New Financial Scam to Watch Out For

Watch out for a new financial scam where hackers pose as your credit card company through texting.

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Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk, including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

[tabormiston]

Another scam is they say that they are holding your package and need to confirm address and other bank info. If you have ordered something online and UPS sends phony email to you.

[Bruce_S]

Really good advice and information, Mike. Other comments are great as well. Greatest threat to retirement? Is it… High fees? Inflation? Poor planning? Scammers? The latter scares me the most right now. Seems like the legal system is powerless against these crooks! 😢

[justmyopinionnow]

Place credit holds for all three credit bureaus....it's easy to do and free.

[blktauna]

directly contact your institution. Never accept calls or texts.

[stevemlejnek]

Somehow my credit card got hacked and fraudulent charges were made. I did get a fraud alert. I called my credit union instead of responding to the text and confirmed with them the fraud alert. The card was then frozen. Waiting for a new card now.

[MaxPower-]

It’s a nasty scam indeed. However, it is by no means “new”. Has been going around for years now.

[Patrick-iqdo]

If a firm contacts you, do NOT reply directly. Contact them at their public contact information on their website. Ask if it really was them. Simple.

[gregwessels]

Had it not been for 2FA, my crypto would had been removed a long time ago and that could just as easily happen to a bank account too. While you are at it, lock down your phone number and email so scammers can't change login credentials.