FEATURED ARTICLES

A “scam” is a situation where someone performs a dishonest or fraudulent act on another. Scams will try to steal one of two things from you: personal information or money. And more often than not, stolen information also leads to stolen money.

In today’s always-connected world, it has never been easier to be targeted by scams. Imagine all the ways that thieves can take your hard-earned savings or credit lines:

• phone
• texting
• email
• social media
• website ads

Fortunately, you can shore up your defenses. For this Cybersecurity Awareness Month, we’ll discuss what you can do to protect your identity and your finances. We’ll start with a primer on how to spot and avoid scams.

Common Signs of a Scam

The first step to preventing a scam is knowing what it looks like. Security experts have identified the common ways that fraudsters try to steal information.

Whether over the phone, through email, or by text, the majority of scams share common characteristics. They include:

• Posing as authority. Scammers pretend to be from an established organization or working with the government. They might start a message claiming to be from something official, like “Amazon Authorization Department” or “Medicare Claims Team.” Scammers use technology to change contact info, so it might be tricky to see if they’re the real deal.

   

• Pitching a problem or prize. Scammers will use psychological tricks to make you think you need to take action. They might threaten you with the loss of a service, an arrest order, or claim you have a virus-infested computer. Or, they might claim you’ve won a sweepstakes and ask to claim a limited-time offer.

   

• Pressuring you to act quickly. Scammers want you to take action before you have time to process what is happening. That’s why they might tell you that the time to claim a prize is limited or that failing to provide information on the spot will result in legal action.

   

• Paying in a specific way. Scammers will insist that you complete the transaction through a certain method, like paying with cryptocurrency or by a money-wiring service. They might send a check for you to deposit and withdraw funds or ask you to provide credit card information.

How To Stop Scammers in Their Tracks

Now that you know the signs of a scam, it’s time to learn to avoid them. The first and perhaps most effective way to avoid a scammer is to never disclose anything to them. A scammer can’t do anything if you don’t do what they want.

Here are other tips that you can use if you suspect you are being scammed:

• Block calls, text messages, and emails. If you get a call or text from a number you don’t know, it’s time to get skeptical. Block unwanted calls and text messages. Also, get familiar with recognizing bogus email addresses.

   

• Deny unexpected requests. Always be wary of messages asking something from you. Established organizations and government entities will never try to message you for personal or financial information. If you think you’re getting a message from a real company, it’s better to contact that organization directly to verify requests. Don’t use any contact information provided in the message.

   

• Take things slowly. Trusted businesses will always give you time to make a decision. Anyone who wants you to provide information or pay for something on the spot is almost certainly a scammer.

   

• Note the requested payment methods. One way to recognize a scam is if the person insists you pay in a very specific way. For instance, they might want you to pay in crypto, use a wire transfer or money app, or put money on a gift card. Never deposit a check and send the money to someone.

   

• Talk to someone you trust. Before doing anything else, tell someone what happened to you. Speak with a family member, neighbor, or friend. Talking about things might help you recognize that you are being scammed.

By keeping these tactics in mind, you will be prepared to avoid scammers and their common tricks. If you think you are being targeted by a scam, always make sure to take your time and think through what’s happening. Your patience and your ability to say “No” are your most effective tools.

If you feel that you have fallen victim to a scam that puts your banking and credit card information at risk, notify your financial institution immediately so they can assist you.

For more tips on avoiding common scams, contact your financial institution. Also, you can refer to our Scam and Fraud Education (S.A.F.E.) page to reinforce your knowledge on protecting your information—and your money.