Kelly Richman Pope, a forensic accounting professor at DePaul University, shares her expertise on the rising threat of scams. She discusses her personal experience with fraudulent concert tickets, emphasizing that scams can target anyone. The conversation dives into recognizing red flags, especially in scams aimed at students, like fake scholarships. Practical strategies for protecting personal information and managing accounts are highlighted. Pope also outlines essential recovery steps for scam victims, stressing the importance of reporting and seeking support.
Everyone, regardless of background, can fall victim to scams, emphasizing the need for awareness and vigilance against fraudsters.
Identifying red flags like urgent payment requests and managing personal information online are crucial steps in protecting yourself from scams.
Deep dives
Understanding Vulnerability to Scams
Everyone is susceptible to scams, regardless of their education, age, or professional background. In 2022, an estimated $8.8 billion was lost to fraud, highlighting the prevalence of these schemes. Scammers are primarily interested in stealing money and personal information, which can lead to identity theft and fraudulent accounts opened in your name. It's important to recognize that even experts in fraud, like Kelly Richman Pope, can fall victim, demonstrating that anyone can be caught off-guard.
Recognizing Red Flags of Scams
Being able to identify common red flags can significantly reduce the risk of falling victim to scams. Signs such as urgent requests for payment, offers that seem too good to be true, or those asking for personal information—like Social Security numbers—should raise immediate concerns. Scammers often play on emotions, creating situations that provoke fear or urgency, compelling individuals to act without thinking. Taking a moment to pause in these interactions can prevent potential losses.
Proactive Measures for Fraud Prevention
Taking proactive steps can greatly enhance your protection against fraud and scams. Regularly check bank accounts and credit reports for suspicious activity and consider freezing your credit to prevent unauthorized access. It's advisable to use credit cards instead of debit cards, as they typically offer better fraud protection and limit your liability. Additionally, managing personal information shared online and adjusting privacy settings on social media can further shield personal data from potential scammers.
Scams can happen to anyone. Experts explain how to safeguard your data and money from being exploited or stolen by fraudsters. This episode originally published November 7, 2023.