Protect Yourself from Scams

Romance scams are a cruel form of deception where criminals exploit the desire for love and connection while gaining the affection and trust of the victim.

The two most common ways scammers find their victims is by creating a fake persona to meet people on dating apps, through social media, or randomly texting people and starting conversations. Have you ever received an odd text message simply saying “Hi” or looking like a wrong message to the wrong person? These are romance scammers trying to start up conversations with lonely people.

Spotting and Stopping Romance Scams

• Too Good to Be True
  If someone seems like the perfect match quickly and the relationship progresses rapidly, it might be a red flag. Scammers often create ideal profiles to lure in victims.
• Love at Lightning Speed
  Scammers express deep feelings and propose a serious commitment very early into the interaction to catch their victims off guard. Genuine connections take time to develop. Beware of whirlwind romances and professions of love that seem unrealistic.
• Never Able to Meet
  Often citing living overseas or being in the military, scammers usually have elaborate excuses for why they cannot meet in person.
• Requests for Money
  A telltale sign of a romance scam is when the person you are communicating with asks for money, especially under the pretext of emergencies, travel expenses, medical bills, or visas. Never send money or financial information to someone you haven't met in person.
• Avoidance of Video Calls
  Scammers usually avoid video calls or repeatedly cancel virtual meetings at the last minute. They might use fake or stolen photos and want to avoid being identified.
• Secrecy and Isolation
  The scammer may attempt to isolate you from friends and family or discourage you from discussing the details of the relationship, fearing that others might offer warnings against the scam. Don't be afraid to confide in loved ones about your online relationship. Their objective viewpoint can be invaluable.
• Changes in Communication Style
  If you notice inconsistencies in grammar, spelling, or story details that don’t seem to align with previous communications, it could be multiple scammers operating the same profile.

Romance scams lead to significant emotional and financial damage, making them one of the most harmful scams. Be careful with your personal information and finances in any relationship, especially one that starts online. If you ever feel pressured to send money or share financial details, it’s a strong signal that something could be wrong. Remember, it's not just about protecting your finances and personal information but also guarding your heart.

Source: SANS Institute

Have you heard about tech support scams? In the latest twist on these scams, fraudsters prey on your fears that you have been hacked and they trick you into transferring money from your account to “protect it.”

According to the Federal Trade Commission, scammers use fake security pop-ups on your computer to get you to call a number. When you call, they say that your bank or retirement account has been hacked. They may transfer your call to another scammer who pretends to be with a government agency. To protect your money they tell you to transfer it to a new account. Once you do, they will quickly drain the account.

• Never call a number on a security pop-up warning; this is always a scam.
• Never move or transfer your money to protect it; only scammers tell you to do that.
• Never give someone a verification code to log in to your account.
• Call your real bank or investment advisor if you are concerned, using a number you know is real.

Source: Federal Trade Commission

Zelle is a popular “peer-to-peer” (P2P) payment serviced used by many financial institutions to allow their customers/members to send money to other people. Although EECU does not offer Zelle, we want you to be aware of this scam involving financial institutions that offer Zelle.

• Victims receive a text message from the scammer that appears to be from their financial institution regarding a Zelle payment.
• After responding to the text message, they receive a call from the scammer that appears to be from their financial institution – the scammer has spoofed the phone number to make it appear as though the call is coming from their financial institution.
• They inform the victim that they can reverse the unauthorized Zelle transaction and all they need is the victim’s online banking user name so they can verify their identity.

Armed with the user name, the scammer then uses the Forgot Password feature to gain access to the victim’s online account. A one-time authentication passcode is sent as part of the Forgot Password feature, and the scammer asks them to read the code back. With the code, the scammer can now complete the password reset process, gain access to the victim’s online account, and transfer money out of the account using Zelle.

Remember:

• EECU and other financial institutions will never ask you for your online banking password, authentication passcodes, or other login specific information.
• If you receive a text message or call like this, do not give out your online banking credentials or account information. Do not reply; delete the message and hang up on the caller.
• Call your financial institution directly if you have questions about a transaction or account activity.

• Don’t rely on caller ID as verification of who is calling. Scammers can spoof phone numbers to make it look like the call is coming from your bank, Social Security Administration, the IRS, or another company.
• Call the company using the phone number on their website or an account statement to determine if the request is legitimate.
• Be very cautious of phone calls, texts and emails requesting your personal information, such as your debit or credit card number, Social Security number, password, account numbers and other personal information, and be sure to contact us if you fall victim to one of these types of scams.

• If you are asked to purchase a gift card to pay for something, it’s a scam.  Anyone who demands payment by gift card is always a scammer. 
• Read this  Federal Trade Commission article about gift card scams for more information. 

• It is important to understand how to recognize internet scams.
• Internet crime schemes steal millions of dollars each year from unsuspecting victims.
• The Internet Crime Complaint Center is a great resource of information regarding Internet Crime.

Card cracking is a type of account fraud. Scammers promise money or some other form of payment in exchange for access to your account.

• You may be asked for your bank account information, debit card PIN, or online banking credentials.
• Once the scammer has access to your account, they deposit fraudulent checks and then quickly withdraw the money at ATMs before the fake check(s) is discovered; they may give some of the cash to you.
• When the check bounces and causes your account to go into the negative because you gave the scammer your debit card, PIN, or online banking login, you are responsible for paying that money back.

Remember, if something sounds too good to be true it probably is. Never give your account credentials, debit card PIN or other personal information to someone else. 

Individuals and businesses have become targets to a growing online fraud scheme known as ransomware.

Ransomware is a form of malware used by cyber criminals to freeze your computer or mobile device, steal your data and demand that a “ransom” — typically anywhere from a couple of hundreds to thousands of dollars — be paid.

According to the FBI’s Internet Crime Complaint Center (IC3) 2023 Annual Report, “IC3 received over 2,800 ransomware complaints and losses rose to $59.6 million, a 74% increase from last year.” Here are some tips to help you combat these malicious threats.

• Don’t click
  Visiting unsafe, suspicious or fake websites can lead to the intrusion of malware. Be cautious when opening e-mails or attachments you don’t recognize even if the message comes from someone in your contact list.
• Always back up your files
  By maintaining offline copies of your personal information, ransomware scams will have a limited impact on you. If targeted, you will be less inclined to take heed to threats posed by cyber criminals.
• Keep your computers and mobile devices up to date
  Having the latest security software, web browser and operating system are the best defenses against viruses, malware, and other online threats. Turn on automatic updates so you receive the newest fixes as they become available.
• Enable popup blockers
  To prevent popups, turn on popup blockers to avert unwanted ads, popups or browser malware from constantly appearing on your computer screen. 

Source: American Bankers Association