In today's digital age, scams are becoming increasingly sophisticated, and it's crucial to stay informed to protect yourself and your loved ones. This blog post will explore some common scams and fraud schemes targeting financial institution members and seniors, and offer practical tips to keep your personal information and account secure.
Use the link below to watch a collection of videos that explain the different types of scams and fraud. These resources will help you identify scams and fraud and guide you on what steps to take if what to do if you find yourself facing one of these situations.
ATFCU Number Spoofing Scam
There has been a rise in phone number spoofing scams, where scammers impersonate ATFCU by displaying the institution's phone number on caller IDs. The scam typically unfolds as follows:
- Spoofing the Number: Fraudsters clone the phone number of your financial institution, making it appear as though the call is legitimately coming from them.
- Phishing for Information: Upon answering, the caller claims to be from your financial institution, warning of unusual account activity. They then press for sensitive information such as your PIN or account password.
- Feigning Legitimacy: To gain your trust, they may suggest you call the number on the back of your card. However, they play a fake dial tone and continue the conversation as if you initiated the call.
Remember, ATFCU will never ask for your digital banking password, Secure Access Code (SAC), or debit card PIN over the phone. If you ever have any doubt, terminate the call and contact us immediately.
Here are a few methods to ensure your account safety by:
- Set up account alerts and be notified when a transaction or log in occurs.
- Check your account activity reglarly
- Keep a password lock on your phone
- Change your digital banking passwork often
Anatomy of a Fake Check
Fake check scams are prevalent and can result in significant financial losses. The Federal Trade Commission (FTC) has created an infographic detailing how these scams operate and how to avoid them.
Felony Lane Gang
The "Felony Lane Gang" has been operating since 2004. They defraud financial institutions by using stolen checks and identity documents. They often steal personal items from cars in places like gyms, retail stores, and daycares. Always take your valuables with you and report thefts promptly to the police and ATFCU if your cards or identification are compromised.
Telemarketing Fraud Against Seniors
Seniors are frequent targets of telemarketing scams, often involving fraudulent offers of prizes, products, or vacations. Be cautious if you hear lines like:
- "You must act now, or the offer won’t be good."
- "You've won a prize, but you need to pay for postage or a fee."
- “You must send money…”
- “You must give a credit card, bank account number, send a gift card, or pick up a check…”
- "You don’t need to check us out with anyone."
Tips to Avoid Telemarketing Fraud:
- Verify unfamiliar companies through trusted sources.
- Never pay upfront for services or a "free" prize.
- Always take your time to make decisions.
- Discuss large investments with a trusted advisor before committing.
- Never send money to an unfamiliar company or individual.
- Never give out personal information such as card numbers, bank account numbers, or personal identification information to an unfamiliar company or individual.
If you have information about a fraud scheme, report it to the proper agencies.
Reverse Mortgage Scam Against Seniors
Reverse mortgage scams target seniors by promising free homes or investment opportunities, and foreclosure or refinance assistance, often using these individuals as unwitting participants in property schemes. Always ensure any reverse mortgage product is legitimate and insured by the Federal Housing Authority (FHA).
By staying informed and vigilant, you can protect yourself from these scams. Report any suspicious activity to local authorities and remember, if an offer sounds too good to be true, it probably is.
Stay safe, and stay smart!
