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You get a lot of unwanted calls. Many are from scammers. Scam calls and texts are more than just a nuisance—they can be a threat to your personal and financial information. Learn how to recognize, avoid, and report these scams with tips from the Federal Trade Commission.
Artificial intelligence has streamlined spear phishing, a kind of cyberattack involving emails, video calls or other forms of communication facilitated by fraudsters posing as a trusted colleague, boss or organization.
What could be better than opening the mailbox or the front door and finding an unexpected package? We all love surprises and gifts, but when these seemingly harmless free items come from a company or retailer, they may come with a higher cost than you realize. Oftentimes, this kind of unsolicited merchandise is part of a larger brushing scam, which is illegal in the U.S. and many other countries.
In our increasingly digital world, managing finances online has become both convenient and essential. However, with convenience comes the risk of encountering online scams that target your personal and financial information. Scammers are constantly evolving and adapt their methods to exploit vulnerabilities. With vigilance and proactive steps, you can safeguard your information and keep scammers at bay.
Here are a few tips to follow that can help keep your finances secure.
Learn how to protect yourself from holiday scams in this helpful podcast episode. Discover why fraudsters target this festive season and get tips to safeguard your finances and personal information.
Since October is Cybersecurity Awareness Month, we’re excited to share Stay Safe Online, a website hosted by the National Cybersecurity Alliance. It’s full of valuable information to help our customers, families, and friends protect themselves online. Check it out for practical tips and resources! Stay Safe Online
REPORT IT! –visit the Federal Trade Commission’s Identify Theft Website. On the site you can report identify theft and get a recovery plan/checklists to aid in cleaning things up and protecting yourself in the future.
Scams are a significant and growing problem for U.S. individuals and businesses. Some scams result in a fraudulently induced payment, which occurs when a person with payment authority is manipulated or deceived into making a payment for the benefit of the scammer. These scams succeed by playing on a victim’s emotions and exploiting vulnerabilities, often resulting in significant financial losses.
The FDIC Office of Inspector General has issued new scam alerts to inform banks and consumers about a common type of scam known as ‘pig butchering.’ This scam is named in reference to the practice of fattening a pig before slaughter. It is a type of confidence and investment fraud in which the victim is gradually lured into making increasing monetary contributions, generally in the form of cryptocurrency, to a seemingly sound investment before the scammer disappears with the contributed monies.
The International Network launched world Elder Abuse Awareness Day (WEAAD) for the Prevention of Elder Abuse and the World Health Organization at the United Nations. The purpose of WEAAD is to provide an opportunity for communities around the world to promote a better understanding of abuse and neglect of older persons by raising awareness of the cultural, social, economic, and demographic processes affecting elder abuse and neglect.
Senior lost her life savings to bank fraud, and now she is suing her bank claiming it should have done more to protect her money. 80-year-old Alice Lin lost more than $700,000 after clearing out her retirement and savings accounts for what she thought was a legitimate crypto investment. Now, she is struggling to pay her bills and suing her bank for not protecting its elderly customers. Alice Lin is trying to find comfort in the simple things- after her life was turned upside down by financial scammers.
We expect banks and brokers to keep our money safe. We think they’ll stop or warn us about suspicious transfers out of our accounts. But do they? Scammers are exploiting that trust and getting people to transfer their money and drain their retirement accounts to “protect” or “safeguard” or “legalize” it. The truth? The money gets stolen, and banks and brokers won’t get it back from the scammer.
Got an email or text message about a tax refund? It’s a scam.
IRS impersonators are at it again. This time, the scammers are sending messages about your “tax refund” or “tax refund e-statement.” It might look legit, but it’s an email or text fake, trying to trick you into clicking on links so they can steal from you. How? They tell you to click a link — supposedly to check on your “tax refund e-statement” or “fill out a form to get your refund.” But it’s a scam and if you click that link, the scammer might steal your identity or put malware on your phone or computer.
As in previous years, many of the latest scams in 2024 will likely involve twists on time-tested scams. Scammers and fraudsters are expected to exploit new technology and emotions around major events yet to come to trick and scare people. But scammers will always have the same goal—to get your personal information or money. Learning about these latest developments will hopefully help you stay one step ahead.
With identity thieves constantly changing tactics to try to steal information from taxpayers and businesses, the Security Summit partners remind people to watch out for a variety of aggressive schemes that can surface on email, by text, over the phone or through the mail.
These threats are present year-round, but the approach of tax season means that identity thieves will intensify efforts trying to impersonate the IRS and others involved in tax and financial work to get sensitive information.
When scammers go after your business or non-profit organization, it can hurt your reputation and your bottom line. Your best protection? Learn the signs of scams that target businesses. Then tell your employees and colleagues what to look for so they can avoid scams.
February 2023
Scammers can be very convincing. They call, email, and send us text messages trying to get our money or sensitive personal information — like our Social Security or account numbers. And they’re good at what they do. Here’s what to do if you paid someone you think is a scammer or gave them your personal information or access to your computer or phone. If you paid a scammer, your money might be gone already. No matter how you paid, it’s always worth asking the company you used to send the money if there’s a way to get it back.
Click here to learn more about what to do if you’ve been scammed
January 2023
Millions of people use online dating apps or social networking sites to meet someone. But instead of finding romance, many find a scammer trying to trick them into sending money. Read about the stories romance scammers make up and learn the number one way to avoid a romance scam.
January 2023
We have recently received reports from customers stating they are getting calls claiming they will receive a new Medicare Card which will be black and white with gold trim. The caller already has your name and address. They will ask you to confirm other specific information from your current card. 𝐃𝐎 𝐍𝐎𝐓 𝐆𝐈𝐕𝐄 𝐀𝐍𝐘 𝐈𝐍𝐅𝐎𝐑𝐌𝐓𝐈𝐎𝐍. 𝐓𝐇𝐈𝐒 𝐈𝐒 𝐀 𝐒𝐂𝐀𝐌!
If someone claiming to be from Medicare calls you about replacing your card and requests personal or banking information, you should hang up immediately. If you receive a call requesting your Medicare number, you should contact the U.S. Health and Human Services fraud line at 1-800- HHS-Tips (1-800-447-8477). You can also contact Medicare at 1-800-MEDICARE (1-800-633-4227), report the call to the FTC at ftc.gov/complaint, or file a complaint with the FCC online.
Adding a room, renovating a basement, or doing some much-needed repairs around your home can be a big undertaking. Finding a trustworthy contractor is an important first step. Scammers will promise to do the work, but leave you and your home worse off than when you started. They may do shoddy work, damage your home, overcharge you, or just take your money without performing any services. So how do you tell the difference between a trustworthy contractor and a scammer? Before you hire a contractor, learn how to recognize the signs of a home improvement scam. Check out the link below for more info from the FTC.
How To Avoid a Home Improvement Scam | Consumer Advice (ftc.gov)
Mark Huffman
Consumer Affairs
A new scam has gained momentum with the start of 2022, stealing thousands of dollars from
unsuspecting bank customers.
Scammers are using Zelle, the peer-to-peer payment system offered to consumers through
their financial institution. Zelle works like Venmo and other payment systems, allowing users
to send money from their bank accounts to friends and family.
Unfortunately, security experts say criminals are using Zelle to drain victims’ bank accounts.
Like many scams, this one is based on the claim that the scammer is trying to protect the
victim from fraud.
The target receives a text that appears to be from their bank asking if they attempted a Zelle
transaction. Regardless of how they answer, the target next receives a phone call from the
scammer, who spoofs the number so it shows up as coming from the target’s bank.
The victim will then receive a set of instructions that ultimately winds up compromising their
bank account information. The scammers use the information to withdraw funds and make off
with their ill-gotten gains.
The difference between fraud and scams
One victim of the scam told KGO-TV in San Francisco that she followed a scammer’s
instructions to transfer the money in her Zelle account to her bank account. However, she
was first asked to change some of her account information.
While it appeared the money was transferred into her account, the scammers were waiting to
drain her account. She said she only had $6 left in her account by the end of the ordeal.
Zelle draws sharp distinctions between fraudulent activity and scams. If the victim did not
authorize a transaction, then the theft is fraud and the victim can usually be reimbursed. It’s a
different story if the victim acts on instructions from a scammer.
“Even if you were tricked or persuaded into authorizing a payment for a good or service
someone said they were going to provide, but they didn’t fulfill it, this would be considered a
scam,” Zelle says on its website. “Because you authorized the payment, you may not be able
to get your money back.”
That makes these types of financial scams extremely dangerous. Zelle users should be
aware that they could become targets as the scam continues to spread. Those who respond
to a fraud text and then get a phone call, allegedly from their bank, should hang up
immediately. They should then call their bank’s customer service line directly and ask if the
fraud alert is real.
Social engineering is the art of manipulating people, so they give up confidential information. The types of information these criminals are seeking can vary, but when individuals are targeted the criminals are usually trying to trick you into giving them your passwords or bank information, or access your computer to secretly install malicious software–that will give them access to your passwords and bank information as well as giving them control over your computer.
Criminals use social engineering tactics because it is usually easier to exploit your natural inclination to trust than to discover ways to hack your software. For example, it is much easier to fool someone into giving you their password than for you to try hacking their password (unless the password is weak).
Security is all about knowing who and what to trust. It is essential to understand when and when not to take a person at their word and when the person you are communicating with is who they say they are. The same is true of online interactions and website usage: when do you trust that the website you are using is legitimate or is safe to provide your information?
Ask any security professional, and they will tell you that the weakest link in the security chain is the human who accepts a person or scenario at face value. It doesn’t matter how many locks and deadbolts are on your doors and windows, or if you have guard dogs, alarm systems, floodlights, fences with barbed wire, and armed security personnel. If you trust the person at the gate, who says he is the pizza delivery guy, and you let him in without first checking to see if he is legitimate, you are exposing yourself to whatever risk he represents.
Below are Social Engineering Red Flags To Help Keep You Aware:
We recommend that you remain vigilant for fraud or identity theft incidents by reviewing your account statements and free credit reports for any unauthorized activity. You may obtain a copy of your credit report, free of charge, once every 12 months from each of the three nationwide credit reporting companies. To order your annual free credit report, please visit www.annualcreditreport.com or call toll-free at 1-877-322-8228.
Important Links:
If you believe you are the victim of identity theft or have reason to believe, your personal information has been misused, immediately contact the Federal Trade Commission or the Attorney General’s Office. Additional information from the FTC about steps you can take to avoid identity theft as well, as information about fraud alerts and security freezes, can be obtained by calling, toll free, 1-877-IDTHEFT (438-4338) or visiting www.ftc.gov/idtheft. You should also contact your local law enforcement authorities and file a police report. We recommend obtaining a copy of the policy report if asked to provide documents to creditors to correct your records.