Types of Scams

Impersonator Scams

Victims receive a text from a fraudster pretending to be their financial institution indicating an unauthorized transaction was identified.

The scammer will provide you with the option to select “No” in the text, making you think you are stating it was not you that made that purchase. Once you select “No,” you will receive a call from the scammer, but it will seem like you are speaking to your financial institution’s fraud department. The scammer will tell you they need to act fast to stop the fraud.

Block the number and do not provide any reply. Look at your account via Mobile/Online access to check for any unauthorized charges and report the activity to your financial institution directly.

Impersonator Scams – Continued

Fraudsters are calling individuals and using common scam tactics, such as inducing fear and anxiety.

The fraudster will try to convince you that some agency or organization will seize the money in your bank account if you don’t comply with the instruction they provide. This individual may state they work in law enforcement, IRS, or any other organization and/or agency. Many times, they are using fake caller IDs to build trust. This is really a scammer. Furthermore, the fraudster will tell you to take cash out your account to put in a box, buy cryptocurrency, gold bars or bring it to another FI for safe keeping. The truth is, instead of protecting your money, you’re about to lose all your savings. The scammer controls the new bank account or cryptocurrency accounts or sends someone to pick up the gold bars or boxes of cash “for safekeeping.” Anytime a caller instructs you to buy gift cards, use a cryptocurrency ATM, or go to the bank in person while they stay on the phone with you, it is a scam.

Romance Scams

Scammers create fake online dating profiles to lure victims into giving them money.

Fraudsters pretend to be a grandchild or other relative in distress. Scammers will indicate a loved one has been arrested or are travelling and have gotten into trouble, and they need money wired to them. The caller stresses urgency and tells their victims to keep everything a secret. These scammers are good at pretending to be someone they’re not. They’ll use information from social media or hack into email accounts, just to make the story seem more real. They’ll pressure you to send money, before you really have time to think about it. Before acting, try calling/texting/emailing another family member that is close to the person in distress to verify if it is true.

Phishing, Vishing, Smishing

Social engineering tactics used to entice victims to act quickly through spoofed channels.

Phishing attempts may look like they’re from a company you know and trust. They could be a financial institution, a credit card company, a social networking site, or even an online payment website or store. These phishing attempts can be made via emails, text messages, and automated phone calls. Scammers trick their victims into clicking on fraudulent links, opening suspicious attachments, or give personal credentials/information over the phone. Before providing and/or submitting information verify the offer/request directly with the institution they claim to be.

Job Scams

Victims are told they have to pay to get a job they have recently applied for.

Online job searches are a common way to look for employment. With this, it’s a opportunity for fraudsters to take advantage. Due additional research on the organization before providing any information to them. Don’t pay for work. No real job asks you to pay to get the job. Many times, the scammer might send you a check for buying products, tell you to deposit it, and send money back for “taxes,” “fees,” or some other reason. This is a fake check scam and any money sent, you could eventually be liable for.

Tech Support Fraud

Scammers impersonate well-known tech companies, promising to fix non-existent issues or renew fraudulent software or security applications.

According to the FTC, this is the most reported fraud among victims over 60. These fraudsters will often request remote access to your device. Once access is given, they can install malware which can let them see everything on your computer. Tech companies do not call individuals to report problems. If you receive a call out of the blue or due to clicking on a link from a pop-up message do not act immediately. Bring the device to a local electronic store to be serviced or run a virus detection software on the impacted device to identify any issue.

Elderly Scams

Victims are tricked into sending money to help out their “grandkids” or pay for services.

Fraudsters pretend to be a grandchild or other relative in distress. Scammers will indicate a loved one has been arrested or are travelling and have gotten into trouble, and they need money wired to them. The caller stresses urgency and tells their victims to keep everything a secret. These scammers are good at pretending to be someone they’re not. They’ll use information from social media or hack into email accounts, just to make the story seem more real. They’ll pressure you to send money, before you really have time to think about it. Before acting, try calling/texting/emailing another family member that is close to the person in distress to verify if it is true.

Gift Card Scams

Victims are asked to pay for something by putting money on a gift card and then giving the fraudster the numbers on the back of the card.

The call or email is urgent, you need to pay right away or something terrible will happened. This is a pressure tactic to act quickly with no time to think or talk to someone you trust. If they ask you to do this, they’re trying to scam you. No real business or government agency will ever insist you pay them with a gift card. Anyone who demands to be paid with a gift card is a scammer.

Social Engineering Fraud

Impersonators act like customer support representatives from utility companies or financial institutions where the victims have accounts.

They may indicate there is a problem with the individual’s account and demand payment to prevent any further issues. Scammers will ask for confirming data, and/or PIN numbers, card numbers, expiration dates, passwords, etc. Once they have this information, they will create tokens to third-party apps that allow them to use your card to send themselves funds. Verify the authenticity of the notice by contacting the institution directly.

Unauthorized Port-Out Scams

Fraudsters transfer your phone number to another carrier without your permission to intercept verification codes and gain access to your accounts.

Scammers may attempt to hijack your mobile phone number to gain access to your financial or social media accounts. This type of fraud, known as unauthorized port-out scam, involves illegally transferring your phone number to another carrier without your permission. Once your number is under their control; criminals can intercept any text message and security codes used for account verification and password resets. This can lead to stolen funds, locked accounts, and even ransom attempts. Safeguard your accounts by setting up a PIN with your mobile carrier, enabling two-factor authorization, and refrain from sharing nonpublic information online.

Other Types of Scams

Secret Shopper

Fraudsters pose as companies offering mystery shopping services to dupe shopper out of money.

Advanced Fee

Victim enticed to wire upfront fees for a fictitious promise of receiving a gift of money.

Promotion Scams

Fraudsters offer deals and promotions to victims.

Identity thieves use phony offers, over-the-phone, through email, via text message, etc., to get you to give them your personal information.