If someone contacts you claiming to be a member of the Geek Squad tech support team, they could be an impostor trying to take your money.
Electronics retailer Best Buy and its tech help arm Geek Squad were the most impersonated brand in 2023, according to a new report from the Federal Trade Commission (FTC). Amazon and PayPal are the second and third most frequently spoofed companies, the agency said. Fraudsters dupe customers through multiple channels, including phone, email and social media, bilking them out of more than $1 billion annually.
In 2023, consumers filed approximately 52,000 complaints about scammers posing as Best Buy or Geek Squad representatives, according to the FTC. One of the ways they contacted consumers was through email. “For example, fake Geek Squad emails tell you that an IT service you never signed up for is about to be renewed – for several hundred dollars,” the FTC said in a press release last week.
In total, consumers reported losing $15 million to scams related to Best Buy and Geek Squad in 2023.
“The safety of our customers is extremely important to us. As scams become more and more sophisticated, we have a team of experts and a number of resources dedicated to fraud prevention and enforcement. “consumer education, including how to spot warning signs and protect themselves,” Best said. Buy said in a statement to CBS MoneyWatch.
Best Buy also urged customers to report any suspected scams by calling the company’s helpline.
While the largest number of complaints involved Best Buy and Geek Squad, customers lost even more money to scammers posing as Microsoft and Publishers Clearing House.
They reported losing a total of $109 million to scams linked to Microsoft and publishers Clearing House, according to the FTC.
Scammers also often impersonated Amazon, PayPal, NortonLifeLock, Apple, Comcast Xfinity, Bank of America, and Wells Fargo.
Consumers said they were most often targeted through email and phone calls, but also received a fair amount of false information. online shopping solicitations on social media platforms, including Facebook and Instagram.
Avoid scams
The FTC offered these tips to consumers to protect their wallets from scammers.
- Stop and think before paying someone you don’t know, especially if it creates a false sense of urgency. “Anyone who pressures you to send money, buy gift cards, or invest in cryptocurrencies is almost certainly a scammer,” the FTC states on its website.
- Don’t click on links in unexpected messages or trust caller ID. Instead, contact the company through the contact details available on its website.
- Legitimate businesses will never require payment via gift card, cryptocurrency, money transfer, or payment app. Be wary of anyone demanding payment in these forms.
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