scammers.

During the holiday season, you might expect to get more deliveries. Some might even be surprise gifts. Scammers are counting on that when they send fake delivery notifications to you by email and text, hoping you’ll click. Here’s how to spot these scams.

You get an email or text and it says you missed the delivery. Or it might say your item can’t be delivered because you need to update your street address or zip code. Sometimes these scammers create a sense of urgency by saying if you don’t respond right away, they'll return your package to the sender. The scammers say both of these issues can easily be fixed: just click on a link.

Why do they want you to click that link? It’s a phishing scam. If you click, scammers could get information like your usernames and passwords for your online banking, email, or social media accounts. Scammers could then use those to steal your identity and open new accounts in your name. They might also install malware on your computer.

To avoid fake shipping notification scams:

• Don’t click on links in messages about an unexpected delivery.  If you get a message about an unexpected package delivery that tells you to click on a link for some reason, don’t click.
• Contact the shipping company directly to get more information. If you think the message might be legitimate, contact the shipping company using a phone number or website you know is real. Don’t use the information in the message.
• Check your order status. If you think the message could be about something you recently ordered, go to the site where you bought the item and look up the shipping and delivery status there.

No matter the time of year, it always pays to protect your personal information.

The FTC has free materials and information on hundreds of different scams both in print and online. Here are a few ideas to help you become a fraud fighter.

• Learn more about what scammers say and do. Start at consumer.ftc.gov where you’ll find articles, consumer alerts, and advice to help you spot and avoid scams.
• Check out resources in multiple languages. If you know people who prefer to get information in their native language, ftc.gov/languages has materials in more than a dozen languages.
• Get print materials to share with your community. Go to ftc.gov/BulkOrder and order free resources on a variety of consumer topics. Delivery is also free.
• Keep up with the latest. Sign up for FTC consumer alerts at ftc.gov/ConsumerAlerts to get email updates on recent scams, announcements, and advice.
• Share what you know. Have a conversation, leave FTC materials where people will see them, or post on social media. Are you part of a group? Consider using Pass It On or Pásalo presentations, complete with notes and supporting materials, to start a conversation about scams. All FTC content is in the public domain, which means there’s no copyright or permission needed to use it.

Please remember the FTC wants to hear about scams in any language, even if you didn’t lose money. Report in English at ReportFraud.ftc.gov — or in Spanish at ReporteFraude.ftc.gov. To report in other languages, call (877) 382-4357 and press 3 to speak to an interpreter in your preferred language. 

Henry here again. Remember the basics of avoiding scams:

• Be skeptical. Always question unsolicited contacts and don’t be afraid to simply hang up or delete the email.
• Secure your personal information, like Social Security or Medicare numbers, banking details, etc.
• Consult trusted sources before making significant financial decisions.
• Educate yourself on the latest scams.
• Protect your passwords for online banking, investment accounts and access to work or home computers.

Remember, our new Scam Prevention Guide has valuable information on how to protect your assets from some of the more prevalent fraudulent schemes.

No one is immune and the first step in protecting yourself is to be aware of the types of scams and the telltale signs that you may have been targeted.

Be safe and Happy New Year from all of us at Halbert Wealth Management!

[Henry]

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