Strategies To Avoid Losing Money to Scammers

A broad definition of financial fraud would describe it as any intentional act of deception involving financial transactions that are committed with the objective of obtaining personal advantage. In addition to being a breach of civil law, fraud is a criminal offense.

According to Dillman, “the typical loss for a senior citizen due to fraud is $6,500.” Scams can be broken down into the following categories: romance, charity, and relatives in need. The typical goals of con artists, according to him, are to quickly establish a link of confidence, to induce a purchase, or to depict a fictitious emergency.

Charity scams often do not give any written information about their organization to the target and instead attempt to coerce the target into sending money. On the website of the Commonwealth of Pennsylvania Department of State, a search for charities is available. Those who are called might inquire as to what percentage of a gift is actually put toward the organization. He said that customers should be aware that nothing is ever guaranteed.

Dillman gives sound advice when he says, “Make sure it’s a real charity before handing out money.” Scams involving “relatives in trouble” typically involve making a false claim about an urgent situation and asking for money. There may be others who demand privacy. Dillman suggests that you either phone the relative from a number that you already know or ask the caller questions that only a relative would know the answers to.

Dillman recommends that you ignore calls coming in from unidentified numbers. Paying money up ahead in exchange for a prize, loan, or other item of interest is an example of a con known as “pay-up-front.” According to him, customers would get a call from someone they do not know who has no link with them.

Some con artists will put on the persona of independent contractors. Dillman mentioned that the office of the state Attorney General keeps a registry of accredited professionals in the construction industry. Dillman said that you should never pay cash in order to claim something and that you should be aware of who you are dealing with at all times. It is strongly discouraged from him to ever make a purchase via a gift card or wire transfer.

Con artists may often pose as government agents, employees of technological companies, or employees of credit repair businesses in order to steal money. Dillman mentioned that there is a possibility that some people will say you could be arrested for not complying. Dillman stated that nobody from Microsoft or Dell would communicate with them about the matter.

His advice is that you should never transfer money and that you should always request proof of the debt. Dillman recommended keeping in mind that the government will not phone you out of the blue and ask for money, as this is a common tactic used by imposter scam artists. According to him, people can only address their own financial problems. 

Earlier in the month of June, the treasurer’s office in Somerset County was the victim of a scam that resulted in the loss of nearly $11,000. According to the state police, staff members responded to a bogus email in June that requested a wire transfer.

The request for a wire transfer in the amount of $11,295 was sent to the office through email on June 8 and bore the sender’s name as the chairman of the Somerset County Commission. The move was finished on that very same day.

On June 13, the office was sent a second email that requested an additional wire transfer in the amount of $23,470. This request could not be fulfilled. As of right now, it is unclear whether any other county offices have received emails that are comparable to those being investigated. Some of the most commonly occurring scams have been discussed in detail below.