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You’ve likely heard the old expression, “Time is money.” This is particularly true for fraudsters applying pressure on individuals to act quickly, trying to allow no time to consider the truth of what is said. Generally, people don't rush into big financial decisions without taking the time to think them over.

Similarly, there are no situations that require an individual to give money immediately during a phone call, regardless of what any fraudster may insist. These time-pressure tactics can be grouped into one of several categories.

• Utility Companies – Fraudsters will call and claim they are from your local gas or electricity provider, saying there are overdue bills that must be paid. During these calls there is always a threat presented that services will be shut off within 24 hours if payment is not made by the end of the call.
  
• Internal Revenue Service– Calls can come from scammers claiming to be with the IRS, insisting there is something wrong with your most recent tax return. As a result, additional taxes, along with penalties and interest, are due now. These calls include threats of further fines and criminal prosecution if you do not pay immediately. These shady characters even dangle the idea that a dispute can be filed with the IRS appealing the tax, but the amount outstanding must be paid now and will be refunded to you later if your appeal is successful. 
  
• Collections – Calls from fraudsters claiming to be from a collection agency or retailer who argue you owe payment on an outstanding bill for goods or services is similar to a fake IRS call. The claim is payment must be made without delay, even if you intend on disputing the charge later. As with a fake IRS call, threats are made if the alleged debt is not paid immediately, including reporting it to the credit agencies and ruining your credit score.
  
• Law Enforcement/ Security Services – The previous examples center around the idea that you have an unknown financial liability that must be addressed. The demand for a response from you is effectively a threat – correct this now or face negative consequences. This type of scam can also take on the form of offering you help instead.

  A call from a fake member of law enforcement (typically the FBI) or a security officer from a technology provider (often Microsoft or Apple) mixes the idea of threat and opportunity. The threat identified is that your computer is infected with malware, or your bank account has been compromised. In this case, you are simply a victim, and the caller is there to help you remove or neutralize the threat.

  The common element remains, however, that what the scammer wants – such as moving money out of your existing account to a “safe” account at a new financial institution – be completed immediately. The threat presented is: if you do not act now, you will not be able to save your funds from being stolen.
  

• Financial Opportunity – More than even the “helpful” security or law enforcement officer, there are scams that present an opportunity towards enrichment. You may get a call from someone with an offer to join a one-time investment that promises yields well above the general rates of return offered from the stock market. The catch, as with all the other examples presented here, is that this opportunity offers only a limited time to act and you must make the decision to invest – in other words, provide payment – there and then on the call. At its core, it is the same as the others – Act now or else…

When taking calls that could be fraudsters presenting these types of scams, exercise caution and keep in mind:

• If you do not think you are behind on paying utilities or bills in general, agree to nothing without reviewing your own records.
• Utility companies are legally restricted from shutting off power or service after just one notification. There are websites on consumer rights which define the progression that you can expect in reconciling an overdue bill (including respective states’ legal aid, departments of commerce or citizens’ utility boards). Also, a direct call made by you to the utility (taking the number listed in the company’s website) can quickly confirm or refute whether the person who called you was genuine or not.
• The IRS does not simply call taxpayers and demand immediate payment. Multiple written correspondences are sent in an escalating progression. (Review “Your Rights as a Taxpayer” on the IRS.gov website.)
• You can request details in writing regarding any transactions a collection agency or retailer claims you owe. Furthermore, efforts to have you send payments by way of cash applications like Zelle or Venmo are likely not legitimate. Even worse, an effort to get you to pay a supposed debt owed by buying gift cards and providing corresponding numbers on the cards is definitely part of a scam.
• Law enforcement and security officers do not have insight as to what activity is taking place in your bank accounts or whether your electronic devices have malware without testing them. Also, law enforcement and security officers (from any technology company) will not take control of funds you have in a financial institution for “safekeeping.” If someone representing themselves in such a role makes such a claim, end that call and call your financial institution and retell the story you were told.
• Unsolicited financial opportunities presented by people you don’t know have high degrees of risk associated with them. No investment should be made without investigating the company these individuals are reportedly a part of, reviewing a prospectus, and looking into reviews on the organization through the Better Business Bureau, Federal Trade Commission, the Consumer Financial Protection Bureau or your respective state’s Attorney General.

The best response to contacts like those described above is to slow down! There is no immediate reaction required. If you don’t recall a debt owed or tax liability outstanding, then there is high chance that a call from an unknown person is a scam. Seek out a family member, long-trusted friend, or better yet your financial institution and share the experience before acting.