Inheritance scams have been around forever, and they’ve only gotten more prevalent with the advent of online communication. Unfortunately, if the victim falls for the scam, they’ll only inherit the loss of funds, possible identity theft and more.
Here’s what you need to know about inheritance scams and how to protect yourself. How the scam plays out In an inheritance scam, a target will receive an email or letter, allegedly from a lawyer, informing them that they’ve inherited a large sum of money from a recently departed relative. The exact amount of money referenced in the scam will vary, but it can be as high as several million dollars. The target will be asked to pay an upfront fee for the ability to claim their inheritance. The scammer claims this money will help cover the cost of legal fees, taxes and other expenses that are related to the transfer of the inheritance. Unfortunately, if the target agrees to pay the “processing fee,” they’ll never see this money again – and they certainly won’t see the inheritance they’ve been promised. In another version of the inheritance scam, the target is asked to share personal information, including their checking account details, so the inheritance can be transferred to their financial institution of choice. Of course, the scammer has no interest in sharing any funds with the victim, and will instead use the victim’s personal information to empty their accounts and/or steal their identity. Scammers use several ploys to make their ruses appear authentic. In both versions of the scam, the victim will be instructed not to share the news of their good fortune with anyone. This stops the victim from reaching out to another family member to question the authenticity of the inheritance. In addition, the email or letter informing the victim they’ve inherited a large sum of money will often include personal details about the victim’s life, such as their home address, names of their relatives and more. All of this information can generally be scraped off the internet and/or other public sources. This, too, can lead the victim into believing the missive is legit. Red flags Protect yourself from falling victim to an inheritance scam by looking out for these red flags:
If you believe you’ve been targeted by an inheritance scam, take these steps to protect your money and your information, as well as to help law enforcement agencies catch the scammers:
Your Turn: Have you been targeted by an inheritance scam? Tell us about it in the comments.
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