Some people believe they are too smart to fall for a scam, but financial commentator and former investment banker Carol Roth wrote in a Fox News op-ed on the 17th that rapid technological advances allow scammers to spoof legitimate bank phone numbers and use sensitive personal data—such as Social Security numbers or mothers’ maiden names—to manufacture panic. Even the sharpest individuals can inadvertently fall into a trap and lose money; the first step toward self-protection is simply to refuse any call that wasn’t expected.
Roth advises against answering calls from banks, credit card companies, Amazon, Microsoft, or any other business partner unless the call was pre-arranged. Scammers use “spoofing” techniques to mimic legitimate bank numbers; by simply not answering the phone, you render the scammers’ tactics—designed to create panic and a sense of urgency—ineffective.
If you do answer and are told your funds are at risk, panic often prevents clear thinking, leading you to take actions you would never consider if you were calm.
“My personal advice is not to answer the phone at all,” Roth says. If the caller leaves a message, you can look up the official number yourself and call the person or business back to verify the situation.
She notes that controlling the communication yourself, rather than letting scammers dictate the terms, is a key strategy for combating fraud.
If you are targeted by scammers—for instance, by receiving a verification code on your mobile phone—Roth emphasizes that you must not disclose sensitive information or give in to panic.
She warns against believing scammers when they insist you shouldn’t contact the police or the bank; instead, you should reach out to the financial institution or law enforcement for assistance on your own.
“You aren’t James Bond; you aren’t involved in an international investigation—you’ve simply been targeted by a scam ring,” she points out.
Advancements in artificial intelligence (AI) now allow for voice cloning. Roth suggests that family members establish a “code word” to verify identities when receiving calls that sound like a relative.