Slam the Scam Day 2025

Published: March 6, 2025

Slam the Scam Day 2025

Help Protect Yourself Against Fraud

Thursday, March 6, 2025, is National Slam the Scam Day, an initiative created by the Social Security Administration as part of National Consumer Protection Week to increase awareness and help protect Americans against government imposter scams. Consumer fraud of all types, but particularly online scams, are on the rise, and Klingenstein Fields Advisors is here to help increase your knowledge and awareness of different types of scams.

The Social Security Administration provides an array of information and resources on how to recognize and protect yourself from potential government imposter frauds. Things to be on the lookout for include:

  • Gift card scams, where you are asked to use a gift card to pay the IRS or Social Security, send to a family member in distress, pay ransom, or avoid arrest or deportation (AI makes it easy for scammers to copy the voice of a loved one from social media videos)
  • Phone calls, emails, or texts purporting to be from a governmental agency or a private company asking for personal or financial information or money
  • Contact from an individual pretending to be from a financial institution or company with whom you have an account, saying there was suspicious activity in your account and they are going to help you “protect” it

Protect Against Social Media Investment Scams

Charles Schwab reports that social media scams are increasing and becoming more sophisticated. Gaining in popularity are what are known as “pump and dump” schemes, where fraudsters create an artificial buying frenzy using false information about a company to pump up its price. Once the price has gone up significantly, the scammers sell their shares at the higher value. At some point, the stock price then drops leaving innocent shareholders with large losses. Some warning signs of these schemes are:

  • Too good to be true, “get-rich-quick” enticements. If something seems too good to be true, it almost always is.
  • Highly specific instructions regarding new account openings, stock purchases, and investment amounts, particularly from an unknown group. Do not follow investment instructions or give personal identifying information to someone you do not know.
  • Suspicious tactics and coaching. Beware of requests to make trades or execute transactions on your own or coaching on what to say if questioned.

If you are unsure about a solicitation or request, please reach out to us. We are here to provide guidance to help protect you and avoid potential financial fraud.

Important Disclosures

This material is provided for informational or educational purposes only and should not be construed as investment, accounting, tax or legal advice. Always consult a financial, tax and/or legal professional regarding your specific situation. This communication is not intended as a recommendation or as investment advice of any kind. It is not provided in a fiduciary capacity and may not be relied upon for or in connection with the making of investment decisions. Nothing herein constitutes or should be construed as an offering of advisory services or an offer to sell or a solicitation to buy any securities or a recommendation to invest in any specific investment strategy. Investing involves risk, including the possible loss of principal. Past performance is not indicative of future returns. The views expressed herein are as of a particular point in time and are subject to change without notice. The information and opinions presented herein are general in nature and have been obtained from, or are based on, sources believed by Klingenstein Fields Advisors (“KF Advisors’) to be reliable, but KF Advisors makes no representation as to their accuracy or completeness. Although the information provided is carefully reviewed, KF Advisors cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided. KF Advisors represents two investment advisers registered with the Securities and Exchange Commission: Klingenstein, Fields & Co., L.P. ® and KF Group, LP. If you are a KF Advisors client, please remember that it remains your responsibility to advise KF Advisors, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services.