Protecting our clients from scams is just as important as managing their portfolios.
That is why we are sharing a quick guide to the most common scams we see and how you can protect yourself and your family.
Scams are fraudulent schemes where criminals convince you to send money, share personal information, or even move funds on their behalf while pretending to be someone you trust. These contacts can come through email, text, phone, social media, or even traditional mail, and they are increasingly sophisticated. No one is completely immune. People of all ages and financial experience have been affected.
The guide outlines seven of the most common types of scams our clients may encounter:
- Romance and “sweetheart” scams that begin on dating sites, social media, or chat apps
- Sweepstakes and lottery scams that tell you that you have won a prize but must pay a fee first
- Government impersonator scams that pretend to be the IRS, Social Security, Medicare, or law enforcement
- Tech or “fraud support” scams that claim your device or accounts have been compromised
- Real estate wire scams that target homebuyers during the closing process
- Business email compromise scams that hijack or spoof legitimate email accounts
- Investment and “pig butchering” scams that use trust and emotion to push fake high return opportunities
Across all of these, there are common red flags. These include urgent requests for money, pressure to act immediately, demands for payment by wire, gift card, or cryptocurrency, unexpected links or attachments, requests for remote access to your computer, and instructions to change payment or wire details by email alone. Any time you are asked to move money, share sensitive information, or help someone you have never met in person, it is worth slowing down and asking questions.
A few simple habits go a long way.
Verify payment or wire instructions using a phone number you know is correct, not the one in a suspicious message. Be skeptical of unsolicited calls, emails, or texts, even if they appear to come from a familiar company or government agency. Avoid sending money or accepting funds on behalf of people you only know online. Be cautious of “too good to be true” investments, guaranteed returns, or limited time offers, and always check with a trusted advisor before moving significant sums.
Fraud is unfortunately on the rise.
The Federal Trade Commission reports that consumers lost more than 10 billion dollars to fraud in 2023, and nearly one in three Americans say they have been a victim of online financial fraud or cybercrime. Staying informed and cautious is one of the best defenses you have.
If you ever feel unsure about a request, message, or investment opportunity, please reach out to us before you respond or send money. At WestHill Financial Advisors, protecting your assets and your peace of mind is a core part of our relationship with you, and we are always here to help you stay safe.