March 2023
Fraud Alert

Three Scams to Avoid in 2023

By: Javier Jiminez

Three Scams to Avoid in 2023

1. The “pig butchering” scam

These types of scams are often used in cryptocurrency scams, but may be used in any type of investment scheme. Generally, scammers reach out via text, social media, or dating websites and start to build a relationship (friendly or romantic). After some time communicating back and forth, the scammer starts to talk about how much money they’ve made on their “secret” investment. They’ll try to convince you to try a small investment using their “special” app or platform (really just a bogus platform that steals your money).

2. Student loan forgiveness scam

With the student loan forgiveness program being highly publicized in the past year, scammers have found another way to take advantage of individuals. Scammers reach out via phone calls or emails. They use generic business names that sound trustworthy or they can pose as federal loan servicers and will set up a bogus website that looks official. They may say that they offer a number of services, from loan consolidation to loan forgiveness. If someone falls for the fraudulent service, they’ll unwittingly disclose sensitive information to scammers such as social security number, IDs, financial information, addresses.

3. Damaged used cars selling for sky-high prices

With used car prices hitting historic highs in 2021 & 2022, this has offered a big opportunity for scammers. If you’re in the market to purchase a used car, it may be difficult to determine whether the vehicle is actually in good condition. Dishonest individuals may tamper with the VIN, car title, or even hide serious issues such as water damage. A seller may charge a high price for a used car with extensive water damage and will clean up the car and lie about the vehicle’s history. Another type of fraud is title fraud. Scammers will sell a salvaged title vehicle for the price of one with a clean record by forging or altering the car’s title document.

Don’t forget, this is a game of numbers for scammers. They do this thousands of times just to get one or two individuals to fall for the scam. So, they can sound very convincing and are good at what they do. If you are still unsure after doing your due diligence, you can always reach out to your team at Copperwynd Financial. We are more than happy to review any suspicious calls or messages.

https://www.aura.com/learn/latest-scams-going-around

If you have questions, please contact us.

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