Compliments to one of my colleagues for highlighting this disturbing trend – under the heading, “this could never happen to me”:
Apparently, there is a new trend emerging in the ever-evolving landscape of fraud. In this case, fraudsters are showing up at victims’ homes or arranging in-person meetings with the aim of collecting physical cash, gold bars or other valuables. This in-person, “show up at the door” version of fraud is a significant shift from digital scams – where the victim’s financial and other assets and data are at risk – to a scenario in which the victims could end up in imminent danger of physical harm.
Even if scammers don’t directly threaten victims in these in-person scenarios, they enable the criminals to use high-pressure tactics and intimidation to get what they want, especially because they are often posing as representatives of the government, banks or other trusted institutions like law enforcement.
In fact, there is a real event I can recall from about six years ago when a sharp, hard-working high schooler (daughter of a good friend) was intimidated over the phone by someone who compelled the young person to drive to a location, presumably to force the young person to withdraw cash from an ATM or purchase gift cards. The event was very luckily intercepted by the parent and a neighbor who happened to witness the young person suddenly get in her car to drive somewhere at an unusual time in the mid-afternoon.
Who is being targeted:
- Anyone
- Particularly older adults not accustomed to recognizing scams
- Naive, unsuspecting younger people glued to social media
Suggested responses to unusual or surprising messages or sudden phone calls or sketchy in-person “visits” to your front door:*
- PAUSE and do not respond immediately
- Verify the contact’s identity
- Do NOT share information
- Consult a trusted individual
- Report suspicious activity immediately
- Preserve evidence, including photos (when safe to do so)
- Never let anyone you don’t know come inside the house – remember, good-intentioned political door-knockers and legitimate sales callers will stand far away from the front door after ringing the bell and typically show identification, advertisement or brochures to validate their purpose
- Refuse immediate transactions
- Call for help
- Alert neighbors
Education is key. Over the weekend, perhaps share this information with family and friends to spread the word. Stay safe and be aware.
*Source: Charles Schwab and the FTC (Federal Trade Commission).
This material has been prepared for informational purposes only and is not intended to provide, and should not be relied upon for, tax, legal or accounting advice.