Inheritance Scams – Article ( Articles )
Inheritance Scams (I-Scams)
A Devious Play on Hope and Greed
I-Scams are a cruel twist on the promise of a windfall. They prey on individuals’ hopes for a better future, often targeting vulnerable or elderly individuals, by promising a large inheritance from a deceased relative or acquaintance. These scams can take many forms, but they all share a common goal: to steal your money and personal information.
Here’s how these scams typically work:
- The Unexpected Contact: You receive a phone call, email, or letter claiming that you are a beneficiary of a deceased person’s estate. The contact may seem legitimate, even using official-looking documents or forged legal paperwork.
- The Compelling Story: The scammer will weave a tale about the deceased, highlighting their generosity and desire to leave you a significant inheritance. They may even create a fake backstory about the deceased’s circumstances, such as a sudden death or a long-lost relative.
- The Urgent Request: To claim your inheritance, you are asked to provide personal information, including your bank account details, Social Security number, or other sensitive data. You may also be asked to pay upfront fees for legal services, taxes, or other expenses.
- The Disappearance: Once you provide the information or pay the fees, the scammer disappears, leaving you with nothing but a shattered dream and a hefty financial loss.
Here are some red flags to watch out for:
- Unverified Contact: The contact comes from an unknown source, and you cannot independently verify the deceased person’s identity or the legitimacy of the inheritance.
- Pressure to Act Quickly: The scammer urges you to act quickly, claiming that the inheritance is time-sensitive or that there are limited funds available.
- Requests for Personal Information: The scammer asks for sensitive personal information, such as your bank account details, Social Security number, or passport information.
- Demand for Upfront Fees: You are asked to pay upfront fees for legal services, taxes, or other expenses related to the inheritance.
Protect Yourself from I-Scams:
- Be Skeptical: If you receive an unexpected contact about an inheritance, be skeptical and do not provide any personal information.
- Verify the Information: Contact a legitimate attorney or financial advisor to verify the information and the legitimacy of the inheritance.
- Never Pay Upfront Fees: Legitimate inheritance claims do not require upfront fees.
- Report Suspicious Activity: If you suspect you are being scammed, report it to the authorities and to the Federal Trade Commission (FTC).
Remember, if it sounds too good to be true, it probably is. Stay vigilant and protect yourself from these deceptive scams.
Agency Resources:
- (FTC) (consumer.ftc.gov) – Contacted about long-lost relative’s life insurance policy or an inheritance? It’s a scam
- (FTC) (consumer.ftc.gov) – Contacted about a long-lost relative’s inheritance? Hold on a minute
- (USPIS) (www.uspis.gov) – Inheritance Scams
- (USDOJ) (www.justice.gov) – Justice Department Announces Extradition and Guilty Plea in Connection with International Fraud Scheme