How to Avoid the ‘Financial Hardship Department’ Email Scam
Reading Time: 4 minutesThe Financial Hardship Department scam goes after your money when you have little to spare. Here’s how to keep your money secure.
Have you received an email or a text message from a Financial Hardship department telling you that you have been approved for financial assistance of a specific amount? Is the email or text message asking you to call the number provided to proceed with the application process? If so, don’t call this number or believe what the email or text message says. It’s a scam.
How does this scam work? What should you do if you receive such an email? How should you proceed if you have already been scammed?
Overview of the Financial Hardship Department Email or Text Scam
As its name suggests, the Financial Hardship Department scam is another finance-related scam in which scammers pretend to be from a government agency or department and target victims who have either applied for a loan in another organization or are otherwise in financial trouble. Email is the primary form of communication used in this scam, but scammers can also send text messages.
In the message, potential victims are informed that their application for financial support has been approved. Sometimes, the message mentions the total amount (in dollars) approved for the recipient. Sometimes, it doesn’t. Having convinced prospective victims, the scammers persuade them to call the number provided, so they can proceed with the application.
To make the email seem official, scammers also mention that their (imaginary) department should only be contacted during normal business hours, typically 9 AM to 4:30 PM Pacific Time.
How the Financial Hardship Department Scam Works
When potential victims contact scammers by calling the provided number, the scam can take several forms.
Scammers can ask follow-up questions to gather your critical details, such as your social security number, credit card details, and bank account information. They may also ask for personal information, such as your name, phone number, and family details. Scammers could abuse the information they acquire from you in any way they deem fit.
For instance, they could misuse your social security number for illegal purposes and commit fraud using your personal information. In the same way, they can steal money from your bank, credit card, etc.
The fraudsters may also ask for a processing fee to process your application. That’s one of the most common methods scammers use to steal money from people.
Should You Respond to the Scam Message?
If you’ve never applied for financial assistance from a bank or organization or if the context of the email or SMS fits the above description, it’s likely a scam. So, ignore it. However, if you’ve applied for financial support recently and are waiting for a similar message,
be careful not to confuse a legitimate message with a scam.
For confirmation, contact the organization or agency where you have applied for the loan and ask whether they have contacted you via an email or SMS. Send them the number you received the text from and inquire if it is their official number. If they deny sending you any messages or emails, it’s definitely a scam.
So, don’t call the provided number or share any personal information, don’t click on any links in the message, and avoid downloading any attachments from the email, as those might be infected.
When you are sure that the email or text message you received is a scam, you can block the email address from which it was sent to avoid scammers contacting you again. In addition, report the phone number to relevant authorities, so they can take action against the fraudsters.
Got Scammed? Here’s What You Should Do Next
If you’ve only received the Financial Hardship Department email or text message but haven’t taken any action requested in it, such as calling the number, sharing personal information, etc., you are completely safe. Just make sure you block the email address or phone number.
However, if you have done anything that the message asked you to do, you should do your best to undo or minimize the damage that could result from this mistake.
For instance, if you have called the provided number and shared credit card information or bank account details with scammers, contact your bank and freeze your credit card and bank account. This will ensure that your funds are safe.
If scammers have collected personal information from you, such as your name, address, or social security number, or the information of any of your family members, report it to the authorities right away. Doing so will protect you from legal repercussions if a scammer misuses your identity.
If you have downloaded any attachments from the email, perform a malware scan on your computer. This will ensure that your device is not infected. If the malware scan finds some infections and removes them, you should change your saved passwords, scan your browser, and take the necessary precautions to prevent fraudsters from tracking your activities.
How to Avoid Being Targeted
Following a few essential security tips will keep you off scammers’ radars in the future, reducing your chances of being scammed.
First, you should not use your personal email address or phone number when signing up on third-party websites and services because they may collect that information and sell it to scammers. Instead, create a disposable email address and phone number.
Use burner apps to get temporary phone numbers and disposable email services to get temporary email addresses.
Likewise, if you need financial assistance, you should always look for an organization or company approved by the government. Trying your luck with enigmatic and shady companies, especially those having only an online presence, will only lead to identity theft.
Simply put, protecting your personal information will ensure your privacy and reduce the likelihood of you being targeted by similar scams.
Don’t Let Scammers Steal Your Data and Money
Scammers are always coming up with new ways to take advantage of innocent consumers. Now that you know how the Financial Hardship Department scam works, you can avoid it. If you’ve fallen victim to it, you should follow the aforementioned steps to protect your data and money.
Knowledge and awareness are the best defenses against scams. Be sure to educate others around you about this scam to prevent them from falling victim to it.
Reference: https://www.makeuseof.com/how-to-avoid-the-financial-hardship-department-email-scam/
Ref: makeuseof
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