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Chances are you know someone who has been a victim of fraud or scam. As a result of the pandemic, fraudsters are finding new ways to find victims. The good news is that there are simple ways for consumers to stay safe and fight back.
In a recent Chase survey of 2,000 consumers, 84% of survey respondents agreed that scams and scammers have become more sophisticated in recent years.
To spot fraud, it’s important to learn more about the most widespread scams, how to prevent them and what to do if you think you may be a victim.
How common are fraud and scams?
Fraud cases are unfortunately becoming more prevalent, and more sophisticated. In fact, the FTC revealed that 3.5 million people reported being a victim of fraud or identity theft in 2020, an increase of more than 1.5 million from the previous year. For Black communities, the problem is even worse with nearly half (40%) of Black adults being targeted by of online scams and fraud, according to AARP.
What kind of scams exist that we should be aware of and know how to stop them?
While new scams are always popping up, there are several common approaches that keep resurfacing.
Some of the more common scams we’ve helped our customers fight against may not always seem so obvious.
What shocks many of our customers is how scam artists are willing to impersonate familiar faces, whether that be close relatives or community officials, and also trick you by using your own…