It’s Cyber Security Month, which is the perfect time to share one of today’s most common scams: the confidence or romance scam.
A confidence scam works on human nature, targeting people online to become their friend or love interest and then victimizing them out of money or private financial information. Every year, thousands of people fall victim to this crime. Here’s how it works:
A scammer will become a friend or trusted person in their life and then offer to send money or offer them a once-in-a-lifetime opportunity. They then offer to deposit the funds into the person’s bank account for free or for a necessary processing fee. All they need is the person’s account information (login username and password) to complete the transaction. Once they get the login information, they then steal the victim’s money.
Stay Aware
If you or someone you know is approached by anyone offering money in exchange for private, financial information, do not fall for the scam. If you do fall for the scam, be sure to contact InRoads immediately so we can put a freeze on the account and put a stop to any financial damage.
Contact the FTC
Anyone who becomes a victim of a confidence or romance scam should contact and file a complaint with the Federal Trade Commission. You can reach the FTC here.