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Beware of the New Scam–The promise of an Immediate COLA
Over the past several weeks, a new con game has developed to prey on unsuspecting seniors. Simply put, a caller claiming to represent the Social Security Administration uses the promise of a 1.7% cost-of-living-adjustment (COLA) to elicit personal information which can then be used for nefarious purposes, like re-directing monthly payments to the crook’s account. What makes the con even more concerning is the use of “phone spoofing technology” to simulate local calls, giving the illegal caller an additional measure of authenticity. Here are two recently-published articles that provide additional background: Clark.com and CNN.money.
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