PurposeBank
FDIC-Insured - Backed by the full faith and credit of the U.S. Government
PurposeBank
Skip to main content

Watch for Employment Scams

October 3, 2024

Employment scams are on the rise.

According to a recent report, hunting for a job just got a lot harder. That’s because the study, from the Identity Theft Resource Center, found that job scams are rising at historic rates. 

Job Scams on the Rise

The report found that job scams rose a whopping 118 percent from 2022 to 2023. The main reason for the quick increase is that thieves are using artificial intelligence to create scams. It makes things easier for the scammers and harder for the victims. 

How Employment Scams Work

A typical job scam involves a scammer using AI to produce a realistic job listing, complete with fake company names and addresses. The scammers then reach out to victims online, usually via job listing sites. During the “interview,” the scammers ask for and then steal vital personal information from the job seekers. Sometimes they invoice the victim in advance for a bogus “training session.” The typical victim of a job scam loses about $2,000. In 2023, Americans reported losing a total of $3.6 million to employment scams, an increase of 76 percent since 2022.

Protect Yourself

Here are some ways to protect yourself from becoming a victim of a job scam:

  • Always independently verify that a company exists and is hiring. 
  • Be wary of any company or recruiter asking for any financial information.
  • Trust your gut: If a job seems too good to be true, it usually is.

Do One Thing: Never give financial information to a job recruiter. Interviews should only require disclosing benign info, like your name, phone number, and employment history.

This article was originally posted on savvymoney.com

 

The material provided on this page is for informational use only and is not intended for financial, tax or investment advice. VisionBank, PurposeBank and/or its affiliates assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional and tax advisor when making decisions regarding your financial situation.

« Back

© 2024 VisionBank of Iowa. All Rights Reserved.