Signs of a Scam…and How to Resist It

This week, Craig Siminski, of CMS Retirement Income Planning, shares an article discussing four common practices that might help you identify and avoid scams:

Although scammers often target older people, younger people who encounter scams are more likely to lose money to fraud, perhaps because they have less financial experience.

When older people do fall for a scam, however, they tend to have higher losses.

Regardless of your age or financial knowledge, you can be certain that criminals are hatching schemes to separate you from your money — and you should be especially vigilant in cyberspace. In a financial industry study, people who encountered scams through social media or a website were much more likely to engage with the scammer and lose money than those who were contacted by telephone, regular mail, or email.

Here are four common practices that may help you identify a scam and avoid becoming a victim:

1. Scammers Pretend to be From an Organization You Know

They might claim to be from the IRS, the Social Security Administration, or a well-known agency or business. The IRS will never contact you by phone asking for money, and the Social Security Administration will never call to ask for your Social Security number or threaten your benefits.

If you wonder whether a suspicious contact might be legitimate, contact the agency or business through a known number. Never provide…

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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 23 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.

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