Stop. Hang Up. Verify Independently.
Scams arrive in many forms: a phone call from your “bank,” a text about a suspicious charge, or an email warning that your account will be closed. The details change, but the strategy is remarkably consistent. The scammer wants you worried, hurried, and isolated, because that sense of panic and urgency short-circuits your critical thinking.
The best defense is a simple three-step rule: Stop. Hang up. Verify independently.
Two Calls That Sounded Important
A client of mine received a call from someone claiming to work in the Wells Fargo fraud department. The caller convinced him that to fight off the hacker attempting to access his account, he needed to send money through Zelle to another Wells Fargo account. I never learned the exact mechanics of the scheme. What mattered was the request itself: a stranger claiming to represent the bank directed the client to move money.
Wells Fargo’s own guidance is unequivocal: it will not ask customers to send or move money—including through Zelle—to “protect” funds, reverse a transfer, or fix a problem. It also warns that caller ID can be faked. But the fraudster was very good and kept my client on the phone, wore down his resistance and kept him from checking the Wells Fargo website.
Another client was called by someone pretending to be from Apple tech support. The caller said the client’s computer was full of viruses and offered to clean it up for him. This is another classic warning sign. The FBI says legitimate companies do not call unexpectedly to offer tech support and advises consumers never to give an unsolicited caller remote access to a computer or other device. Apple likewise says to hang up on unsolicited calls claiming to be Apple Support and contact Apple through an official channel instead.
Learn to Recognize the Pressure
A call, text, or email deserves extra suspicion when:
- You did not initiate the contact.
- You are told to act immediately or face a frozen account, financial loss, or some other frightening consequence.
- You are asked to move money, buy gift cards, use cryptocurrency, wire funds, or pay through an app.
- You are asked for a password, PIN, Social Security number, verification code, or remote access to your device.
- You are told to stay on the line, keep the matter secret, or avoid calling the institution yourself.
- A text or email asks you to click a link, open an attachment, or call the number in the message.
These are not merely rude sales tactics. They are designed to keep you reacting instead of thinking. The Federal Trade Commission (FTC) warns that scammers impersonate familiar organizations, invent a problem, pressure you to act immediately, and dictate a particular way to pay.
Break the spell.
Stop: Do not click, reply, share a code, install software, or move money.
Hang up: You do not owe an unexpected caller courtesy or an explanation. If the message came by text or email, close it without using its links, attachments, or phone numbers. If on the phone, you can ask for a case number. A legitimate representative will be happy to provide you with one and will expect a call back. A hacker will berate you.
Verify independently: Call the number on the back of your bank card, open the company’s official app, or type its known website address yourself. You can also call a family member, your financial advisor, or another trusted person before acting. The FTC recommends contacting the company through a phone number or website you already know is real. Never use the information in the message you received as it will likely send you back to the scammer you’re talking to.
Scammers will keep calling, and the story will probably be different each time. There are literally call centers in Asia full of people calling and emailing American consumers. You do not have to outsmart every new story. You only need to slow down and think: Stop. Hang up. Verify independently.
This column is prepared by Rick Brooks, CFA®, CFP®, AEP®. Brooks is an owner and senior financial advisor at Blankinship & Foster, LLC, a wealth advisory firm specializing in financial planning and investment management for people preparing for retirement. Brooks can be reached at (858) 755-5166, or by email at rbrooks@bfadvisors.com.
Category: Business, Finances, Information Technology, Local News, Scams
