Fraud Tips
Every day, fraudsters are looking for new ways to steal your information. It's our duty as your credit union to help keep you informed and prepared to help you protect your accounts. Fraud doesn’t discriminate, and anyone can become a victim.
Below are some of the most common forms of fraud and methods to help protect your account and identity.
Tips to Protect Yourself
Online Banking Scam
In this case, a fraudster will ask you via phone call or text message for your HomeBanking information. Usually, this is prefaced with a prize or reward for you completing their request. The fraudster then logs into your account, deposits a fraudulent check, and asks you to purchase gift cards or send a small amount of cash back to them. Then, you’re informed to keep the "excess" funds.
Not only does the victim give their personal login information, but the check will bounce, leaving you with a negative account, sometimes totaling thousands of dollars.
Spoofing Calls
A phone call can come in from anywhere such as Social Security, a financial institution, or other trustworthy business. The fraudster can “spoof” the phone number to appear as the name of your credit union or bank, so it appears to be a legitimate call. At that point, they ask for your personal information including Social Security number, card numbers, expiration dates, PIN, and more.
To help prevent giving out personal information, you can hang up and call the business back to make sure that the phone call is legit. Just a reminder, we will never ask you for your Social Security Number, PIN, or other information that doesn’t pertain to CityMark business.
Grandparent Scam
In this approach, a person calls an older adult pretending to be a grandchild who’s been involved in an accident or legal trouble and needs money immediately.
They might ask for gift cards, wires, or cash to be sent out. They can do research to make you believe that your grandchild or loved one is in trouble and desperately needs the money. These calls can also be spoofed, further making the call appear credible.
The Pigeon Drop
In this instance, the con artist often poses as a lawyer, banker, or some other trustworthy stranger. The victim will receive a letter, fax, email, or phone call letting them know that they have been linked to a lost inheritance or a large lottery winning. To receive the funds, you just need to contact the company and pay a small fee to collect your money.
Very similar to the Pigeon drop, people can contact unsuspecting individuals through Facebook, Messenger, Instagram, Twitter, TikTok, or WhatsApp. They pretend to be a friend, might say that they found money or even “flirt” to possibly make a connection. At that point, they might request money via PayPal, Venmo, or Cash App.
Threatening Phone Calls
In this situation, you may begin receiving solicitations from an unknown individual. Once they know that you will pick up the phone, they begin to threaten your family or yourself for financial gain. Again, they will ask for cash, wire, or gift cards and try to extort money in any way possible. If you receive any type of phone call like this, please contact your local police department immediately.
Sweepstakes Mystery Shopper or Lottery Scams
Scammers inform you that they’ve won a lottery, sweepstakes, or have been picked as a Mystery Shopper. The fraudster tells you to make some sort of payment to claim your prize. In this case, they send you a fake check and ask you to send back a small payment in order to claim the rest of your money. In all cases, the checks will eventually bounce and you will be out any funds that you send to the fraudulent companies.
