If you’re deep in debt, it’s stressful and takes over your life. The only thing you can think about is getting out of debt.
Scammers prey on this anxiety and have tailored a number of traps to suck you into their swindles.
Most debt relief scams come out of the blue. They reach you by email, text or social media. There are plenty of red flags, though. Here’s what you need to know, according to the Cybercrime Support Network:
“Scammers offer false promises and deploy high-pressure sales tactics to deceive them,” the Network reports. “Anyone can set up a debt relief company, regardless of their qualifications or experience. This lack of regulation in the debt relief industry has made it easier for fraudsters to operate without consequence. “
What are some signs that you’re being solicited for a scam? Here’s what to look out for:
Access to Bank Accounts. They might claim that this is necessary in order to negotiate with creditors or make payments on their behalf. However, it gives them unrestricted access to your money. Don’t do it.
Aggressive Sales Tactics and False Claims. They might claim that “time is running out, or that they have a special offer that’s only available for a limited time.” They might also use scare tactics, such as telling you that you’ll be sued if you don’t sign up for their services immediately. They may even “guarantee” results that promise to wipe out all of your debts.
False Representation. They may even claim to be a government official or from the IRS or other agency.
The best way to avoid these swindles is to ask for credentials and do your research. None of these scamsters like it when you ask questions, but that’s your best defense.
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