Two weeks ago, when arriving at the gym, a polite, professional-sounding man on the other end of the phone told me there was a warrant out for my arrest.

The call had come in from the Sheriff’s Department. I typically don’t answer numbers I don’t recognize, but in this case, there it was right on the caller ID: Contra Costa County Sheriff’s Department.

“You failed to appear in court for federal jury duty,” the man explained. “And we have record of you signing a certified letter indicating you received your summons.”

Here’s the thing: I would never ignore a jury duty summons. But I did remember signing a certified letter not too long ago. My mind turned over all the possible scenarios as the man kept talking. Was the letter actually a summons? Had I just thrown it away and forgotten about it? 

You need to turn yourself into the Sheriff’s Department, the man told me. But first, you need to take out a surety bond.

At this point, I was in tears – racing heart, blood pounding in my ears. The voice on the other line was as calm as I was frantic. He directed me to take $9,000 out of my bank account and go to Safeway to purchase the surety bond. Before I could do that, I told him, I had to get my mom to watch my kids.

“That’s fine,” he told me, “but this is now a federal case. You can’t share any details about it with anyone.”

When I got in the car, he asked me to track the miles on my odometer to prove I wasn’t a flight risk. His tone remained professional, even reassuring. 

If you’re wondering, didn’t you think this was a scam? Of course I did. But his confidence, knowledge, and authoritative demeanor had me second-guessing myself enough to get me, $9,000 in shaking hands, to start driving toward the Safeway.

Ultimately, it was the thought of putting $9,000 into a machine and watching it immediately disappear that made me pause long enough to change course.

I’m not doing this, I said. I’ll just go to the Sheriff’s Department and turn myself in. 

“You realize what you’re doing? Without the bond, you’re going to spend at least five days in jail,” he told me, still sounding perfectly rational. He even added, “You’ll want to make sure someone can come pick up your car from the police station, because you won’t be able to leave.”

At that point, my car was the least of my worries. I just wanted to sort this out in person. 

When I pulled into the Sheriff’s Department parking lot, it was closed – and he dropped off the line. Later, the Sheriff’s Department told me they’ve seen this play out several times before. Because scammers can program burner phones to display whatever caller ID they choose, they’re extremely difficult to detect and almost impossible to track after the fact.

I’m sharing this story because you never think it’s going to happen to you. By virtue of my profession, I’m on high alert for financial scams at all times, and the legitimacy of this one still had me close to losing $9,000. 

The truth is, financial scammers are getting more sophisticated all the time, with AI contributing in a big way to their ability to use our emotions to get what they want. The only answer is to be more vigilant and take precautions wherever possible.

Five Tips for Making Yourself a More Difficult Target

This is by no means an exhaustive list of cybersecurity precautions, but I recommend starting here to begin protecting yourself from potential scams:

1. Register with the Do Not Call list if you haven’t already. The Federal Trade Commission’s DNC Registry enables you to opt out of most telemarketing calls and doesn’t contain any personally identifiable information, just your phone number. 
2. Use a password manager like Bitwarden or 1Password rather than saving passwords in a web browser or storing them electronically on your computer (even writing them down is a better option!). I know you already know this, but it bears repeating: Choose strong, unique passwords that can’t be guessed easily, and don’t reuse passwords from application to application.
3. Enroll in two-factor authentication wherever possible. Even if you take steps to choose strong passwords and store them properly, hackers can still use phishing techniques or software to guess your password. Two-factor authentication – for example, a one-time passcode sent to your email or phone upon a login attempt, or a dedicated authenticator application – adds an extra layer of security.
4. Monitor your credit. With free credit monitoring available through a number of different services, this is an easy way to stay on top of potential identity theft (and to keep an eye on credit trends in general!). 
5. Beware of imposters. This final tip really comes down to two words: Question everything. As I mentioned above, today’s scams are becoming increasingly sophisticated. Advanced technology and AI capabilities have made it easier for cyber criminals to impersonate authority figures, like the Sheriff’s Department, or even your own family members. Pay particular attention to phone calls that don’t seem quite right, or anything suggesting you need to take immediate action (especially financial action!) lest you suffer dire consequences. 

Especially during this time of year, financial scams are increasingly prevalent. Please share this story and list of proactive measures with your family and friends – my hope in sharing this story is that it never happens to you too!

 

^{This material is distributed for informational purposes only. Investment Advisory services offered through Journey Strategic Wealth, a registered investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”). The views expressed are for informational purposes only and do not take into account any individual’s personal, financial, or tax considerations. Opinions expressed are subject to change without notice and are not intended as investment advice. Past performance is no guarantee of future results. Please see Journey Strategic Wealth’s Form ADV Part 2A and Form CRS for additional information.}