Don’t fall victim to “Free Money Scams”!

A “free money scam” is when someone tries to trick you into giving them your personal information or money by promising you a large sum of “free money” from a source like the government, a lottery, or an inheritance, often requiring you to pay an upfront fee or provide sensitive details to “claim” the money, which is always a red flag and should be avoided.

Follow the link below for a brief video from EPCOR Payments outlining some of the various tactics used by scammers.

https://www.youtube.com/watch?v=SNSCwxa6-Fo

Continue reading for some Key points about free money scams:

No such thing as “free money”:

Legitimate organizations rarely offer large sums of unexpected money without requiring some form of application or qualification.

Common tactics:

• “You’ve been selected”: Receiving an email, text, or phone call stating you’ve been chosen to receive a large sum of money without applying.
• “Processing fee”: Asking you to pay a small fee upfront to access your supposed “free money”.
• Fake government agency: Pretending to be from a government agency like the IRS or Social Security to convince you of legitimacy.
• Urgency tactics: Pressuring you to act quickly to “claim” your money before it expires.

How to identify a free money scam:

Unexpected contact:

Be wary of any unsolicited offers of “free money” via email, text, phone call, or social media.

Request for personal details:

Never provide sensitive information like your bank account number, Social Security number, or credit card details without verifying the legitimacy of the source.

Pressure to act quickly:

If someone is pushing you to make a decision immediately, it’s likely a scam.

Check the source:

Always research any organization offering “free money” to confirm their legitimacy.

What to do if you suspect a scam:

• Do not respond: Ignore any communication that appears to be a free money scam.
• Report the scam: Contact your local authorities and the Federal Trade Commission (FTC) to report suspicious activity