Finance Scams

The rise in finance scams has resulted in an uptick in financial losses by an average American. FraudTrac plans to prevent future scams by raising awareness and registering complaints.

Finance Scams

What Are Finance Scams?

Finance scams (or financial scams) refer to illegal schemes where scammers retrieve your bank account details and social security number through deception. This information is utilized to steal money or charge unauthorized bills under your name. Con artists might contact you via text, emails, or phone calls. They always have convincing background stories to ensure that you comply with their demands. Most of the time, they will offer a money-back guarantee or monetary incentive to persuade you to part with your money. Sometimes fraudsters might impersonate government organizations to offer bogus grants, loans, and financial aid in the ruse to receive an advanced fee for their services.

Purpose & Intent

Every scammer has one goal—to steal your money. They do this through lies and deception. They generally target families and senior citizens who might not have the same privileges (or support) as other community members.

Common types of finance scams include:
  1. Bank Fraud
    Scammers access your account to steal your money by impersonating representatives from the bank.
  2. Investment Scams
    You’re persuaded to invest thousands of dollars in a bogus scheme.
  3. Pension Review Scams
    Fraudsters steal your pension money by pretending to assess your pension plan
  4. Lottery and Sweepstakes
    Lottery winners are requested to pay a small fee to claim their (fake) prize.

Have you been scammed?

Get in touch with FraudTrac to file a complaint.