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Morgan Stanley Workers Duped by Vishing Scam – Here’s How to Avoid Them

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You may have been the potential victim of a vishing scam multiple times and never even realized it.

Human beings are mentally hotwired to respect authority and second guess our best interests when it comes to fear.

“Vishing” is voice phishing. It is a tactic that scam artists use to trick you into voluntarily giving up your personal information. It is basically an evolved version of the traditional email phishing scam.

A vishing scammer can use your smart device, email, social media, work number, or home phone number to try to scam you.

A scam artist will send you an SMS text message, email, or cold call you directly to feel you out. They will call you to inform you of a financial emergency, financial windfall, personal emergency, or bureaucratic problem that requires urgent documentation and personal data clarification from you.

Then, the caller will convince you to give up your name, address, social security number, bank account or credit card number, medical insurance information, or any other sensitive personal data.

Or the vishing scam artist will send you an SMS or email message with malware or a phony website designed to steal your personal information.

Anyone can become the victim of a vishing scam.

I am living abroad in Southeast Asia right now as a traveling freelance writer. And phishing and vishing scams are a constant scourge here. I must check my cell phone daily for malicious apps that have automatically installed themselves on my phone and delete them.

Also, I constantly get SMS offers for work for companies that ask me to call a number for inquiries. Then I get a warning SMS from the local government about the phony job offer phishing scams.

But vishing scams are a very big problem in the United States too.

The Morgan Stanley Vishing Scandal

In March 2022, vishing scam artists called a Morgan Stanley Wealth Management office, posed as one of the employees there, and asked for the personal data of multiple clients.

All the vishing scam artists did was project confidence and authority as a Morgan Stanley employee and asked for private client data.

And the staff of the Morgan Stanley office freely gave the information to the vishing scammers.

Over the phone. And without verifying the identities of the scammers as they conversed with them.

Morgan Stanley downplayed the incident in an article published by Barron’s but admitted that several of their clients were reimbursed after they had money stolen by the scammers.

If financial experts at the billion-dollar Morgan Stanley corporation can be duped by vishing phone scammers, so can you.

Typical Vishing Scam Methods

Vishing scam artists will use the following methods to disarm suspiciousness, exert authority, gain your trust almost instantly, and then pressure you for your personal data:

  • Covid-19 charity request
  • Bank account hacked
  • Credit card activity inquiry
  • IRS audit or investigation
  • Social security account problem
  • Surprise arrest warrant notification
  • Family emergency/family member in need of help
  • Sweepstakes or lottery notification
  • Unrequested free gift, product, service, or trial offer
  • Extended warranty inquiry

What to Do About Vishing Scams

Trust your gut instincts. Government agencies, financial institutions, or your job will not have strangers calling you or sending emails to pressure you into revealing your personal data.

If you realize you have been scammed after the fact, then call your financial institution or government office to report the incident.

Think more than twice before you answer the questions of a complete stranger trying to panic you into divulging your most sensitive personal financial data.

Your credit card company, bank, place of work, and the I.R.S. know your name and date of birth. They will send you notices by mail. Customer service representatives or debt collectors call to tell you information, not demand your social security number, bank account data, or your mother’s maiden name.

Trust your instincts if a complete stranger calls you to pressure you to divulge all of your private financial information.

Don’t answer any questions. Just hang up.

And be wary of robocalls or people calling from blocked numbers.

And delete any SMS message or email that deceptively requests your personal information or directs you to a website in exchange for explaining an urgent concern.

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Card Cracking Fraud Makes You an Unwitting Criminal

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The infamous East Coast/West Coast rap feuds of the 1990s did not start with Biggie and Tupac. The rap feuds of that era was actually ignited by a lesser-known rapper. Timothy Blair, AKA Tim Dog, was a regional rap star from the South Bronx who actually started that infamous rap feud. Music history may have forgotten Blair, but not criminal history. After failing in rap, Blair became a scam artist and bilked over $2 million from dozens of victims. Blair allegedly engaged in card cracking fraud as well. (Blair died in 2013).

Another aspiring NY rap artist, Young Ash, reportedly stole $50,000 via card cracking fraud in 2018.

Now, “notorious street rapper resorts to crime,” may not be a shocking headline.

What is shocking about card cracking fraud is that this scheme entices average people to become unwitting criminals.

Most card cracking fraud schemes involve online scam artists enticing everyday people to become accomplices to fraud.

According to the American Bankers Association, almost $12 million dollars was stolen due to card cracking fraud in 2014.

 

Card Cracking Fraud

 

You don’t have to be a rap star to be involved in a card cracking scam.

The typical American household owes over $137,000 in debts. The allure of card cracking fraud as a, “victimless crime,” can temp anyone – not just street rappers.

Over 60 million Americans applied for unemployment benefits since March 2020. Tens of million face imminent eviction in the weeks and months to come.

In this pandemic-wrecked economy, you should be aware of card cracking fraud.

Odds are better than even that card cracking scam artists look for people like you to enable their efforts.

Card Cracking Fraud 101

Card cracking fraud, also known as card popping, is a mutual effort crime that requires two parties working together.

However, the scam artist holds all of the power and information.

Card cracking scam artists take advantage of people who are financially hurting and looking for quick cash.

Card cracking accomplices, potentially people like you, don’t consider the consequences of their actions in such scams.

Card cracking is an enhanced form of check fraud. The difference is that the card cracking scam artist needs the help of the, “victim,” you, to pull it off.

A Card cracking scam sends you a phishing email or social media message promising easy money. This message is a carrot on a stick to people who are financially hurting.

After you answer, the scam artist befriends you. If you give them direct access you your bank account, they can make you easy money and give you a cut.

For a card cracking scam to work, you must give the anonymous scammer your bank account number, PIN, and other information. You must willingly give an online stranger the keys to your personal finances.

The anonymous scammer will deposit fake checks into your account and then withdraw that amount. Or, even more. Since they are assuming the most risk, they keep most of the money.

After withdrawing the money, the scammer may send you 10% or 20% of what they withdrew via wire services.

You must then call your bank and lie to them. You can say that your bank card was stolen. Or that your identity was stolen. This action makes you an accomplice.

Then, the bank may reimburse all the money that was, “lost,” to you. Or, simply close the account without penalizing you.

Who would do something like this? And why?

Card Cracking Fraud Accomplices

It may be comforting to believe that only hardened street rappers and criminals engage in card cracking fraud.

The truth is that those people are usually the leaders of crack cracking rings.

The other hard truth about this crime is that the victims are unwitting accomplices deluding themselves they are doing nothing wrong.

According to the American Bankers Association, most card cracking fraud rings target:

  • Social media users
  • People aged 19 to 25
  • College students
  • Single parents
  • Newly enlisted active military personnel

Everyday people who may be financially struggling are sometimes easily enticed by card cracking fraud.

They may rationale that since their own bank account is involved, it may be a victimless crime.

Why You Must Refuse Card Cracking Solicitations

If a card cracking fraud scheme needs you to victimize your own bank account, what is the harm?

Well, you can cause a lot of harm for yourself and others.

Card cracking rings don’t develop overnight. These scam artists need to entice hundreds or thousands of people to give up their financial information. Card cracking rings are built by enticing one person like you one at a time.

Why would you trust an online stranger with your most sensitive financial information? Would you surrender this information to a good friend or relative?

Also, you are engendering a lot of trust in an online stranger card cracking scam.

The card cracking scam artist has all of your personal information and the power.

If you deposit $20,000 in a new account in the future, how do you know they won’t take it? If they have your Social Security number and other financial information, it wouldn’t be hard. How do you know they won’t steal your identity or sell it to someone else? Do you think the anonymous scam artist wouldn’t do that to you?

Your bank may flag your account as a possible fraud risk. This information can be passed to other banks. It may even end up on your credit history.

Imagine if a card cracking ring is busted and the police discover your name on their lists of associates? You won’t be viewed as a victim and will have a lot of explaining to do then.

Life is hard, no question about that.

Giving into the allure of a card cracking fraud scheme will only make life harder.

Don’t Respond to a Card Cracking Solicitation

Don’t respond to any message asking you to give up all of your financial information in exchange for a kickback.

Card cracking scam artists try to make it seem as though you are partners in a harmless scheme. Well, if you were partners, you would know the identity of this person.

Card cracking scam artists could live down the street or be foreigners from a different country. You would never know. Meanwhile, you must trust this person with your most sensitive financial information.

Card cracking fraud leaves you perpetually vulnerable. The scam artist knows everything about you and could use this information to their own ends in the future.

Even if you did this once, how could you not be paranoid for the rest of your life? If the scam artist has your name, address, and Social Security number, they could check to see if you’ve opened new accounts. You will probably be checking your online balance constantly.

Personal suffering is usually caused by willful ignorance and desire.

If you convince yourself that there are no victims in card cracking fraud, you may be in for a lot of suffering.

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Keep All of These Things Out of Your Wallet or Purse to Decrease Identity Fraud Risk

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identity fraud

Over 14 million people were victims of identity fraud in 2018. According to the Federal Trade Commission, over 1.4 million people filed fraud complaints with the FTC.

Those $1.4 million complains represented over $1.5 billon in monetary losses. Well over 167,000 people reported credit card accounts being fraudulently and clandestinely opened with their personal information.

As depicted in action movies, you may think that all a cyber criminal has to do is hack your computer.

It isn’t.

Most criminals can steal identities through the simplest means.

Are you in the habit of leaving ATM, bank, and gas stations receipts and checks in your wallet or purse?

Then you are a prime target for identity fraud.

Fraud Advice from the “Catch Me If You Can,” Con Man

Frank W. Abagnale was an infamous con man who cashed over $2.5 million in forged checks. Abagnale was wanted in over 26 countries.

After cleaning up his act, he spent over four decades working with the FBI as a consultant to teach them how criminals steal identities so easily.

Abagnale operated at his peak in the mid-20th century. He recently told CNBC that criminals still steal identities in the simplest ways.

Like rifling through your mailbox or recycling bin for un-shredded mail and credit card offers. Or for mail that contains information like your date of birth and social security number.

All a criminal requires to open a phony bank or credit card account is your name, date of birth, Social Security number, and your address. Any other information that they can glean from your job and personal life from your mail helps them too.

Or, they can just rifle through wallets and purses left unattended at a party, function, church, doctor’s office, school office, or in a car with the windows down.

Identity theft is an opportunistic crime. Criminals don’t always have to steal your purse, or a wallet left unattended in your jacket.

They can just steal ATM and bank slips, or checks located in them, which are treasures of financial information

Never Leave These Items in Your Purse or Wallet

Consider Carole Crane, AKA, the Portland Creeper.

She led a gang of identity thieves who would, “creep,” or sneak in buildings, schools, elderly care facilities, places of employment, and doctor’s offices and pretend to belong there.

Then, they would steal wallets and purses, or, the receipts and personal information located therein. Later, they would open up phony bank and credit card accounts.

How many times have you left your purse or the wallet in your blazer unattended on a chair in church, the doctor’s office, at work, or in a school?

Crane and her gang stole over $200,000 from 50 banks and 50 individuals. She was sentenced to 10 years in prison in January 2019.

It doesn’t take the machinations of a cyber hacker living three states away to steal your identity.

Never leave these items in your wallet or purse:

  • ATM receipt
  • Gas station receipt
  • Social Security Card
  • Personal checks
  • Bank deposit slip

Vigilance is the Best Protection

You only need practical items like your driver’s license, work ID, car registration card, car insurance card, two or three credit cards, and cash or your person.

Get in the habit of clearing out the receipts that pile up in your wallet or purse.

Otherwise, you may as well leave a, “welcome to my identity,” note for potential identity thieves.

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Hurricane Relief Scams You Should Know About

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hurricane relief scams

Seeing the devastation caused by a hurricane evokes our sympathy and a desire to help the affected people. When you give, you expect your contribution to make a difference. However, there are scammers out there waiting to take advantage of your emotions. Here are some of the hurricane relief scams you should be aware of before you try to help, and what you can do to avoid getting scammed.

Seeking Monetary Donations

Scammers could target you with unsolicited emails, phone calls, or a knock at your doorstep, posing as representatives of reputable charities. Hurricane relief scams are also rampant online, where it is more difficult to verify the identity.

The scammers often come up with legitimate-looking websites or blogs, and may sometimes use similar sounding names as real charities or even copy the logo of a well-known relief organization. They will typically seek money transfers online through the website or in cash if they seek donations in person.

Home Repair Fraud

Following hurricane devastation, scammers may show up offering help with your home repair jobs and tree removal.

The office of the attorney general advises people to engage only such firms that are old and established and whose references are verifiable. Do not pay any money upfront just because they promise they will be back to do the repairs.

Work only with licensed general contractors, plumbers, electricians, and HVAC repair firms. Ask to see a proof of insurance, and insist on making a written contract.

Insurance and Business Fraud

In the aftermath of a hurricane disaster, scammers may sometimes pose as representatives of home insurance companies, the Federal Emergency Management Agency (FEMA), the Small Business Association (SBA), or law enforcement agencies.

Remember that these agencies will never ask for your financial information on phone or email. Services offered by the SBA and FEMA are free, so if someone posing as a representative asks for a payment, it is a scam.

Tips to Avoid Paying Money to a Scammer

  • Avoid replying to unsolicited emails seeking donations for hurricane relief. Do not click on any link the mail contains, nor open any attachment.
  • Do not pay any money over the phone unless you initiated the call to a legitimate charity.
  • Legitimate charity websites mostly have a suffix .org and not .com.
  • Be wary of crowdfunding websites that do not have an established or transparent system to vet the assistance seekers.
  • Even if someone solicits a hurricane relief donation using the actual names and photographs of the victims, do not fall into an emotional trap and do your due diligence. According to the Better Business Bureau, scammers could use the victims’ data without permission from their families.
  • If you are suspicious, perform a Google search and social media search about a donation seeker. Their online and social presence and consumer reviews and comments could help you judge better.
  • Check out a charity ratings website, such as GuideStar.org, CharityNavigator.org, and Give.org for donation advice, news updates and ratings of recognized charities.
  • Give responsibly and follow the charitable giving rules of the IRS.

Reporting a Hurricane Relief Scam

You may report a hurricane relief scam or fraud to the Federal Trade Commission (FTC) at FTC.gov/complaint. You could also share information about the scam with your state charity regulator, which you can find at Nasconet.org.

Have you encountered any hurricane relief scams? Share your experience in the comments below!

How to Avoid Getting Ripped Off While Moving

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If you plan on moving to a new house or relocating to an entirely different state, you’re probably going to be in for a stressful time, often full of confusion and sometimes full of crisis. During this time of transition, it’s easy to become a victim of a scam, so be crateful.

Many people opt to hire a professional moving company to help assist with the big furniture, the heavy lifting, and the transportation. However, consumers who are desperately in a hurry to get the job done are often the target of non-upstanding companies who promise one thing and deliver nothing.

Here are some ways to help prevent being the victim of a moving scam:

Go Beyond the Phone Book

There is probably a lot of listings in a local phone book for moving companies but the phone book won’t give you very much information about the reliability or the pricing for a moving company. Use the internet to get moving tips and read other consumer reviews if there are any available and contact the Better Business Bureau in your area to get information about any complaints against the company. This also goes for companies that offer storage units.

Request Estimates from Several Companies

While it may be a bit of a pain and time-consuming task, it would best to get an estimate of moving costs from at least three different companies. Compare the prices from each. If any appear to be similar, you may have to ask for some references to make the final decision. It is also important that you do not take the lowest price because of the low price. Make sure the estimate is complete and includes all of the services you will require during the move.

Get it In Writing

After choosing a company, do not do another thing without a contract that spells out all of the details of the move. Make certain the charges match the estimate and that no hidden costs have been slipped in while you were not looking. Especially keep your eyes open for fees regarding normal moving materials such as packing supplies, protective coverings, and the like. They should have all been included in the original price. A contract is also important because it provides proof of the move. Otherwise, a moving truck could drive away with your stuff ad you may have a hard time proving what happened.

Inquire About Damage

Sometimes the most professional movers can break some of your items. What matters most is the claims process that allows you to get back money for the damages. Before approving any contract, make sure you understand how their claims process works.

Don’t Pay Everything In Advance

Some moving companies will require a down payment in order to initiate the moving process. If a mover requests the entire amount, or at least a large portion of the cost, upfront before the move has been completed, it should throw a big red flag.

Hyped-Up Cures or Cash Thievery?

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By now, we have all seen a celebrity endorsement of some kind on television or in print. Some make sense (Sally Field cashfor osteoporosis medications – I believe her) and others that just don’t compute (all endorsements by Gary Coleman). Celebrity endorsements, no matter how far-fetched they may seem are around and will continue to be around because they work. On some level, there is something inside most humans that do believe if the rich and famous are doing it, we have to get on board too.

However, marketing power people know just what they are doing and how to sell product. Even the most ridiculous products can find an audience of believers. With that audience often comes deep pockets. Those willing to hand over cash for any number of miraculous pills or instant cures are plentiful but falling for a fad realistically is just a big waste of money.

So how can you tell what products are trustworthy and which are better left on the shelf? Here are a few things to consider when contemplating your next purchase of a miracle anything:

Backed By Tangible Evidence?
Marketing teams often use “real stories” from “real people” because it is human nature to feel compassion. But often times those “real stories” are dramatized heavily. Claims that just don’t make a lot of logical sense probably are not worth your time or money. Are you getting the real story? Is the miracle vitamin they want to sell you really going to work?

Research Product Reliability
Do some legwork to look at any research provided. Any new medication or treatment should be tested on a large number of people and include both the actual treatment as well as a placebo in an environment where testers and participants do not know who took which product. Those studies that involve animal testing or with a controlled group provide no real answers of effectiveness.

Spokesperson Benefit
Those touting the product, especially the famous people, make have a stake in the profits. Be wary of why people are vouching for a specific product. There may be some cases where the person really is backing the product wholeheartedly and not for financial gain but be aware of those who have something else to sell, like accessory products, or a book.

Remain Skeptical in Words
The marketing team know how to use the buzz words like ‘miracle’, ‘wonder drug’, and ‘cure-all’. Many also work hard to explain away why their particular product is not endorsed by the medical community or why the popularity of the product is low. It can be easy to get caught up in buzz words and buy something you don’t want, don’t need, and can’t afford.

Marketing is a big industry and people are getting craftier every day, finding ways to really hit their target market. Sticking with a budget is a sure-fire way to understand what you can and can’t afford. Forget the famous faces and the big propaganda. If there is a product you are really interested in, take the time to see what it really is all about instead of just following the lead of someone else.

Should You Use Credit Repair Companies?

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It’s all the rage right now to try to get your credit score up so that you qualify for lower interest rates on loans. What we are credit-repairseeing is a growth of businesses that are promoting themselves as experts in the field of credit repair. What is there about these businesses that are so intriguing? Do the principles that they use work? Will my credit really be repaired?

The answers to these questions are not short however, there are some principles that you will need to keep in mind when it comes to credit repair that will help you determine whether or not you should utilize these services.

Some Credit Reports Contain Errors That Can Be Fixed

How do you know if your credit report contains errors? You have to look. You are allowed by law one free credit report every 12 months. You should obtain one of these from the three reporting bureaus so that you can check yours for problems. Your free credit report can be obtained from www.annualcreditreport.com . Any other site is trying to sell you something.

The three reporting bureaus are Equifax, TransUnion, and Experian. Annualcreditreport.com will help you get your free report from each one so that you can see what it contains, and check it for errors.

Credit Report Entries Cannot Be Erased by Questionable Methods

There are unscrupulous companies out there that are advertising services that can clean up your credit report from any bad entries. This is false advertising and is reason to stay away from these companies. The only ‘bad’ entries that can be removed are those that are clear and provable errors. If you have an entry on your credit report that is ‘bad’ but is there because of your own actions that entry cannot be legally removed.

Your Credit Score Will Go Up With Errors Removed

This is a true statement, but beware of those companies that give you an inflated idea of how much it will go up and how soon it can be accomplished. Performing the activities related to cleaning up errors on a credit report can take time because the errors must be factually and legally challenged with documentation to back them up. Going through the process to do this right takes time and patience. Once errors have been corrected and wrong entries removed, it is likely that your credit score will rise. But, how much and how soon are purely speculative assumptions.

Don’t Like The Interest Rate Increase? You Can Opt Out

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With the credit card reform just around the corner, you might think you’re safe from some of the most unappreciated opt-outpractices common to most credit card companies – like interest rate hikes on new purchases for no good reason, and increased interest charges on your previous credit card balances (money you’ve already spent!) Unfortunately, many credit card lenders are trying to take advantage of the months they have left under their current legislation by increasing interest rates and changing billing due dates to their benefit.

Right now, credit card issuers must notify card holders of interest rate increases within 15 days of making the change. At that time, you have the choice to agree to pay for your balance at the higher rate; or to “opt out” in writing.  Opting out doesn’t mean you get to keep your lower interest rate, though. It just means that you can no longer use the credit card to make new purchases because you close the account. You will still pay the higher interest rate on your existing balance.

Having 15 days to accept the new rate or opt out doesn’t give you much time to look around for a new credit card to transfer your balance to, either. If you don’t have a credit card available to transfer your balance and keep your interest rate low, it is likely in your best interest to opt-out, and make your payments under the new interest rate just while you’re looking for a new credit card to transfer the balance to for a lower interest rate.

Considerations For Opting-Out

While opting out will prevent you from spending additional money at the new, higher interest rate, it doesn’t come without it’s disadvantages. The most obvious disadvantage is that you’ve closed the account and eliminated your option to access the credit should you need money. When you close a credit card account for any reason, you face the possible reduction of your credit score. Closing a credit card account reduces the amount of available credit you have and increases the percentage of your debt utilization – both factors contribute to your FICO credit score.

Opting out shows the credit card company that you’re not accepting the higher interest rate, but if you don’t have any other options for credit at the moment, it may not be your best possible move. Weigh the pros and cons of the situation before making your decision.

Things to Check When Buying a Foreclosed Home

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foreclosuresignMore homes are now on the market which have been foreclosed upon in recent months.  These look to be excellent buys to some and could very well be in some cases.  But there are some issues that you need to examine before you take the leap into a foreclosed house and find out that you really did not get that good of a buy in the first place.

Check market conditions.  What is housing doing in that market?  Are the values going up or down?  Are there a lot of houses on the market overall?  Is it a buyers or sellers market?  These are just some of the questions that you should be asking.  This is especially true if you do not live in the area in which you are looking for a house.

At this point a good real estate agent would be worth gold to you in order to give you solid advice on the market and what it is doing.

Values have dropped, do not pay for it.  Overall, home values are down and that makes for a good buyers market.  But how far down have they gone is a bit more subjective.  Performing a market evaluation might help out here.  The reason is that you do not want to overpay for a house without considering market conditions.

Know the location, location, location.  Look not only at the market, but the specific area in which you are considering buying.  Or if you have already found a prospective home, you should closely investigate it to see how many vacant homes are there, and how many foreclosures have been performed.

Have thorough inspections performed.  Because of the nature of foreclosing on a home, there might be some, who have been displaced,  that might have kept the house in less than good condition.  Make sure that no stone is left unturned in searching for things that need to be corrected.

Make sure foreclosure is final.  Find out if the foreclosure on the property is final.  You do not want to have to deal with the financing company that still holds the title.

These are some basic things to check on when considering that “perfect” dream house which is for sale because of a foreclosure.  Remember that you can get a good deal on these houses, but you need to be careful at the same time.