ScamSmart
In times of increased uncertainty, people can become more susceptible to fraudsters who make a living through distributing sophisticated scams.
Some scams are engineered to appear as if they have been distributed by legitimate organisations, others focus on personal matters such as the safety of family members. In order to protect ourselves and those we love, it’s important to be aware of the most common scams people fall for.
1. Lottery scam
You get an unsolicited phone call or email saying you’ve won a large prize. All you need to do is send money to pay for delivery, taxes or some ancillary fee. You send the money, but the fictional prize never arrives.
2. Family member scam
Your relative calls to confess her troubles. Or so you think. It’s not uncommon for someone posing as your relative to call and, preying on your compassion, claim to be in a crisis situation and needing money urgently. They may also beg you not to call someone else in the family (which would give the scam away).
3. Charity scam
You donate to one charity and end up being on every charity list. That’s because they sell your name, phone number and email to other non-profit and commercial organisations. These could include companies with similar names to charities you support – but they exist solely to scam those who donate.
4. Computer scam
Someone calls pretending to be from a major company, such as Microsoft, and says they can see that your computer has a virus. They offer to help you get rid of it by asking you to log into a website that lets them control your computer – then they steal your personal information.
5. Timeshare scam
If you own a timeshare, you may get a call from someone claiming they’re authorised to sell it for you, for a fee. After paying, however, you never hear from them again.
6. Homeowner scam
A man comes to your door and offers to clean your gutters or trim your trees, which sounds like a good idea. Until he asks for prepayment and never completes the job.
7. Medical scam
You get an unsolicited call about a discounted price for some kind of medical equipment (i.e., heart monitor, wheelchair or bathtub bench). He asks for a deposit and your personal information to send the equipment, which never arrives.
8. Home repossession scam
You’re approached by a “professional” who claims your home is under threat of repossession and offers to pay off your mortgage if you sign over the deed to the property. With your deed, the fraudster can then refinance the mortgage for the full value of your home and take the money. Keep in mind, even if you sign over a deed to someone, you are still liable for your mortgage obligations.
9. Care providers and sweetheart scam
These predators claim to care deeply for you or your well-being, but after winning your trust, they gain access to your accounts to steal money or identity information.
10. Estate agent scam
Before purchasing a new property, a scammer intercepts an email from your estate agent. You’re then sent fraudulent payment instructions to complete the transaction. Red flags include last-minute changes to instructions, a change in tone or word choice from prior emails, a new sender address and multiple payment requests.
These scams are common and widespread. But speaking with trusted loved ones or your financial professional before making decisions can help you avoid these traps.
Additionally, keep in mind these tips for staying safe:
Black MondayOn 19 October 1987, the stock markets experienced a dramatic plunge that prompted many firms to shut down their trading desks and turn off their phones to minimize internal losses. Raymond James refused to do the same. Our desks stayed open to help meet clients’ needs, resulting in our first and only unprofitable quarter since the firm went public in 1983. |
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Who was Raymond James?The Raymond in our name is actually from Edward Raymond, owner of a 15-employee mutual fund sales group, Raymond and Associates, along Florida’s west coast. He sold his company to Bob James on 15 July 1964, on condition that the surviving firm be called Raymond, James & Associates. Three days after the sale, Ed Raymond was involved in a near-fatal automobile accident and never joined the firm. Nonetheless, even after Raymond had passed away, Bob James insisted that his name remain on the door – ahead of James’ own. That was a promise he made to Ed Raymond three days before the accident, and Bob James was a man who kept his promises. |
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Bear Market of 1974The severe bear market of 1974 threatened the existence of Raymond James, which was bleeding capital by the day. Tom James, his father and other leaders took extreme measures to keep the firm afloat, slashing costs, foregoing paychecks and even attempting to sell the firm for just enough capital to protect client assets and retain as many associates as possible. The story could have ended very differently if not for a sharp upturn and continued rebound in the stock markets late in the year. |
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Taking Raymond James PublicWhen consideration was being given to taking Raymond James public, Tom James penned a letter to shareholders (largely employees at the time). ” … the public offering should be considered as a statement of our independence. While this is a psychological rather than an economic rationale, it is nonetheless very important. We have asserted for some time that we are not interested in becoming a small part of a very large corporation. That assertion results mainly from the inclinations of management rather than the economic benefits associated with either alternative. The public stock offering affords us the opportunity to enjoy a little bit of the best of both worlds. While shareholders will be given liquidity at fair market value, we will still have the ability to control our own destiny.” After 40+ years of Tom’s leadership, upon becoming CEO, Paul Reilly was often questioned about whether the company might ultimately surrender its cherished independence and be acquired by some larger entity. His response: “Not while I’m around.” It’s a theme that continues today. |
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