- August 2024
- Lisa Hartmann and Alfredo Martinez
With the increase in digital communication, the threat of scams— especially those involving Social Security—has become more frequent and widespread. Learning how these scams work and more importantly, how to protect yourself can help you avoid potential financial loss and stress.
What Are Social Security Scams?
Social Security scams typically involve fraudulent communication from individuals posing as representatives from the Social Security Administration (SSA). These scammers may contact you by phone, email, or even through social media, claiming there’s an issue with your Social Security Number (SSN) or account. They may threaten legal action, arrest, or suspension of your Social Security benefits if you don’t comply with their demands.
The goal of these scams is to steal your personal information—such as your SSN, bank account details, or credit card numbers—or to convince you to make payments through untraceable methods like gift cards, wire transfers, or cryptocurrency.
Red Flags to Watch Out For
It’s crucial to be aware of the common tactics used by Social Security scammers. Here are some warning signs:
- Unsolicited Contact: The Social Security Administration (SSA) will rarely contact you without warning. If you receive an unexpected call or email claiming to be from the SSA, be cautious and hang up.
- Threatening Language: Scammers often use scare tactics, such as threats of legal action or arrest, to pressure you into providing personal information or making a payment.
- Requests for Immediate Payment: The SSA will never ask for payment via gift cards, wire transfers, or cryptocurrency. Any request for payment through these methods would ensure that you will not be able to get your money back.
- Asking for Personal Information: Never give out your SSN, bank account details, or any other personal information unless you are certain of the identity of the person you’re dealing with.
How to Protect Yourself
To safeguard your financial well-being, it’s essential to take proactive steps against Social Security scams:
- Verify the Source: If you receive a suspicious call or email, do not respond immediately. Instead, contact the SSA directly using a known phone number or visit their official website to verify the legitimacy of the communication.
- Never Share Personal Information: Be extremely cautious when sharing personal details over the phone or online. The SSA will not ask for your SSN over the phone unless you initiate the contact.
- Monitor Your Accounts: Regularly check your bank and credit union accounts for any unauthorized transactions. Early detection is key to preventing further financial damage.
- Report Suspicious Activity: If you believe you’ve been targeted by a Social Security scam, report it to the SSA Office of the Inspector General, the Federal Trade Commission (FTC), or local law enforcement.
At Premier America Credit Union, your peace of mind is our priority. We're here to help you stay informed and secure in the face of potential scams. If you ever have questions or need advice on protecting your financial information, please reach out to our Member Center at 800-772-4000.