Know Your Geek: FTC Details Imposter Scams from Surprising Directions
June 13, 2024
Privacy Plus+
Privacy, Technology and Perspective
A brief jolt of “awareness” never hurts, particularly when people are turning their thoughts toward summer vacations. So this week, let’s call to mind the Federal Trade Commission’s recent report on the top “cyber scams.”
Why Now?
Ironically, most cyber scams succeed when people are paying attention—but not quite enough. When rushing to get out of town, subtle cues often get overlooked.
New Twists on Timeless Issues
Forty years ago, the Dallas Police Department had a special detail of detectives called the “Bunko Squad,” dedicated to investigating fraud. They educated the public about common frauds, handing out a booklet of the 24 most common types of frauds (e.g. the “Pigeon Drop”) and exactly how they worked (even the “script!”).
As the Bunko Squad explained, these cons work not because of the conmen’s skill but because of the “marks” willingness to believe. The cons played on basic emotions, turning hopes into greed, love into fear, and caring into over-protectiveness. The same processes worked over centuries, updated only according to the changing environment. And they still work today.
Technology has introduced a new twist: Now, fraudsters can increasingly play on a mark’s sense of diligence. With the mountains of personal data available, algorithmic analysis can identify people likely to react quickly to a hint that they may owe an overdue bill, have paid something they didn’t owe, or been hacked.
For example, scammers may send innocuous, even pleasant-looking messages that say, “Thank you for your recent payment of …, “ or an “invoice” with an elaborate account number and a PDF, which can’t be fully read without opening the message. If the reader is ordinarily diligent (that is, you), and needs to be sure she isn’t missing something or leaving something important undone before rushing out of town (that also describes you), then she will open the trap door.
“Imposter” Scams are Overtaking “Investment” Scams
The Federal Trade Commission (FTC) reports annually on the most common scams. In 2021, investment scams were the most frequent. By 2023, imposter scams took the lead.
Who is “Impersonated” Most?
Surprisingly – and without any close second – the most often - impersonated entity of 2023 was Best Buy’s Geek Squad. Fraudsters pretended to renew standing service plans. Amazon and PayPal followed, but Geek Squad led with the most complaints. (Hence our advice in the caption: Know Your Geek.)
Geek Squad wasn’t the most lucrative for fraudsters; that title went to Microsoft and Publishers Clearing House, whose impersonators conned people out of significantly more money.
For a closer look at the most recent year’s report, you can click on the following link:
Our Thoughts
It’s probably time to update your vacation-packing list:
- Sunscreen
- Insect repellent
- Slow down when clearing your emails.
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Hosch & Morris, PLLC is a boutique law firm dedicated to data privacy and protection, cybersecurity, the Internet and technology. Open the Future℠.