This Common Social Security Scam Could Cost You Thousands

Nobody likes to think that they could get scammed, but fraudsters are getting smarter and scams are becoming more difficult to detect. These schemes are more sophisticated than a Nigerian prince asking for cash, and you may not even realize you're being duped until it's too late.

One of the fastest-growing scams in the country involves scammers faking as Social Security Administration officials, and you may receive a call from someone saying your Social Security number has been suspended or compromised in some way. Often, they'll claim somebody tried to steal your number or that it was involved in some type of crime, saying you need to provide your Social Security number to reactivate it.

Some scammers will take it a step further, saying your bank account is about to be seized. They may say you need to confirm your bank account numbers or put all your money on gift cards and give them the codes -- which means they have access to all your cash.

Source Fool.com