Big financial data theft concept. Anonymous Panorama Hackers Are Hacking Highly Protected Financial Data Through Computers
What to know about the latest scams and fraud in Pennsylvania
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Scott LaMar
Big financial data theft concept. Anonymous Panorama Hackers Are Hacking Highly Protected Financial Data Through Computers
Airdate: June 6th, 2023
The adage is, “When it’s too good to be true, it probably is.”
It may be a cliche, but as Timothy Arthun, Deputy Secretary for Financial Services for the Pennsylvania Department of Banking and Securities said on The Spark Tuesday, there’s a good reason to listen to your instincts,” When you hear something that’s too good to be true, oftentimes there’s that little bit of doubt. Well, it’s too good to be true, but maybe there’s that 1% chance that I am the lucky winner of Publisher’s Clearing House or, oh, I’m getting a gift card for something I didn’t enter in. And that little bit of doubt is what creates that opportunity for the scammer to say, Hey, I got my hook in, I got the foot in the door. Let’s see if I can string this person along and get their bank account information, get their credit card.”
Criminals – scam artists and fraudsters — are always scheming up ingenious ways to steal money from people. Often, they’re successful because an unsuspecting person has been hoodwinked in believing the pitch, story they have heard or email they’ve read.
Technology has only provided more ways for scammers to contact would be victims. Data breaches give scammers information on victims they can use to their advantage.
Arthun talked about a newer scam called the “Pig Butchering” scam, which is an investment scam,”With investment scams, you’re typically asked, I have this high guaranteed return with no risk. But the scammer says, Hey, why don’t you trust me? Let’s just invest a little bit of money. Maybe it’s $100, maybe it’s $1,000. And see for yourself the opportunity. So you as a victim may say, okay, I can do 100, I can do $1,000. And, maybe two weeks later you get a fake statement that says, your thousand dollars is now $2,000. And so the scam artist will string you along. $1,000 turned into $2,000. Why don’t you put a little more money in? You put $5,000 in. You get a statement. Fraudulent, of course, that says now you’re making $10,000. People will see these statements as some reassurance of, my money is doing this so well, I have to just put more and more in and eventually a victim will maybe transfer their entire 401k or a significant amount of their retirement savings over. And at that point is when the scam artist disappears.”
The Pennsylvania Department of Banking and Securities has scheduled more than a dozen events and presentations across the state to warn consumers about the most popular scams, fraud, ID theft and cybersecurity.
