MONEY MATTERS: Ways to spot financial fraud

Updated: Feb. 2, 2021 at 11:54 AM EST
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COLUMBIA, S.C. (WIS) - Many people have unfortunately fallen victim to financial fraud scams. Here are a few Josh Bradley of Capital City Financial Partners says are most common.

“... people taking your credit card information and purchasing things online ... what we see a little bit more of nowadays is impersonation of the government where they call you as the IRS or law enforcement or a lot of what we’re seeing now is a romance fraud where you meet somebody online and you talk to them for weeks or months and then they get money out of you that way as well, " Bradley said.

So what are the signs of financial fraud? What should you be on the lookout for? Bradley says sometimes financial fraud scams are easy to spot, but a lot of times they can be tough to identify. Red flags include:

  • If a person ever asks you for specific personal information
  • Very rarely will you ever get called out-of-the-blue because you won something, you owe something, or the government needs something from you
  • If someone says you have act now or you’ll be in some kind of trouble
  • If anyone ever ask you to wire funds

Bradley says there are things you can do to prevent yourself from becoming a victim. If you ever get called or emailed by people you don’t know, Bradley advises taking the approach of being very skeptical, assuming the worst, and verifying everything. He recommends never acting immediately and always go back to the appropriate website, verify the number, and then call back the number on that website.

“The other thing you can do is freezing your credit ... this can eliminate a lot of identity theft. The last thing is if you’re maybe getting in a stage where your mind isn’t as clear as it used to be, assigning somebody to your account that can help monitor your transactions is a great idea and the last thing is just seek out help. Call the local police or FBI or go to their website and report things and they can sometimes talk you through and determine whether something is a fraud or not, " Bradley said.

Click here for more information and sources from the FBI.

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