Spencer Financial Strategies

Money Read Time: 2 min

Glossary of Scam Terms

Text against a black background. Text: In a world where almost everyone has smartphones, it shouldn’t be surprising that they have become a target for crooks and scammers. These scams occur over phone calls, SMS texts, messaging apps, and social media, and are often adapted from classic scams dating back decades. Here are a few of the most prevalent scams.Text against a black background. Text: In a world where almost everyone has smartphones, it shouldn’t be surprising that they have become a target for crooks and scammers. These scams occur over phone calls, SMS texts, messaging apps, and social media, and are often adapted from classic scams dating back decades. Here are a few of the most prevalent scams.Text next to a rotary telephone. Text: Callback Scams: A voicemail message from an unfamiliar number threatens legal action. Don’t call unfamiliar numbers back.Text next to a rotary telephone. Text: Callback Scams: A voicemail message from an unfamiliar number threatens legal action. Don’t call unfamiliar numbers back.Text next to a masked man wearing an “IRS” emblem. Text: IRS Call Scam: Scammers can pose as IRS agents demanding money or personal information. These criminals may “spoof” an actual IRS number. Remember: The IRS will never call you without sending you a letter beforehand.Text next to a masked man wearing an “IRS” emblem. Text: IRS Call Scam: Scammers can pose as IRS agents demanding money or personal information. These criminals may “spoof” an actual IRS number. Remember: The IRS will never call you without sending you a letter beforehand.Text next to envelopes dangling from strings. Text: Phishing: Phishing is an attempt to “hook” potential victims by throwing out random emails containing malicious software, links, or attachments. The “sender” may pose as a government agency or even a family member seeking emergency funds.Text next to envelopes dangling from strings. Text: Phishing: Phishing is an attempt to “hook” potential victims by throwing out random emails containing malicious software, links, or attachments. The “sender” may pose as a government agency or even a family member seeking emergency funds.Text next to a laptop displaying a heart symbol. Text: “Pig-butchering”: This is a scam that exploits a person’s romantic or financial vulnerability. A relationship is solicited online that builds slowly over time, eventually pressuring the victim into fake investment opportunities.Text next to a laptop displaying a heart symbol. Text: “Pig-butchering”: This is a scam that exploits a person’s romantic or financial vulnerability. A relationship is solicited online that builds slowly over time, eventually pressuring the victim into fake investment opportunities.Text next to a human hand holding a credit card next to a desktop computer. Text: Recovery Scams: In a recovery scam, a person who has already fallen prey to a scam is targeted again with offers to help them recover the money they lost. In these cases, the original scammers are simply coming back for a second helping.Text next to a human hand holding a credit card next to a desktop computer. Text: Recovery Scams: In a recovery scam, a person who has already fallen prey to a scam is targeted again with offers to help them recover the money they lost. In these cases, the original scammers are simply coming back for a second helping.Text next to a smartphone displaying a fake toll road fee request. Text: Smishing: An abbreviation for “SMS Phishing,” smishing is a scam that involves engaging a victim via text messages. The toll road scam is one example.Text next to a smartphone displaying a fake toll road fee request. Text: Smishing: An abbreviation for “SMS Phishing,” smishing is a scam that involves engaging a victim via text messages. The toll road scam is one example.Text next to a silhouetted figure speaking into a phone. Text: Spoofing: This scam involves using false caller ID information to make a target more likely to answer when the scammer calls. Common spoofs include local numbers, businesses, and government agencies.Text next to a silhouetted figure speaking into a phone. Text: Spoofing: This scam involves using false caller ID information to make a target more likely to answer when the scammer calls. Common spoofs include local numbers, businesses, and government agencies.Text next to a blaring bullhorn. Text: Voicemail Hacking: Hackers guess simpler or default passwords and set up new voicemail greetings on your phone to accept collect calls. From there, they use the phone to make international calls.Text next to a blaring bullhorn. Text: Voicemail Hacking: Hackers guess simpler or default passwords and set up new voicemail greetings on your phone to accept collect calls. From there, they use the phone to make international calls.Sources. 1. FCC.gov, March 19, 2025. 2. The Economist, February 6, 2025. 3. CNBC, March 13, 2025.Sources. 1. FCC.gov, March 19, 2025. 2. The Economist, February 6, 2025. 3. CNBC, March 13, 2025.

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