In today’s environment, scams are increasingly sophisticated and pervasive. According to a recent FBI report, Americans lost a staggering $10.3 billion to internet scams in 2022, the highest amount in the past five years (FBI Springfield, 2023). This highlights the critical need for vigilance, particularly with scams arriving through the mail, which exploit public information meant to promote transparency but can also be used maliciously.
Public records, such as court documents, marriage certificates, and public mortgage records, provide details like loan amounts, interest rates, loan terms, and the institutions holding mortgage notes. This information is not only accessible to cybercriminals but also to businesses seeking to market their goods and services. For instance, many receive mail soon after closing a loan that references their mortgage details, appearing to come from their actual mortgage company but designed to alarm or suggest a better alternative.
How Scammers Obtain Your Information
Scammers can access your information in several ways:
- Purchase from Financial Service Providers
- GreenStone does not sell customer information; some financial service providers do. These providers might sell your data to marketing companies that, in turn, use it to create targeted mailers. This information can include loan details, account balances, and transaction histories.
- Creditors and Prescreened Offers
- Creditors often provide information to marketing firms once you meet certain credit criteria. These prescreened offers are sent based on your credit report, and scammers can exploit this practice by creating convincing but fraudulent offers that appear legitimate.
- Online Public Records
- Scammers can use online tools to search public records. With just your name and property address, they can find mortgage details, property tax records, and other personal information. This data is then used to craft mailers that seem credible and relevant to your specific situation.
- Data Breaches
- Data breaches at financial institutions, credit bureaus, or other organizations can expose vast amounts of personal information. Scammers use this stolen data to send highly personalized and convincing mail scams. For example, the Equifax breach in 2017 exposed the personal information of over 147 million people, which has since been used in various fraudulent schemes.
- Social Engineering
- Social engineering techniques involve manipulating individuals into divulging personal information. Scammers might call you pretending to be from a legitimate financial institution, using the details they already have to gain your trust and extract more sensitive information.
- Phishing
- Phishing involves sending fraudulent emails that appear to be from reputable sources. These emails often contain links to fake websites designed to capture your personal information. While primarily an email-based tactic, phishing can also be linked to mail scams when the mail directs recipients to visit a phishing website.
Examples of Recent Mail Scams
- Mortgage and Financial Mail Scam Scenario
One recent scam involved fraudulent mail that appeared to be from a well-known mortgage company. The mailer claimed that the recipient's mortgage had been flagged for urgent review due to potential issues with their payment records. It provided detailed information about the loan, including the amount, interest rate, and lender name, making it look legitimate.
The scam's objective was to lure recipients into calling a provided phone number or visiting a spoofed website to "verify" their information. Once there, victims were prompted to enter personal details, which the scammers could then use for identity theft or unauthorized financial transactions. The Federal Trade Commission (FTC) has issued warnings about similar scams and provided guidelines on how to recognize and report them.
For more details on this scam, you can visit the FTC's consumer information page.
- Farm Equipment and Agricultural Mail Scam Scenario
Farmers and agricultural businesses are also vulnerable to scams targeting their industry. Recently, scams have involved fraudulent offers for farm equipment and supplies. These scams typically involve sending mailers that look like legitimate offers from well-known agricultural companies, promising significant discounts on essential equipment. When farmers respond, they are often asked to provide personal and financial information, which is then used for fraudulent purposes (Wells, 2021).
For example, scammers have been known to create fake websites or bogus classifieds on legitimate platforms. They may provide a contract of sale, answer questions about the potential sale of machinery by phone or email or offer a free trial period once money is deposited into an escrow account, which is part of the scam (Dorenkamp, 2024).
Protecting Yourself from Mail Scams
To safeguard against these scams, consider the following strategies:
Recognize Junk Mail
Understanding how scammers get your information helps you recognize junk mail. Look for these signs:
- “Presorted” Postage Labels: This could be an indicator of junk mail, although reputable companies like GreenStone also use this streamlined postage option.
- All-Capitalized Words: Names, mortgage amounts, or lenders in all caps could suggest your information was sourced from purchased lists.
Trust But Verify
- Check the Source: Verify the sender before responding to any mail requesting personal information. You may want to call the sender, using your own contact information for them and not what is provided on the mail, to confirm validity.
- Be Wary of Alarmist Language: Scammers often use language designed to scare you into action.
GreenStone's Commitment
GreenStone will never ask you via mail to update your confidential information or provide sensitive details such as PINs, account numbers, social security numbers, usernames, or passwords. We advise against responding to any mail requesting such information, even if it appears legitimate. If in doubt, contact us directly.
If you suspect fraud related to your GreenStone accounts, notify us immediately at myaccesshelp@greenstonefcs.com or call 855-895-2761 for prompt assistance.
Steps to Reduce Unsolicited Mailers
The Federal Trade Commission (FTC) suggests two primary actions to reduce unsolicited mailers:
- Opt-Out of Prescreen Offers
- Call 1-888-5-OPTOUT (1-888-567-8688) or visit https://www.optoutprescreen.com
- National Do Not Call Registry
- Register your phone number to reduce telemarketing calls by visiting https://www.donotcall.gov or calling 1-888-382-1222 from the number you want to register.
Additional Tips for Mail Security
- Shred Personal Documents: Shred any mail that contains personal information before discarding it to prevent identity theft.
- Monitor Your Mailbox: Check your mailbox regularly and be cautious of any unfamiliar mailers.
- Be Skeptical of Urgent Requests: Scammers often create a sense of urgency. Take time to verify the legitimacy of any requests before taking action.
- Use a Locked Mailbox: Consider using a locked mailbox to prevent mail theft.
- Report Suspicious Mail: If you receive suspicious mail, report it to the authorities and your financial institution.
It is important to keep yourself updated and alert to avoid mail scams. Always check the origin of any mail that asks for personal information and use the tools and resources you have to lower your risk of getting unwanted offers and possible scams.
To view the summer 2024 issue of Partners magazine in its entirety, click here.
