Top 10 Phone Scams of 2014

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Government Grants

Government grant scams account for 7.4 percent of all phone scams.

In this scam, victims are told they have been selected to receive a government grant ranging from $5,000 to $25,000 simply for being a good citizen. In order to receive the grant money, victims must pay a "processing fee" of $150 to $700. Scammers ask for bank account information as well.

The Federal Council on Financial Assistance Reform (COFAR), which processes government grants, has issued warnings about this scam; noting that no government grant-making agency will make phone calls, nor send emails or letters to solicit money or personal banking information from a potential grant recipient.

Despite data breaches like the Sony hack dominating headlines, phone fraud is still a common way that criminals are lifting personal data from consumers. Each year, thousands of consumers and businesses lose money to scams conducted over the telephone. These scams can cost victims anything from a few dollars to their life savings. Attackers use a variety of social engineering and manipulation techniques to extort money and personal information from consumers over the phone.

Pindrop Security collected and analyzed consumer phone scam complaints during the first nine months of 2014 to understand the types of scams being conducted, their frequency and timing, and the methods and motives of phone fraudsters. This information provides a unique view into the risk facing consumers.

Pindrop Security expects that the trend of online and retail data breaches will only increase the amount of information available for phone scammers to use against victims, and that the number of phone scam complaints will continue to rise.

This slideshow features the top 10 phone scams of 2014, as identified by Pindrop Security. 

 

Related Topics : Unisys, Stimulus Package, Security Breaches, Symantec, Electronic Surveillance

 
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