Guess What This Blog is About…
You know what I am absolutely sick of writing about? SCAMS. Not because I don't want to educate you on what's going on out there, but because innocent people are constantly being taken advantage of - it NEVER ends! So, since it isn't stopping, here we are yet again, talking about another scam, and if you are one of the millions of drivers who use a toll payment service like EZ Pass, watch out for this new scheme.
What's in a scam?
Previous versions of this scam were conducted by email, whereas this variation is perpetrated by text. Unsuspecting drivers receive a text message informing them they have an unpaid toll. A link is included for the user to continue on to the pay site. By now, you can guess that the link directs users to a phony payment site – or worse.
By entering your payment info, scammers can use your credit or debit card to wrack up purchases before you even know something is wrong. That sounds pretty bad, so how can it get worse? How about unauthorized purchases, with a side of identity theft? Scammers won't stop at a few purchases. They want to take it as far as they can. Aside from potentially installing malware on your device, they will use stolen info to gain access to your bank account and even use your identity to apply for credit. And guess who will be stuck with the repercussions? YOU!
Who is targeted?
Florida and New York residents seem to be taking most of the hits with this scam, but I have personally heard of Virginia residents falling victim to this scam. The thing about scams is that they can happen to anyone, anywhere, at any time. No physical boundaries are in place to stop scammers from doing what they do best.
When is this happening?
Unfortunately, this is a new scam. Reports have been circulating on it as recently as April and May 2024.
I know it instills a sense of paranoia to say, "Assume everything is a scam unless proven otherwise." I don't want anyone to live in fear, but a healthy dose of caution never hurt anyone. So, let's find a middle ground. Here are some things you can do to help stay safe in this crazy world we are all living in.
1. This should go without saying, but keep your personal info, well, personal. Would you walk down the street handing people little cards with your name, address, and social security number on them? No way! The same is true for anything you do online. Your identifiable information should be provided infrequently and only to vetted sources.
2. DO NOT SHARE PASSWORDS – and by this, I mean don't tell people your passwords, and don't use the same password for all your logins.
3. Sign up for alllllllll the monitoring. Purchase alerts and credit monitoring are welcome allies in the fight against fraud. Purchase alerts, provided by all of the major credit card issuers, let you know when a transaction has been made in real time, allowing you to freeze your card(s) immediately if there is a problem. Credit monitoring can help you in a few ways. First, you can see when people are attempting to use your account to apply for credit, but it's too late by then. Instead, you also want to implement a credit freeze. This free service is available through all three major credit bureaus and stops credit pulls from being made. You can lift a freeze whenever you need to quickly and easily by visiting the credit bureau's website. Just make sure you place the freeze after your legitimate inquiry has been made. Lastly, you can place an alert on your credit. This is a valuable tool if you have been the victim of fraud or suspect you are the victim of fraud. We say this all the time, but don't give the bad guys a leg up!
4. Check your credit report. We want you to be up close and personal with your credit. You can check all three bureaus for free every year, so it's a great idea to stagger your reports by pulling one each quarter. Tedious? Maybe, but it's well worth the time it takes.
That about covers this scam. Stay vigilant, and let us know if you have anything to add by sending me an email.
Krista Kyte is a personal finance blogger and personal banker with over 21 years of experience in the financial industry. Krista is passionate about helping our members understand their financial situations. She writes tips that help consumers reach and maintain financial security and start living the life they've always wanted.
