Remember the age-old friend-in-need scam? In the past, the target receives word from a friend or relative traveling abroad that they have been robbed and lost their ID, passport, cash, and credit cards and needs to be wired money RIGHT NOW. What does this look like today with COVID-19 travel restrictions and where any request for a wire transfer raises a red flag? Did the scam go on hiatus?
Absolutely not. In fact, it is more common then ever. It has evolved to fit the times.
What the friend-in-need scam looks like now comes in the form of a social media message from a friend’s account. Identity fraud affects one in ten people in the United States every year, and one of the most common forms of identity fraud is when someone’s social media account gets hacked and used to scam friends and followers. The message will read that the friend or relative needs help paying a bill, or getting out of debt on a high-interest, short-term payday loan. This year has left many people in financial straits. If the crook has done their homework, they may pick a target who posts openly about struggling to pay rent or utility bills.
Social media messages carry an added layer of trust since these messenger services are typically closed to outsiders. Only “official” friends show up in the general inbox.
Instead of asking for a wire transfer, the imposter will ask for the money to be transferred directly into an account. Then, the crook will ask the target for their financial information so they can allegedly pay the target back once they get their next paycheck. Of course, this is so they can collect your personal financial information along with your money.
If you receive a message like this, be aware that identity fraud is common and the person on the other end of the message may not be who you think it is. Always double-check with the person by phone or email to verify they are who they say they are before sending any money. This allows you to verify the source and alerts your friend that they have been hacked so they can take steps to regain control of their account and alert other potential targets.
Protect yourself from being used as a vehicle for fraud by practicing good cyber hygiene. Be careful what you share on social media so as not to give away answers to security questions. Use different, strong passwords for each account and opt for two-factor authentication.
Report the fraud attempt, especially if you have been given account information which can be helpful to law enforcement.