The holidays are among us, and while many Iowans will take time off to be with family and friends, scammers unfortunately will work through the holidays trying to separate you from your savings.
The Iowa Insurance Division has received reports of Iowans being targeted with letters regarding long lost relatives with no immediate surviving family members. The letter promises a large inheritance and all you need to do is contact a law firm from Canada. Inheritance scams are not new; however, criminals are always coming up with new twists to lure you into their trap.
What the letter does not tell you is that the scammer will ask for money upfront to cover fees and taxes to receive the inheritance. They will also gather sensitive information such as your bank account number, name, and social security number in the process, making you susceptible to identity theft.
Warning Signs of Potential Scams
- If you get a letter or email out of the blue from someone from another country (in this case Canada, but it could be any country such as Nigeria, Spain, or the United Kingdom) who claims that you’ve inherited a large sum of money, the best thing to do is to tear up the letter or delete the email. The worst thing you could do is respond. If it sounds too good to be true, it probably is.
- Never share your sensitive personal or financial information with someone you aren’t completely sure you can trust. Again, scammers will attempt to gain your trust saying that they are lawyers or government officials.
- Consider your family history and see if the facts presented in the letter make sense. If you think there’s a chance that the correspondence might be legitimate, contact an attorney to represent you.
- Remember that legitimate law firms or executors don’t ask you to pay a fee in exchange for information about your share in an estate.
As you gather this holiday season, it’s a good time to check on family members to ensure they are not involved in common fraud schemes such as converting assets to gold bars so that the Federal Government can protect their funds from identity theft, crypto investments, or any offers that seem too good to be true. The best way to protect yourself and your loved ones from being scammed is to talk about on-going scams.
More information on these and other scams can be found at iowafraudfighters.gov.
Happy Holidays and wishing you a safe and fraud free New Year,
Matt Mortvedt
Iowa Insurance Division Fraud Bureau Chief