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SCAM ALERT: Don’t Fall Victim to Immediate Payment Demands
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In a desperate bid to part victims from their hard-earned cash, scammers are resorting to scare tactics, demanding immediate payment via mobile payment apps or other unconventional methods. But don’t fall prey to these fraudulent schemes!
Red Flags to Watch Out For
- Your bank will never contact you asking for a payment via Zelle, Venmo, or CashApp.
- Government agencies and financial institutions will never request immediate payments via phone calls, emails, or text messages.
If you receive such a call, it’s likely a scam. Hang up and report the incident to your financial institution immediately.
Be Cautious When Using Online Marketplaces
Never use a mobile payment app to send money to someone you don’t know, as this is equivalent to sending cash and leaves you with no recourse if something goes wrong.
Don’t Fall for Scare Tactics
Scammers often create a sense of urgency and panic by demanding immediate payments. Remember, your financial institution will never request such payments via phone calls, emails, or text messages.
According to the MetLife Study of Elder Financial Abuse, older Americans lost at least $2.9 billion to financial exploitation in 2010, with many falling victim to scams involving immediate payment demands.
Tips to Avoid Becoming a Victim
- Never send money to someone you don’t know or trust.
- Verify the authenticity of any requests for payment before sending funds.
- Use secure and trusted payment methods, such as your bank’s online bill pay system.
Stay Safe and Informed
Report suspicious activity to your financial institution and law enforcement agencies. Remember, immediate payment demands are a common tactic used by scammers – don’t fall prey to these schemes!
Additional Resources
- Money Smart for Older Adults Resource Guide
- Report suspected fraud to your financial institution or local authorities
- Learn more about common scams targeting retirees and how to avoid them