Popular Scams
We, as individuals, are the weakest link in any cybersecurity program. We tend to be way to eager to:
- Give out personal information, often by posting it to social media,
- Trust information found on the internet,
- Respond to unsolicited emails, texts and phone calls without verifying their true source
One of the best pieces of advice we have seen is to treat your personal information (Social Security Number, Date of Birth, debit and credit card numbers, etc.) just like you would treat CASH because once you give it away you cannot get it back.
Below are descriptions of some popular scams with simple advice on how to protect yourself.
Quishing -
Quishing is short for QR Code phishing. Scammers are sending texts and emails, that appear to be from legitimate sources, containing QR codes that urge people to scan right away. The QR code then takes you to a bogus site where the scammers try to obtain your personal information. Sometimes these codes are placed on posters or flyers.
Advice: Before scanning QR codes, ask yourself where did this come from? Who posted or sent this QR code? Be extra cautious when scanning QR codes from untrusted emails and from signs, posters, flyers, or other physical locations. If you receive an unexpected email or text with a QR code, don’t scan it, especially if it urges you to act immediately.
Fake Checks for Remote Jobs -
We have been seeing a number of fake checks that appear to be issued by the credit union. These often relate to remote job opportunities posted on Indeed and other job sites where the check recipient is asked to purchase a laptop and other supplies for the new position and return any unused funds to the check issuer.
These checks are not legitimate and neither is the job opportunity.
Please Note: The "checks" are "Payable through Mid-Atlantic Corporate Federal Credit Union" which is not affiliated with Advantage Financial FCU. If you receive one of these checks, whether from Advantage Financial or some other financial institution, please do not deposit the check. It is not real. Please do not purchase anything with these funds and definitely do not send any money back to the party that sent you the check.
Items for sale on Social Media – sometimes we “purchase” items on Instagram, Tik Tok, Facebook, etc. The deal is usually too good to be true (this is always a red flag). Of course, the goods never arrive and seller is nowhere to be found.
Advice: Never purchase from individuals you do not know and investigate any businesses before purchasing.
Payment for Goods in excess of Selling price – Sometimes we sell items on social media and the buyer sends a payment, usually in the form of a check, for an amount that exceeds the purchase price. The Buyer usually request expedited shipping and the Buyer requests the member send the excess funds back to them with the package. In the end, the Buyer’s check usually bounces and you are out the amount refunded to the buyer and the item you are selling.
Advice: Never send items, or money, before ensuring the payment is good. Amounts in excess or the purchase price should only be returned after a waiting period of 7-10 business days.
Request for Payment - One of the more popular scams is to request immediate payment in order to keep some service active. For instance, you may get notice that appears to be from the electric utility, internet provider, maybe even mortgage company advising if payment is not received immediately the service will be shut off or foreclosure will begin. Please be aware, there are procedures companies follow to collect on past due bills and they do not include requiring immediate wires, gift cards, P2P transactions or ACH payments.
Advice: Whenever there is urgency to complete a transaction, slow down and review everything in detail. Contact the vendor directly using information from a prior bill or from the companies website. DO NOT respond by clicking on a link that was received via text or email.
Romance Scams - In a romance scam, fraudsters will start an online relationship, usually romantic, and usually with someone in a different state. The fraudster will take their time building trust with their victim but they will never arrange an in-person meeting. Once trust has been established the fraudster will have an “emergency“ like they need car repairs or they to get home to visit a dying relative, or their child has been arrested and they need bail money. The fraudster will request payment, usually though a payment app and once received they will disappear.
Advice: Be very cautious about giving money to anyone you have never met in person.
IRS Delinquent Tax Scams - These scams usually involve a text, email or automated phone call advising of past due taxes and possible arrest if this is not resolved. You are then given a link where you can go to pay the past due amount. Payment is often requested in the form of gift cards. PLEASE NOTE, the IRS will not accept payment in gift cards. The IRS also will not contact people by any method other than the US mail and the only time an IRS payment is urgent is after they have been in touch with you on numerous occasions and you have not responded.
Advice: Never click on links or provide information to anyone in this situation. If you think it may be legitimate, contact the IRS, by phone, using a number you found on the www.irs.gov website
Computer virus – Sometimes a pop-up will appear on your computer, laptop or tablet advising you of a virus or malware that has infected your device. You then receive a link where you can go to pay a fee to have it removed. Unless the warning comes from a virus protection program you are using (and that company should not be charging a fee), it is highly unlikely there really is a virus or malware.
Advice: Never click on links or provide information to anyone in this situation. Your best course of action is to unplug your computer from the wall. Wait 10 seconds then plug it back in and restart. If you are using a laptop, tablet or smartphone, hold down the power button until the device goes off. Wait at least 10 seconds then re-start your device.
GRANDPARENT SCAMS
What is a grandparent scam?
In a typical grandparent scam, fraudsters exploit the trust and love between grandparents and their grandchildren. The fraudsters often pose as a grandchild or other family member in distress, claiming to be stranded in a foreign location or facing legal troubles. In some scenarios, the fraudster will pose as a third party attempting to help their grandchild get out of a sticky situation. The scammer then urgently requests money to resolve the supposed emergency, often in the form of gift cards or a wire transfer. They usually insist that the situation be kept secret from other family members.
Red Flags to Watch For
- Urgency of Request: Scammers often create a sense of urgency to pressure victims into acting hastily without verifying information.
- Secrecy: The individual requests that information about the wire transfer be kept confidential.
- Unknown Requestor: If you receive a phone call or email prompting you to send money or gift cards you need to independently verify who the requestor is.
Tips to Protect Yourself
- Verify Identity: Before sending any money, ensure you independently confirm the identity of the person contacting you. Call the grandchild or other family member directly to verify they need your help.
- Contact Other Family Members: Don’t try to keep this a secret. If your grandchild really is in trouble their family should be made aware of the situation. Corroboration with other relatives can save you from being scammed.
- Don’t Rush: Fraudsters thrive on creating panic and urgency. Take your time to assess the situation carefully.
- Don’t Ever Make Payments Via Gift Cards: You cannot post bail with gift cards, nor should gift cards be sent to provide funds for transportation or hotels. You can always purchase a plane or train ticket for your family member directly from the carrier and they can pick up the ticket at the airport or train station. Hotels can also be paid for in this way.
- Law Enforcement Will Not Demand Payments by Text, Email or Phone: If your family member is in trouble, you may be contacted by law enforcement, usually by phone. They will not contact you via text or email and they will never demand payment from you by phone, text or email.
- Protect Your Financial Information: Do not EVER give your account financial information to someone who contacts you unexpectedly. If you think the emergency may be real, hang up the phone, look up the number of the party that contacted on the internet you and call the number you got from the internet. DO NOT just dial the number that came through on your phone. Fraudsters are very good at spoofing phone numbers to make you think you are talking to someone else.
Other Tax Scams
Unfortunately, each tax season brings with it tax scams. Don’t fall victim to scammers pretending to be the IRS this tax season! Each year, the IRS sees various scams which look to cheat you out of your tax refund or trick you into paying taxes you don’t actually owe to someone who is not the IRS.
The IRS has prepared a summary of many of the common scams they are aware of so that you can spot the signs and protect yourself. Click here to learn more!
How to Avoid Common Consumer Scams
Being able to recognize the signs of common scams before you provide any information personal or financial information can help you avoid falling victim! Protect yourself by learning these four most common signs of a scam and be sure to stop and pause before providing any important information to sources that are not highly trusted. And remember, Advantage Financial FCU will never text or email you asking for private personal or financial information.
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