What is a Scam? Here’s How You can Protect your Data and Assets!

client at the center

Scams are on the rise and no one is immune. People of all ages and levels of financial experience are targeted and may fall victim. One in five seniors report being victims of financial fraud or abuse in 2021. One way to fight back is to be aware of the types of scams and the telltale signs that scammers may use to manipulate you.

The popular types of scams include:

  • Romance/Sweetheart
  • Sweepstakes/Lottery
  • Government Impersonators
  • Investment
  • Technical or Fraud Support
  • Business Email Compromise

These scams usually involve using some form of emotional persuasion to lure you into divulging information or taking action to “help” which usually involves sending money.  The scam artists employ fear, urgency, surprise or love to gather your personal data which they will then use to gain access to your financial accounts or records. Schwab recently shared a presentation which highlighted several case studies of fraud.  Based on these shared scenarios I felt it was important to share a brochure on What is a Scam and the Telltale Signs of One? Click here to view the brochure and learn how to spot a scam!

The telltale signs include:

  • Too good to be True
  • Urgent or Secretive Matter
  • Need just A Little More Information to Complete
  • This will only take a Second – Appears too Easy or Convenient

At WPC we have focused on this topic in our meetings and communications for years. Educating our clients on the necessity of being aware and asking questions when a concern arises is our practice.  Fortunately (but unfortunately), we have taken several calls throughout the years to assess the situation, help report cases of suspected fraud, and guide clients through the next steps.  What we have discovered is that everyone must remain vigilant and always act with caution.  Most of the time someone was “won” over with kindness into thinking they were really helping some cause. When in doubt pick up the phone and dial the person or organization directly using a trusted number. VERIFY or ASK before ACTION!

We have several resources available, please reach out to malea@wealthp.com if you would like more materials.

  1. WPC Brochure – What is a Scam?
  2. Cybersecurity Tip Sheet – Tips for Preventing Fraud
  3. How to Respond to a Data Breach

WPC is a trusted advisory firm for individuals and families for all their financial topics and investment management needs! Our goal is quality, custom advice, exceptional service, and follow-through with every client encounter. We seek to educate each client and increase their financial confidence.

#wealthplanning corporation #WPC #financialplanning #retirement planning



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