Have you ever received an offer that seemed too good to be true? If you’re getting emails or text messages excitedly telling you that you’ve won some sort of prize, think twice before taking on the offer, it’s likely an advance fee scam.
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Welcome to Money Tip Tuesday from the Making Money Personal podcast.
An advance fee scam is a scam that offers you money, a prize, a special discount or other offer in exchange for a fee.
Scammers try to do this in specific ways, and especially in ways you’re not likely to notice.
They develop well-crafted messages that are designed to entice you to take specific actions to get you to pay them money. Fortunately, we’ve all grown more skeptical of any offers we get through email, but it’s important to remember that scammers are always changing tactics and trying new things to catch people off guard.
So how can you spot these scams? There’s a wide variety of advance fee scams out there so keep an eye out for some of these different tactics or any that seem similar.
Scammers may try to offer you loans without requiring any credit check. If you fall for their offer and apply, they then ask you to pay a fee for processing, insurance or anything else. Once they get the payment they disappear to never be heard from again.
Some may email or message you with a special offer for free or discounted tickets to a big event, concert or other type of experience. Everything about the message may appear legitimate, but if you fall for the scam and pay the money, they’ll take the money, disappear, and you’ll never get your tickets. If you receive any offer or prize that looks like it’s from a company you recognize, contact that company directly to confirm they sent the message.
Like the scam offering free or discounted tickets, other messages might claim that you’ve won a prize, large sum of money, or the lottery. Scammers will hook you into thinking you’re a winner and then ask you to pay a fee in order to collect the money. Like all the other examples, they’ll take the money and disappear.
Keep an eye out for scammers offering business opportunities or offers to work from home or start your own. They’ll hook you in with an attractive ad and offer all kinds of benefits like flexible work hours. Then they’ll require you to pay a registration or startup fee to get started. Make sure that any business opportunity you pursue is legitimate by researching the company name online and with the Better Business Bureau.
Other advance fee scams to keep an eye out for can be found in the world of online dating. Scammers pretend to be individuals looking to find dates or relationships. They take the time to build a relationship with an unsuspecting person and over time build their trust. Then eventually they pretend that they need help with money, whether it’s money for a travel visa, family issues or other life problems. Once they get you to pay them the money they simply disappear.
As you’ve probably realized by now, different types of advance fee scams can range from simple to complicated.
When you receive any message promising you a shockingly good offer or anyone you don’t know asking you for money, you must be on guard, because those offers are most likely scams.
Remember these top tips when it comes to suspicious messages.
Scammers are always coming up with new and sinister ways to get you to hand over your money. Don’t fall for it. Keep an eye out for anything suspicious that comes in through email, text or over the phone. Remember these tips and stay vigilant to keep yourself safe from being scammed.
If there are any other tips or topics, you’d like us to cover, let us know at tcupodcast@trianglecu.org. Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.
Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.
Have a great day!
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