Every year, people report fraud, identity theft and bad business practices to the Federal Trade Commission (FTC) and law enforcement partners. According to FTC data, more than 2.8 million people reported fraud in 2021, and 1 in 4 said they also lost money. The median loss in scams that start with a call is $1,200, higher than any other contact method.
As such, the chances are likely that you have or will be on the receiving end of a phone scam. Technology has made this even easier as scammers leverage robocalls or spoofing tools to change phone numbers. This article highlights the warning signs of scams and tips on protecting yourself from phone scams.
Recognizing the common signs of a scam could help you avoid falling for one. Here are some general indications that a call or text is a scam:
Phone scams come in many forms, but they often make similar promises or threats. Trust your gut if something seems off or too good to be true.
To prevent unwanted robocalls and phony texts and potentially avoid phone scams, the FTC recommends the following tips:
If you spot a scam or have given money to a scammer, you can report it to the FTC by filing a consumer complaint online or calling 1-877-FTC-HELP (382-4357). You can also visit the agency’s website to learn more about other consumer topics and more ways to protect yourself from scammers.
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In February 2020, The Friedman Group joined AssuredPartners, the 11th largest insurance brokerage in the U.S. This partnership provides us access to additional capital and a national footprint that enables us to continue to negotiate the most favorable coverage terms and conditions for our clients, and allows us to provide an even broader spectrum of risk management support services.