Even the savviest of consumers are susceptible to scams. In fact, the latest data from the Federal Trade Commission (FTC) found that Americans submitted a total of 2.6 million fraud reports and lost an estimated $12.5 billion in 2024, an increase of $2.5 billion from 2023.
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Granted the most common scams weren’t the costliest.
Still, losing money to a scam is not on anyone’s agenda. Your best bet is to be proactive in what types of scams are out there and look for signs you could be a scammer’s next victim.
5 Signs What You’re Dealing With is a Scam
While there are many telltale signs, here are six main signs that someone is trying to scam you:
You’re Being Asked for Personal Details
Scam artists tend to pose as representatives of government agencies, banks or even health care providers to gain your trust. They will eventually ask you for any personal information to “confirm” your records are accurate.
You Get a Call or Knock on The Door Unexpectedly
Scammers may contact you about some news you weren’t expecting like owing money for a debt you never took out or money you need to pay back to the IRS.
You’re Asked to Wire Money Scammers
don’t want to have anything leading back to them. When asking for money, scammers may ask you to give them cash (like via a bank transfer) or to purchase gift cards and say the numbers over the phone.
It Sounds Too Good to Be True
Maybe you’re being offered a really fantastic offer, way above the asking price for an item you posted on eBay. Or some sort of investment or business opportunity that earns a high profit but requires little upfront cash.
Either way, deals that sound too good to be true are most likely a scam.
There’s a Limited Time Offer or an Emergency
Scammers want to entice you to make a decision fast (basically, send them money) so will try to pressure you by imposing a short deadline. For example, you need to claim a prize or you’ll lose it. As for emergencies, it could be as simple as posing as a relative that needs money to get them out of a bind, like being stuck in another country.
Common Scams to Watch Out For
According to Visual Capitalist using data compiled by the FTC, here are the most common scams that have been reported to them:
- Imposter scams
- Online shopping issues
- Business and/or job opportunities
- Investment related opportunities
- Internet services
- Lotteries, prizes and/or sweepstakes
- Phone services
- Health care
- Travel related (like timeshare plans)
- Debt management and/or mortgage foreclosure relief
What to Do If you Suspect a Scam
You can report fraud to the FTC at ReportFraud.ftc.gov. If you’ve been scammed, you can also head to that website, but also report it to your local authorities as soon as possible. Describe in as much detail as you can about the incident.
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Sources:
- Federal Trade Commission, “New FTC Data Show a Big Jump in Reported Losses to Fraud to $12.5 Billion in 2024″
- Oregon Department of Justice, “Six Signs It Is A Scam“
- Visual Capitalist, “Ranked: Most Common Types of Fraud in America“
- Federal Trade Commission, “Report to help fight fraud!”
This article originally appeared on GOBankingRates.com: 5 Signs You’re Getting Scammed by This $3 Billion Imposter
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