Could you end up being a scam victim?
Scams are very dangerous. The reason they continue to accumulate victims is they prey on vulnerable human emotions that are part of each of us. All individuals are vulnerable. Scammers are becoming more sophisticated as an article in sfchronicle.com where artificial intelligence was used to copy a son’s voice and used in a call to his parents about a car accident where he ran over a pregnant woman and was arrested. The call was about bail money and there was an impersonator posing as a police officer and then a lawyer and Mom was convinced this was true, but Dad called the police and discovered this was a scam. The son was studying in his dorm room. SF Chronicle - Ai Phone Scam
An article in the Washington Post referred to individuals and families who were scammed losing a significant amount of money and they are being faced with a tax bill for selling appreciated securities that generate capital gains taxes. Regardless of the money being stolen, they still owed the IRS taxes on these gains and the tax laws were changed in 2017 to eliminate deductions for casualty losses and theft so those losses are not deductible on your taxes. It’s like being kicked when you are down! Recently, legislation has been introduced to restore this deduction, but it is far from becoming law.
Congress saddled scam victims with taxes.
Please read these links to make sure you are armed against intruders, thieves and scam artists who prey on anybody. With the new tools available thanks to technology, there are more and more strategies to deprive you of your hard-won earnings, gains and lifetime savings.
Markets continue to sell off this week as the 10-year US Treasury climbed about 4%. Economic indicators continue to be strong and speculation around Fed interest rate cuts continues to provide some uncertainty.
The Latest Scams You Need to Be Aware of in 2024- Experian
https://www.usa.gov/features/top-scams-2023
6 Top Scams to Watch Out for in 2024
FDIC: Avoiding Scams and Scammers
Who experiences scams? A story for all ages | Federal Trade Commission
This website is informational only and does not constitute investment advice or a solicitation. Investments and investment strategies recommended in this blog may not be suitable for all investors. SAS Financial Advisors, LLC and its members may hold positions in the securities mentioned within this newsletter. SAS Financial Advisors, LLC is not responsible for any third-party content referenced.
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