New Phishing Scams Prey on Consumers' Economic Fears

A recent wave of phishing scams and other identity theft scams seek to take advantage of people's fears regarding the economy. With so many banks having trouble, the Identity Theft Assistance Center (ITAC) and the Federal Trade Commission are warning consumers in a press release about emails claiming to be from an institution that recently acquired the consumer's bank, mortgage, or savings and loan company.

Obviously, many of us are not strangers to the phishing scam since we've seen many of them before. However, these recent ones are taking advantage of many consumers' insecurities regarding the current economic situation. These scammers hope that some worried consumers will fall for their fraud and provide important information, like passwords, account numbers, and Social Security numbers. They will use this information to commit identity theft.

ITAC and the FTC are also anticipating an increase in credit-related scams. Be on the look out for phony refinancing offers, equity loan schemes, and other credit-related scams. Thoroughly investigate the validity of an offer before agreeing to anything and avoid giving your account numbers or Social Security number to anyone who contacts you by email or phone. Being so free with your information can make you the next victim of identity theft.

While many struggle during difficult economic times, scammers seem to thrive by taking advantage of the fears and concerns of others. Do not be fooled by these emails. It's just another phishing scam from another fraudster looking to commit identity theft. By being smart, you can avoid becoming a victim.