Pay Attention to the Wizard Behind the Curtain

Social engineering scams can be difficult to detect, but here are several big red flags to be on the lookout for.

By John Martin

As unfortunate as it may be, not everyone is as trustworthy as we’d like them to be, and that is especially true when it comes to preventing malicious actors from coming after your hard-earned finances and personal data.

One tactic for scamming individuals out of money or sensitive information is known as social engineering. This manipulation technique exploits human error to gain access to victims’ private information, login credentials or valuables. Think of a social engineer as a spy, pretending to be someone they’re not to create a false sense of safety and trust.

Here are some strategies social engineers use to manipulate would-be victims and what you can do to make sure you don’t fall into their trap:

Be Skeptical of Unsolicited Requests

Retirees are often targeted by social engineers through phone calls, text messages, emails and even door-to-door visits. Be cautious of purchase confirmations for items you did not buy, offers of free gift cards and unsolicited requests for personal information, financial details or investments. Legitimate organizations like TCDRS will not ask for sensitive information out of the blue.

If you receive an unsolicited call from someone claiming to be from a particular company, hang up. Look up the company’s legitimate phone number online and call to verify the authenticity of the request at its supposed source.

Resist the temptation to click links in emails and text messages. Scammers will often recreate the formatting of companies’ branding. It can be hard to tell if a link has taken you to the right place, so it’s always a good idea to look up a company’s legitimate website online.

Guard Your Financial Information

Be careful of making purchases using online retailers you’re unfamiliar with, no matter how good the deal is! Ensuring the website’s URL has a secure connection — that is, the URL begins with “https://” — and using trusted payment platforms are good practices when shopping online.

Limit what you share on social media, too, as social engineers can learn things about you to create targeted attacks personalized to your interests, or even pose as people you know.

You worked hard for your benefit, so don’t give it away to the wizard behind the curtain after he wows you with emerald glasses!

Personal Finance