(WBBM NEWSRADIO) — When you hear “Cola,” you might think of refreshing soft drinks, but to fraudsters, COLAs are soft targets for stealing your money and personal information.
Each year Social Security recipients receive a COLA which stands for Cost-of-Living Adjustment.
For those collecting benefits, the increases are automatic, but scammers often pose as government officials, asking for personal information like your Social Security number or bank details. They can use these details to steal your money and personal identity.
Remember, the Social Security Administration will never ask for sensitive information over the phone or through email. If you ever have any questions, contact Social Security directly and hang up on scammers.
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