Page 7 - The MIL Connection: Summer 2024

Spot the Scam

Crime of any kind is anxiety inducing, but according to Gallup, violent crime barely breaks the
top five of American fears. Surprisingly, worry about identity theft takes the number one spot
(with 72 percent of citizens concerned) followed by 57 percent of the U.S. population regularly
fretting over financial scams. The disruption and long-term effects of identity theft are clear,
but why are we so worried about scams? With “fear of fraud” at epidemic levels, researchers
(Vohs, Baumeister, and Chin) coined the term Sugrophobia in 2007 to describe the “emotional,
motivational, and cognitive aspects of being exploited by others.” To combat the dread of being
duped, it’s important to be able to recognize the signs of a scam. Below are six clues DOJ tells
consumers to watch for.
Scammers will:
1. Contact you without warning
2. Claim there’s an urgent situation or emergency
3. Ask for your personal information
4. Want you to send money, preferably by wire transfer
5. Tell you to keep it secret
6. Make their opportunity sound too good to be true

Let’s see how these signs show up in several of the currently trending scams.

Trending Scam Scam Type Tip!
(Match number above)

Artificial Intelligence (AI). Scammers may use 2, 4 Consider using a "safe word" that only you
AI to impersonate a loved one or someone you and your family members know and stay
know, claiming they are in danger and need money vigilant about requests to send money through
immediately. untraceable means.
Romance Scams. Romance scammers who've 4 Be vigilant about requests for money from
established a relationship with you online make someone you recently met, especially if being
an emotional plea asking you to transfer money. asked to send via untraceable means.
Typically, through a payment app, wire transfer, or
gift cards.
Tax Season Scams. Scammers may use AI to 1, 2, 3, 6 The IRS won't contact taxpayers by email, text
impersonate a loved one or someone you know, messages, or social media channels to request
claiming they are in danger and need money personal or financial information. Always verify
immediately. requests for information
Rental Scams Imagine showing up to your new 6 Do your research - is the listing vague? Do the
home or dream vacation to find out it doesn't exist, photos have watermarks? Does the rent seem
or you've been double booked! Scammers may take too low? Be concerned if pressured to send a
over listings and change contact information. security deposit or make a payment with no
background check or signing of a contact or
lease.

summer 2024 | the MIL connection | 7