Top 10 Phone Scams of 2014

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Payday Loans

Payday loan scams account for 5.2 percent of all phone scams.

This scam targets people who have applied for payday loans in the past. Fraudsters pose as debt collectors, telling victims that they have an old unpaid loan and must pay interest and late fees. Scammers may threaten to send police if victims do not pay them. These fraudsters can be very intimidating. Many have done their research and already know enough information about their victims to sound legitimate.

Fraudsters ask victims to pay by wire transfer, typically collecting thousands of dollars at a time. The Better Business Bureau warns consumers to always ask a debt collector to provide official documentation to substantiate a debt, and to file a complaint with the FTC if the caller is abusive.

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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