CLEVELAND, Ohio — The impact of tariffs is already being seen and felt from Wall Street to Main Street.
Economists predict it won't be long until we start to feel the effects beyond our 401ks, and I learned it's a recipe for success for scammers.
"They will exploit every one of those undercurrents, right, that is a crisis, and they're very, very quick to do it," said Clayton LiaBraaten with Truecaller.
His company identifies communications fraud and provides spam blocking caller ID to 450M consumers globally.
He told me that talks of tariffs, tanking 401Ks, and the possibility of a recession give bad actors new material to stoke our fears and possibly get to our finances.
"So, I think you'll see a lot of financial texts, you know, about things that you need to do to protect yourself. I think that you'll see they even go very extreme, and they'll try to isolate. Well, you're going to be affected by this tariff unless you do this," said LiaBratten.
LiaBraaten said we must be on guard for calls, texts, or emails asking to rebalance our 401K.
He said he's very confident that will be one angle scammers will pursue using AI.
Rebalancing is when you buy or sell investments to help keep your portfolio in line with your investing strategy.
