The Social Security Administration (SSA) announces cost of living adjustments for Social Security payments in October of each year which become effective the following January.    Last October a 2.5% cost-of-living adjustment (COLA) for Social Security recipients was announced which became effective this month.   The Social Security Administration is reporting that people are receiving emails from scammers that appear to come from the SSA indicating that they will be receiving a $600 COLA.   They tell their intended victim  that in order to receive  the new cost-of-living adjustment (COLA), they must confirm personal information including their name, birth date and Social Security number.   The truth is that this information is not required for a person to receive a cost-of-living adjustment which is automatic and if the person does provide this personal information, the scammer will use it to make the person a victim of identity theft.  This type of phishing email has always been a problem, but with the increased use of AI by scammers the phishing emails appear even more legitimate than previously.

TIPS

You do not have to confirm information or apply for any cost-of-living adjustment to your Social Security benefits.  It is automatically added to a Social Security recipient’s payment.  In addition, you should never give out personal information on the phone to someone you have not called unless you are absolutely sure that the call is legitimate and there is a legitimate need for that information.  Scammers can manipulate your Caller ID through a technique called spoofing into making it appear that the call is from the Social Security Administration or any other entity they wish.

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