Fraud and Scams are Everywhere!

Brian A. Magnan CFP®, AIF®
Director - Magnan Family Wealth Management


There is a new scam plaguing our country.  This one is impersonating a police officer.  Search “fake arrest warrant phone scam” and you will notice the many different areas where this is occurring.

Frad and Scams are on the rise.  The 2023 Federal trade commission snapshot estimates about 10 billion dollars lost.  Imposters was the highest number of reports and Investments was the highest median loss.  According to Kiplinger, Fraud & Scam losses were only 500 million in 2018.  If those estimates are correct, then that is an annual increase of 64% per year!

Action items (for you, your parents, and children)
  • Freeze Credit.
  • Change your passwords on your email every few months.
  • Close old emails.
  • Sign up for donotcall.gov.
  • Sign up for e-delivery of papers with important information that requires a login to download or retrieve.
  • Assume all emails and texts are being read by a bad actor.
  • Sign up for fraud watch.  AARP has a good one.
  • Read real life stories of victims to educate yourself.
  • Purchase identiy protection.
  • If in doubt, CALL US!



https://consumer.ftc.gov/system/files/consumer_ftc_gov/pdf/CSN-1pager-2023-508.pdf
https://www.kiplinger.com/personal-finance/scams-cost-consumers-billions-top-five-frauds
https://www.aarp.org/money/scams-fraud/about-fraud-watch-network.html
https://www.thecut.com/article/amazon-scam-call-ftc-arrest-warrants.html
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