What is a phishing scam?

FTC warns that scammers are using ‘robotexts’ to phish for info

FOX Business’ Kristina Partsinevelos, Kingsview Asset Management CIO Scott Martin, Capitalist Pig Hedge Fund’s Jonathan Hoenig and Kaltbaum Capital Management President Gary Kaltbaum on the FTC’s recent warning on ‘robotexts.’

A phishing scam occurs when someone intentionally tricks another person to provide personal and private information about themselves, often through email or telephone exchanges.

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Scammers will often pose as a business or person the victim is familiar with and typically even provide a story to convince the person to open an attachment or click a link, according to the Federal Trade Commission. They then use the information they obtain to try to steal victims’ identities or access their bank and credit card accounts.

SENIORS, BE WARY OF THESE MEDICARE SCAMS DURING COVID-19

This June 19, 2017 file photo shows a person working on a laptop in North Andover, Mass. (AP Photo/Elise Amendola, File)

Here are some signs of phishing scams, according to the FTC:

  • Scammers say they’ve “noticed some suspicious activity or log-in attempts.”
  • Scammers tell you there’s an issue with your payment information or your account.
  • Scammers ask you to provide or confirm personal information.
  • The message includes a fake invoice.
  • Scammers ask you to access a link in order to make a payment.
  • Scammers tell you you’re eligible to receive a government refund or you’ve received a coupon.

WHAT IS INSIDER TRADING?

Many email providers have become sophisticated enough to block users from receiving phishing messages. That said, the FTC urges people to create multi-factor authentication, or “requiring two or more credentials to log in,” to better protect themselves. Certain kinds of software is also available to strengthen phishing securities.

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