Recently we were made aware of a common phone scam has been making the rounds yet again. The newest variation sees scammers offering fraudulent refunds by representing a “security company” that they claim is going out of business. The “security company” description is kept ambiguous until the target confirms what type of security products they own (“My home security is cancelled!?”). Once the fraudster has learned the specifics of the target’s security, they misrepresent themselves as being affiliated with that company. Their final step is to request credit card information to process the refund, but of course, there is no refund – this is all a ploy to steal personal information.

What makes this scam so successful is that rather than targeting a specific group of people, a wide net can be cast by keeping the reference of a “security company” vague. In this day and age, almost everyone has some type of security product, and these scammers are well-versed at tricking victims into giving up the specifics of their security purchases.

We recommend informing your customers of this scam via your normal communications method such as social media or newsletters. Remind your customers that they should be cautious about providing their personal information over the phone, especially when they do not initiate the conversation. Typically a few simple questions can quickly identify the callers as scammers (ex – what company are you with?, which product do I have and who do you have the product registered to?). We recently introduced a new plan Tech Home Premier, which includes proactive fraud monitoring and alerts to help customers identify and respond when their personal information is compromised. If you have questions or would like more info on Tech Home contact us at 1-877-725-4839 or email partners@securitycoverage.com.

We will keep you updated if we learn any new information.

Recommended Posts