As an experienced CPA, I frequently encounter clients who have fallen victim to scams. Fraudsters are becoming more sophisticated, leveraging technology and impersonating trusted entities to steal personal and financial information.
In this article, we will discuss some of the most common and recent scams, including deceptive text messages impersonating toll services and UPS, and how you can protect yourself from these fraudulent schemes.
1. Toll and UPS Text Message Scams
Toll Payment Scams
This particular scam has gotten national attention as of recently. You may have heard of it, but many are receiving this fake text message claiming you owe a toll fee.
These messages typically contain a link directing you to a fraudulent website that mimics an official toll collection service. Once you enter your credit card information, scammers steal your details and may make unauthorized charges.
UPS Delivery Scams
Similar to the toll scams, scammers send text messages claiming to be from UPS, stating that a package requires additional payment or address verification. These messages contain malicious links that lead to phishing websites designed to harvest personal and financial information.
How to Protect Yourself:
Always verify toll payments through the official website of your toll service provider.
UPS and other shipping companies typically do not request payments via unsolicited text messages.
Do not click on links in unexpected text messages; instead, visit the company’s official website directly.
Enable multi-factor authentication (MFA) on your accounts to add an extra layer of security.
2. Tax Scams
Tax season is a prime time for scammers impersonating the IRS or tax professionals. Common tactics include:
Phone calls threatening arrest due to unpaid taxes.
Emails or texts claiming you qualify for a tax refund and requesting personal information.
Fake tax preparers who promise inflated refunds and steal sensitive data.
How to Protect Yourself:
The IRS will never initiate contact via text, email, or phone for tax payments.
Work with a reputable CPA or tax professional.
Verify tax-related communications through the IRS’s official website (www.irs.gov).
3. Bank and Financial Institution Scams
Scammers often send fake emails and text messages impersonating banks, claiming your account has been compromised or requiring verification.
How to Protect Yourself:
Never share banking credentials via email or text.
Contact your bank directly using the number on the official website.
Watch out for poor grammar or urgent requests in messages, as these are red flags of fraud.
4. Investment and Cryptocurrency Scams
Investment fraud and cryptocurrency scams have been on the rise, with scammers promoting fake investment opportunities promising high returns.
How to Protect Yourself:
Research any investment opportunity thoroughly.
Be cautious of unsolicited investment offers or pressure to invest quickly.
Work with licensed financial professionals.
Final Thoughts
With scams evolving rapidly, vigilance is key. Always verify unsolicited messages, avoid clicking unknown links, and consult with the actual institution if you suspect fraudulent activity. A good rule of thumb with most of these official organizations, especially the IRS, United States Postal Services etc will be to send these types of critical communications via US mail, NOT a text message. By staying informed, you can better protect yourself and your finances from cybercriminals.
About the Author
Cherie Sayban is a certified public accountant. She has over 25+ years of experience in Finance, Accounting and Bookkeeping. Â
​Cherie Sayban CPA provides various financial and accounting solutions to small and mid-size businesses. Our portfolio includes: tax preparation, payroll preparation, accounts receivable and payables, general ledger, and QuickBooks . Our bookkeeping workshops are offered both in-person and virtually.
To learn more about how Cherie Sayban CPA can help you and your business, click HERE
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