Clapping Back at Scams

It was a sunny Thursday morning in 2014 and the bank I was working at had just opened. I was sipping a cup of coffee and ready to greet our first customers as they entered our lobby. In walks a woman who was visibly upset and, on her phone, seemingly taking instructions from someone on the other end of the line. The woman, let’s call her Jane, approached me, and stated that she needed to withdraw $1,800 cash immediately. She was on the phone with the IRS and if she did not meet them by noon with this payment, a warrant would be issued for her arrest.

I took a deep breath and asked Jane if I could speak to the person on the phone. She obliged and I found myself speaking to an American-sounding man from the “IRS.”  I told him he had no authority and we would not be complying with his request, then promptly hung up the phone. I escorted Jane to my cubicle, got her a cup of coffee, and explained that she was safe and not in danger of punitive legal action.

A decade later, this experience still resonates with me. We don’t know what we don’t know, and it is our blind spots that can get us into trouble. As a financial professional, I take my duty of educating those around me very seriously. In the spirit of looking after my fellow man, I would like to share the following financial safety tips with you:

• Check the Facts – Does this organization have a reason to call me? When in doubt, hang up and call the organization directly using a phone number listed on their official website.
• Listen to Your Intuition – If something doesn’t make sense and feels off, it probably is!
• Assess the Threat – Keep an eye out for potential red flags. If you were sent an email, does the email address look legitimate? Are there any grammatical or spelling errors? If you received a phone call, are they asking for your personal information?
• Pause – Fraudsters love to get you worked up so you act before you think. When you are pushed to rush, think pause. Taking a moment to breathe and think could save you from making a costly mistake.

The next time you get an email from the executive director of Zenith Bank Nigeria congratulating you on inheriting $10,500,000 (actual email in my spam folder), I hope you CLAP back – and keep yourself and your finances safe.

Kelly Schleier