Current Fraud Scams and How to Avoid Them

There’s no doubt that with social media, mobile banking and online shopping, our busy lives have been made easier with these modern conveniences. Everything we need is just a few clicks or swipes away. But getting too comfortable with the ease of technology may also leave us vulnerable to identity theft, fraud or cyber-attacks. Read about these fraud scams and how to recognize, and even better, avoid them.

Impersonator Fraud

Keep in mind that caller ID is NOT a way to determine the legitimacy of a call. Scammers may call, email, or text claiming to be a family member who is sick, has been arrested, or are in serious trouble. Typically, there a request to send money right away. The scammer may ask you to transfer money from your account, wire money, put money on a gift card or even send cryptocurrency because they know these types of payments can be hard to reverse.

Scammers may also impersonate a legitimate government or business number with spoofing software. Don't disclose important information over the phone such as your Social Security number or credit card information unless you are certain you are speaking to the right person.

For example, companies like Apple and Microsoft won't get in touch with you for tech support until you ask for it. And they will not call asking for personal information. Lastly, report the impostor scam to the actual business or organization that is being impersonated.

Phishing

Phishing is when scam artists use fraudulent emails, text messages and websites to obtain private information or gain access to a person's money through a credit card or bank account. You'll frequently receive an email or text from a business you know and trust alerting you to an issue with your account or giving you a fantastic discount. Both types of messages are urgent and time sensitive.

Do not submit your information or click on these links. Go to the official website, evaluate your account, or look at the offer using a different browser or even a different device. Never enter any personal data into a pop-up window or when asked via email.

Malware or Ransomware (Cyberattack)

If you click on a link in some scams, malware or ransomware may be installed on your system. This means that a virus could be on your device and can steal your information unless you pay to regain access. These web addresses may appear in pop-up windows, advertisements, social media posts, emails or even messages sent from compromised accounts of friends or family members.

If you do click on such a link and suspect your device may be infected, run your antivirus program right away and take the necessary precautions.

Stay Educated

Scammers are constantly on the rise, read more information regarding current scams on our free financial literacy website Banzai.