Don’t Get Caught in a Debt Collection Scam
No one likes to be in debt. It’s a downward spiral that never seems to end, and it’s an expensive burden to carry, too. Unfortunately, scammers often exploit the feelings of helplessness and overwhelm to lure victims into their debt-collection scams. Let’s take a look at these scams and how to keep yourself from falling victim.
How the scams play out
In a debt-collection scam, a scammer posing as a debt collector will call a victim and demand payment for an outstanding debt. The caller insists on a specific means of payment, usually a wire transfer or prepaid debit card. The scammer will sometimes threaten to tell the victims’ family members about the debt if it’s not paid up immediately. The alleged debt may be completely fabricated, or an actual debt the victim has that the scammer has learned about through social engineering or by hacking the victim’s private accounts. In either scenario, though, the caller is not a debt collector and represents only themselves. Of course, any money the scammer collects will go directly into their own pocket.
Here’s how to recognize a debt-collection scam:
Debt-collection scams can be difficult to spot, but with the right knowledge, you can protect yourself. Follow these tips to stay safe.
Debt collection scams can make the nightmare of debt even worse. Use the tips here to stay safe!