What are some of the common techniques used by fraudsters?

Fraudsters use a variety of techniques to dupe unsuspecting consumers into giving up their money. In Virginia, some of the most common fraudulent techniques are identity theft, phishing, bogus investments, and scams and lures. Identity theft occurs when a fraudster uses someone else’s personal information, such as their name, date of birth, and Social Security number, to obtain goods or services, or to open new accounts in that person’s name. Often, the fraudster will open accounts in the victim’s name and then quickly rack up debt, leaving the victim to deal with the repercussions. Phishing is a type of identity theft in which a fraudster impersonates a legitimate business to scam unsuspecting consumers out of their information. Phishers typically send emails or text messages posing as a trusted source and asking consumers to provide their personal information, bank account details, or passwords. Bogus investments involve convincing victims to invest in “opportunities” that have no potential of returning a profit. These “opportunities” can be anything from get-rich-quick schemes to fake real estate investments. Finally, scams and lures are used to convince victims into giving up their money. These can range from lotteries to pyramid schemes and more. Victims are tricked into believing that they have won a large sum of money or that they will receive a share of a large one-time payment. In reality, there is no money to be had and victims are left with nothing but empty wallets. Overall, the techniques used by fraudsters can vary, but in Virginia, identity theft, phishing, bogus investments, and scams and lures are all common. It is important for consumers to be aware of these tactics and to take steps to protect themselves from becoming victims of consumer fraud.

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