In 2022, phone scammers stole 14 billion rubles from Russians. Professor Evgeny Kogan from the Higher School of Economics shares valuable insights on how to protect your savings from fraudsters. He provides guidance on distinguishing between a legitimate law enforcement officer and a scammer, what to do if phone scammers impersonate your relatives, and whether it is possible to recover stolen money. Safeguarding your finances has become a pressing concern, and Professor Kogan sheds light on practical and effective strategies to combat phone scams.
Evgeny Borisovich, how can you tell if you’re being contacted by a scammer?
- Scammers call relying on your lack of understanding about who can call and who cannot: they may impersonate investigators, employees of the Central Bank, or other banks. It’s important for you to understand that if something is really happening, firstly, you would be contacted through a specific phone line. Secondly, you can always call the bank back to verify if the person is truly an employee.
Thirdly, it is an extremely rare occurrence for investigative authorities to call you directly – most often, they send official summonses. Investigative agencies would never disclose the details of a case over the phone. Instead, they would ask if you have received a summons and may request that you come to a specific location.
Scammers have a good understanding of human psychology and exploit it to their advantage. Therefore, it is important to be aware and exercise caution when receiving calls, especially those requesting personal or financial information.
What tactics do scammers use?
- The first tactic is to catch you off guard. Imagine a situation where someone calls you claiming to be from law enforcement agencies, the police, or a security service. It immediately puts a person in a panic: “What happened?”
When fraudsters call pretending to be from a call center, you can often hear the typical background noise associated with call centers, and that’s a clear indication. In one case, a friend of mine received a call using her daughter’s voice (artificial intelligence has advanced quickly in the hands of scammers): “Mom, I’ve hit someone with my car. I need money urgently.”
My advice is quite simple. If someone claiming to be from law enforcement contacts you:
- Ask them to identify themselves,
- Inquire about how you can call them back, and ask:
- “Do I have a summons?”
By asking these questions, you immediately demonstrate that you understand what is going on.
Agree with your closest people on a simple password. If someone calls you using the voice of a close person, immediately ask them to “provide the password.” If the person cannot provide the password, it means it’s not them.
Remember: you should never disclose your personal information to anyone. Never say the word “yes.” The reason is that many automated banking systems analyze your voice. Artificial intelligence contacts you and you confirm with a “yes.” “Is this Ivan Ivanovich?” – “Yes.” – “Did you give an instruction?” – “Yes.” That’s it, you’ve done it. Here’s a joke: become like a Jewish person, and answer any question with a question. They ask you a question: “Are you so-and-so?” – respond with: “What happened?” Confuse these people, ask them questions. Remember: you are not guilty of anything in front of anyone, and the scammer’s task is to put you in a state of imbalance. So let them be the ones in imbalance.
Do employees of the Central Bank have the right, according to legislation, to communicate with individual citizens, ordinary Russians?
- I can’t even recall a situation where the Central Bank ever made a call to someone. The Central Bank is a bank for banks, a regulatory body. A call from a call center employee of the Central Bank to an ordinary Russian is absurd. The Central Bank does not interact with individual citizens.
Suppose a person falls victim to a scam and transfers money to the fraudsters. Is it possible to contact the bank and request the return of the money to the account?
- The percentage of cases where something can be recovered is minimal. I can’t remember exactly whether it’s 4-5% or 10%. But you should take action. You need to call the bank’s call center as quickly as possible (perhaps you’ll be among that lucky 4 % who manage to recover the money). Additionally, when you start working with the bank, make sure to record the emergency contact number and the phone number of your account manager, especially if you are a major client.