Transaction and Investor Scams
With the fast-paced world we live in it has become increasingly difficult to stay cyber safe. We have many different ways of communicating and accessing our own personal data and fraudsters have found a way to use every single one of them. With every technological advancement, fraudsters seem to always find a way to gain access to your financial accounts and sensitive information. We do our best to stay informed about the latest scams being reported, but it is difficult to keep up. Below are two that we want you to be aware of:
Transaction Verification – This happens when a customer receives a text message prompting them to verify a transaction. They click on the link, which leads them to a fraudulent website that looks like their financial institution. They enter their credentials when prompted and now the fraudster can use those credentials on the legitimate site to access the customer’s accounts. The fraudster then begins initiating wire transfers that drain the customer’s accounts.
Investor Scam – Fake investment opportunities are being promoted through social media. People are invited to join an exclusive investor group. Once they join, they are told to open a new account and then are told when to buy a certain amount of a particular stock, which is usually volatile and relatively cheap. The group usually has purchased a large position in that stock and is trying to inflate the price of that specific stock. Once the price goes up, the group sells, and the investor is left with a potentially worthless stock. This happens a lot with meme coins. Be wary of unsolicited investment offers and check the credentials of anyone promoting stocks. If it seems too good to be true it probably is.
Please remember:
1. Do not click on links or attachments received by text message or email.
2. Always go to a known website address to login to your financial institution.
3. Add security measures to your accounts, such as two-factor authentication and verbal passwords.
4. Do not get your investment advice from social media.
5. Always do your own research before buying any assets.
6. Report any suspicious activity to your financial advisor as soon as possible.
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Investment advisory services provided by Lantz Financial, LLC, an SEC registered investment adviser.
Non-investment topics discussed are for informational purposes only and should not be considered legal, tax or cybersecurity advice. Individuals should consult with their own legal, tax or cybersecurity expert concerning their own specific situation.
