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Fraud Tip of the Day - October 5
Detect and Stop Cell Phone Text Message Scams
Cell phones have become a convenient way for telemarketers and scam artists to reach out to the public. You may be used to unsolicited
telemarketing phone calls but text messages are also being used to generate interest in crummy investments and penny stocks as part of
classic pump and dump schemes. Many are designed to appear as if they were intended for someone else and that this is the investment
opportunity of a lifetime. If you call then number for more information, expect high pressure tactics. But calling these people back
is the last thing you want to do.
The first thing you need to do is recognize these messages for what they are: scams.
How to detect a text message scam:
These scams should be fairly obvious unless you expect to receive stock related text messages from strangers on a regular basis. Even then,
it would be sheer lunacy to throw even a single dollar away on a "tip" such as this. Besides the fact that the call is unsolicited
and anonymous you should be on the lookout for:
- Price targets are offered.
- Pressure to jump in immediately...before it's too late!
- Insanely optimistic predictions. When someone tells you can double your money is 3 months you should be skeptical.
- You are urged to invest in penny stocks you've never heard of.
Even if the pitch sounds reasonable, don't act on the tip. As a rule you should never make an investment based on unsolicited advice. So
what can be done to stop these scams? First, you should do everything you can to protect yourself by reducing the number that you receive.
You won't be able to completely eliminate unsolicited messages but taking the following steps will take care of most of them.
- Register your cell phone number on the National Do Not Call Registry. Did you know that you can register more than one telephone? Well, you
can and once you get your cell number into their database you should see improvement if you get many telemarketing calls.
- If your state has its own Do Not Call list, get your cell number on it, too.
- Don't opt to receive offers from third parties or partners or any of that nonsense. If you sign up and give them your cell phone number
as many people do, expect to start receiving unexpected phone calls from telemarketers. Some sign-up and registration forms are tricky and they
may have checked the box for you as a convenience (Not!).
- Opt out of receiving future text messages whenever possible.
- Let your cell phone carrier know when you receive unsolicited messages so that they're aware of it.
- Ask your cell phone carrier what you can do to stop unwanted txt messages. Check their website periodically for news and alerts. Forewarned
is forearmed.
Report unwanted text messages, especially if they involve investment opportunities. Visit our Fraud Reporting
section for more information on contacting your local law enforcement or other government agencies.
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