New fraud schemes exploit trust, technology and urgency

Recent warnings and guidance from the FTC, FBI, Immigration New Zealand and the Canadian Anti-Fraud Centre emphasize how fraudsters exploit fear and increasingly advanced technology to steal money and personal information. Consumers and businesses can reduce their risk by verifying unexpected requests, safeguarding sensitive information and staying informed about evolving fraud threats.

Jerry Johnson received a letter from a law firm stating that he was an heir to an unclaimed life insurance policy worth millions of dollars. Johnson, the letter explained, had the same last name as one of the firm’s clients who recently died. The letter instructed him to reply to authorize the transfer of his share of the inheritance to his checking account. Johnson replied to the letter and enclosed a check with his bank account and transfer numbers. He contacted his bank every day to see if his share of the unclaimed life insurance policy made it into his account. A banker informed him that the balance in his account was wiped out. He knew then that he’d been the victim of fraud.

Unclaimed life insurance scam