Important Alert: Protecting Your Financial Security from Fraud

At SBS Retirement Consultants, we are committed to helping you secure your financial independence both now and in retirement. Recently, we’ve been working with individuals who have suffered significant financial losses due to sophisticated scams. These aren’t just isolated incidents—they’re happening right here in our community. As your trusted financial advisors, we want to equip you with the knowledge to protect yourself from these increasingly convincing fraud attempts.

Social Security Scams: A Growing Threat

The Social Security Administration (SSA) has recently updated its policy regarding benefit overpayments, and scammers are using this as an opportunity to target individuals with fraudulent communications claiming to be from the SSA.

Be aware that the Social Security Administration will NEVER:

Threaten you with arrest or legal action if you don’t immediately pay money
Claim to “suspend” your Social Security number
Pressure you to take immediate action or share personal information
Ask you to pay with gift cards, prepaid debit cards, wire transfers, cryptocurrency, or by mailing cash
Threaten to seize your bank account
Offer to move your money to a “protected” bank account
Demand secrecy
Contact you through direct messages on social media

Other Common Scams Targeting Our Clients

Nigerian Prince/Foreign Lottery Scams

These classic scams involve someone claiming you’ve won money or can receive a share of a large sum if you help transfer funds from another country. They’ll ask for bank details or request payment for “fees” or “taxes” to release your winnings.

Romance Scams

Scammers create fake profiles on dating sites or social media, build relationships with victims, then claim they need money for emergencies, medical expenses, or travel costs to visit you.

Grandparent Scams

Fraudsters pretend to be a grandchild in trouble, claiming they need money immediately for bail, medical treatment, or to get out of a foreign country.

IRS Impersonation Scams

Similar to Social Security scams, these involve callers claiming to be from the IRS, stating you owe taxes and threatening arrest, deportation, or license revocation if you don’t pay immediately.

Tech Support Scams

Scammers claim to be from Microsoft, Apple, or another tech company, saying your computer has a virus or other problem that they can fix if you give them remote access to your device.

Investment Scams

Fraudsters promise extraordinary returns with little or no risk, often involving cryptocurrencies, precious metals, or foreign exchange markets.

Universal Red Flags of Any Scam

Urgency: Pressure to act immediately without time to think or verify
Unusual payment methods: Requests for gift cards, wire transfers, or cryptocurrency
Unsolicited contact: They reached out to you first, not the other way around
Too good to be true: Promises of unexpected money, prizes, or unrealistic returns
Threats or intimidation: Creating fear to prompt quick action
Requests for personal information: Seeking Social Security numbers, account details, or passwords
Poor grammar or spelling: Often a sign of scams originating overseas

Best Practices to Protect Yourself

Verify independently: Always contact organizations directly using numbers from official websites or statements, not those provided by the caller or email
Never share personal information: Legitimate organizations won’t call, email, or text asking for sensitive information
Use strong, unique passwords: Create different passwords for each account and consider a password manager
Enable two-factor authentication: Add an extra layer of security to your accounts
Be skeptical of unsolicited communications: Even if they appear to be from friends or family, verify through another channel
Research before investing: Check with the SEC, FINRA, or state securities regulator before investing money
Take your time: Legitimate offers will still be there tomorrow—don’t rush decisions
Trust your instincts: If something feels wrong, it probably is