Morgan Stanley
Wealth Management
Online Security

Tech Support Scams

Fraud artists are savvy and can be very convincing. The tech support scam is a popular social engineering technique, with several twists.

How Tech Support Scams Work

Tech support scams are schemes where a fraudster calls you and poses as a representative from a reputable organization, offering “assistance” with your devices or accounts. Here are the details and signs of how some tech support scams can occur.

Vishing

  • - You get a call from someone claiming to be from a major company.
  • - They tell you there’s a problem with your computer, such as a virus.
  • - They request remote access to your machine to perform a diagnostic test.
  • - They ask you to send an urgent payment via wire transfer or prepaid gift card to fix the issue.

Scareware

  • - While online, you get an alarming pop-up warning you about an urgent security matter.
  • - The message contains a reputable company’s logo, so it appears legitimate.
  • - The message instructs you to click a link for more information or to pay for and download an antivirus product.

Action Steps to Prevent Tech Support Scams

In the event you are targeted in what you believe to be a tech support scam, acting quickly can help limit the damage.
  1. 1
    Contact Your Financial Institution

    If you provided financial account information, immediately contact your financial institutions and discuss cancelling fraudulent charges, obtaining a new credit/debit card or opening a new account.
  2. 2
    Seek Help From a Trusted Expert

    If you unwittingly downloaded “scareware” onto your device or granted remote access to your computer, seek the help of a trusted expert to have any malware removed or uninstalled.
  3. 3
    Seek Additional Aid

    Visit ReportFraud.ftc.gov for more information and specific actions to take based on your situation.

Tips and Best Practices

Tech support scams are getting more sophisticated and trickier to distinguish. Here are some tips and best practices to help avoid these types of scams.

DO

Do hang up on unsolicited callers who appear to be from legitimate companies and call a phone number listed on the company’s official website.

DON’T

Don't give out any personal information over the phone, especially if you did not initiate the call.

DO

Do use strong, unique passwords for your accounts and enable multi-factor authentication wherever available.

DON’T

Don't provide remote access to your computer or account log-in information, such as your username, password and one-time passcode.

DO

Do ensure your device’s operating system, browsers and software are up to date and that you’ve done your research about any antivirus product you’re using.

DON'T

Don't click on any links, provide any information or make payments on websites that pop-up. Consider enabling pop up blockers.

DO

Do report the incident to the Federal Trade Commission at ReportFraud.ftc.gov.

DON'T

Don't pay for services with gift cards or money transfer apps.

Report an Online Security Concern

Contact us immediately at 888-454-3965 if you:

• Believe you may be the victim of fraud or identity theft
• Suspect your phone or email have been compromised
• Notice suspicious account activity
• Receive a questionable email or text that appears to be from Morgan Stanley

We’re open 24/7 to help you. For international clients, please contact your Morgan Stanley Client Representative immediately to report any online fraud or security concerns.

Other Scams to Be Aware Of

Wealth Management Grandparent Scams The bond between a grandparent and grandchild is unique. Unfortunately, fraudsters may exploit this loving, trusting relationship to trick you and steal your money.
Wealth Management Advance Fees Scams If something sounds too good to be true, it usually is. Keeping that age-old adage in mind is the best way to spot and thwart Advance Fee Scams.
Wealth Management P2P Payment Scams More and more people are using mobile payment apps like Zelle®, Venmo® or CashApp®. P2P payments can make splitting the bill or paying for a service simple and convenient, but vigilance is key.
Wealth Management Romance Scams According to the FTC, Romance Scams are one of the top five scams targeting American seniors age 60 and above—and have increased significantly in recent years.
Grandparent Scams
Wealth Management Grandparent Scams
Advance Fees Scams
Wealth Management Advance Fees Scams
P2P Payment Scams
Wealth Management P2P Payment Scams
Romance Scams
Wealth Management Romance Scams

Sources:

https://www.ic3.gov/Media/PDF/AnnualReport/2020_IC3Report.pdf.

https://www.consumer.ftc.gov/articles/how-spot-avoid-and-report-tech-support-scams.

https://us.norton.com/internetsecurity-online-scams-how-to-spot-online-scareware-scams.html.

https://www.pcmag.com/how-to/how-to-avoid-scareware.

This material is provided for educational and informational purposes only and no representation of any kind is intended with respect to the practices described. Nothing in this article should be construed as a cybersecurity evaluation. Morgan Stanley is not responsible for determining what cybersecurity best practices are most appropriate for your needs.  While efforts have been made to assure the completeness and accuracy of the information as of the date of the presentation, no representation is made that such information is accurate or complete, and Morgan Stanley undertakes no obligation to update the information as its practices change. Reproduction, transmission, dissemination, or other use without authorization or attribution is prohibited.

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