Debt Collection Scams How To Spot Fake Debt Collectors? A Quick Review
Introduction Debt collection complaints have gone up ever since the pandemic. While the Federal Trade Commission gets thousands of complaints every month just around unfair debt collection practices, there are many scammers and fraudsters around who trouble people with fake demands. They use a number of threatening tactics, including sending spam emails and repeated calls to get people to pay money that they don’t even owe to anyone. Such scammers use threats of revealing the debts to the victim’s employers and family members. People who don’t keep track of their finances may fall prey to such fake schemes.
Spotting Scams
Wondering whether you are the target of a fake debt collection scam run by fraudsters? The following slides will review and highlight some of the red flags.
1. No concrete information
The spammer may repeatedly irritate you with phone calls and spam emails without citing any real information about the original creditor. They may harass you saying that you have missed credit card payments or payday loans without going into the details.
2. Won’t reveal themselves
Fraudsters don’t reveal the name of the third-party debt collection agency they work for. There is high chance that they may leave you with bogus agency names and contact details.
3. Persuades you to share your personal details
Is someone asking you to share your credit card number, and even Social Security number with them over the phone? No legitimate agency will ask you to share sensitive information through such unregulated channels.
4. High-pressure calls
As reviewed by financial analysts, fraudsters and fake debt collectors may blackmail you into paying them right when they are on the call with you. These spammers may send suspicious payment links that may also copy your sensitive credit card details.
Presented & Reviewed By: Vinayak Joshi, Manager, Money 2.0 Conference
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