How to protect your money as holiday season sees surge in scams
As consumers open their wallets, Chase Bank and the Philadelphia Police Department teamed up to warn about some of the most prevalent scams during the holidays and offer tips to protect your money.
Law enforcement and financial experts warn that while you may be getting ready to take some time off for the holidays, scammers ramp up their efforts.
Consumers are losing billions of dollars to scammers annually. Across Delaware, New Jersey and Pennsylvania, scam victims lost more than $330 million in the first half of this year, according to FTC data.
"Scams and fraud are on the rise. We're in the holidays," Chase Bank community manager Tanyika Rickard said. "It's our responsibility to make sure that the communities that we serve are protected and have the information that they need to protect themselves and protect their loved ones."
Rickard spoke to a small crowd gathered before Thanksgiving at a Chase branch in West Philadelphia for a free education event on common scam tactics. The workshop was one of nearly two dozen similar events held during International Fraud Awareness Week.
The holidays bring an increased risk of phishing emails and texts about missed package deliveries and gift card scams, where fraudsters pressure people to make payments using gift cards, she said.
Some of the biggest takeaways:
- Be suspicious of any call, email or text message that requires you to act fast
- Be wary of offers that sound "too good to be true"
- Never give your personal information out until you confirm it's a trusted source
They're lessons Louella Williams says she's learned from experience. During the education event, she shared how she recently received a call from someone who she said claimed to be her grandson.
"The voice said, 'Mama, Mama, this is Michael,' and I said, 'Michael,'" she recounted, adding she immediately suspected something wasn't right and hung up.
But she knows not everyone is so lucky. It's why she said she sees value in events like this one.
"It just helped me to know that we need to get the message out more," she said.
Chase warns one of the biggest scams that happens year-round is scammers impersonating banks. Their key advice: your bank will never call asking for your information.
Chase hosts more than 1,000 of these free workshops every year. They're open to anyone — you don't have to be a Chase customer. You can learn more about how Chase said it's helping combat scams and fraud here.
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