Tip of the Month | August 2023

Fear and Urgency in Internet Scams

Written By: Nick Ziarek, CFP®, CFA

In addition to the more common phishing emails looking to get your username and password, there has been an increase in emails designed to invoke strong emotions centered around fear and/or panic.

These emails may warn of imminent doom to the banking sector or purport to be contacting you on behalf of a loved one who’s ran into trouble, oftentimes with law and needs money wired to bail out. The rush for immediate action and artificial deadlines set by the scammers are all to create urgency around the fear and separate you and your money, as quickly as possible before being figured out.

Ignore these types of emails as best you can, try to independently verify the email address it was sent from, and if ever in doubt ask a trusted friend or family member to have them take a look before sending any funds or information.

An ounce of prevention is worth a pound of cure.