Dr. Ron Smith Investigates Show
Season III, Episode # 8, “The Talk, (conversations I wished I had), Scams and ways to get your Financial Life in Order.”
Introduction: Scams aim to separate people from their money tricks and business transactions. Scammers may use text messages or email to trick people into sharing personal and financial information. They may also use various methods to collect money,
including wire transfers, money transfers, P2P payment services, mobile payment apps, gift cards, and Cryptocurrency.
If something sounds too good to be true, it probably is. If scam is suspected, it can be reported to a local police or sheriff’s office.
Topic #1 Most Common Scams:
• Copycat government websites. Some scams involve websites designed to look like official government websites (HMRC, IRS, FBI, etc...)
• Dating and romance scams (ask a lot of personal questions about you, give little about themselves, try to establish a bond quickly, ask for financial help, never meet in person)
• Phishing emails
Topic #1a. What information does a scammer need to access your account?
The easiest way to become a victim of a bank scam is to share your banking info—e.g.
account numbers, PIN codes, social security number-with someone you don’t know well and trust. If someone asks for sensitive info details, proceed with caution.
Scammers often come up with various reasons, such as emergencies, medical expenses,
or travel costs. Never send money to someone you’ve only met online.
Topic#2: Ways to Get Your Financial Life in Order:
So much of our financial lives seems overwhelming and scary, from stock market turbulence, inflation and housing market volitivity. Having a plan in place can ease some of that tension. Here are some ways to regain control of your money if you feel you have been violated or just annual update.
1. Check your credit reports
2. Freeze your credit
3. Calculate your net worth
4. Learn more about your retirement plans (contributions, admin fees etc...)
5. Sign up online to view your Social Security statement
6. Create an IRS online account
7. Cancel unnecessary services
8. Identify and prioritize your financial goals.
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