Financial Fraud & Scam Awareness

What Are Financial Fraud and Scams?

Financial fraud and scams are deceptive schemes designed to trick individuals into giving away money, personal information, account access, or other valuable assets. Scammers often pretend to be trusted organizations such as financial institutions, government agencies, businesses, or even family members. Their goal is to create a sense of urgency, fear, or excitement that causes victims to act without verifying the request.

Scams can occur through:

• Phone calls
• Email
• Text messages
• Social media
• Websites
• In-person interactions

In Simple Terms

If someone lies about who they are or why they need information in order to access your money, accounts, or personal information, it's likely a scam.

Common Scam Phone Calls

1. Impersonation Scams

Scammers pretend to be trusted organizations or authorities and claim immediate action is required.

Common Impersonations

• Your credit union or bank
• The IRS or tax agencies
• Social Security Administration
• Law enforcement agencies
• Utility companies

Red Flags

• Claims your account has been compromised
• Requests passwords, PINs, or account details
• Demands immediate action
• Threatens penalties if you do not comply

2. Tech Support Scams

Fraudsters claim there is a problem with your computer, email account, or mobile device.

Common Claims

• Your computer has a virus
• Your email account has been hacked
• Microsoft, Apple, or another company detected suspicious activity

Their Goal

• Gain remote access to your device
• Steal passwords and personal information
• Charge you for unnecessary or fake repairs

3. Prize and Sweepstakes Scams

Scammers claim you have won a prize, lottery, or special reward.

The Catch

• You must pay taxes or fees upfront
• You must provide banking information
• You must send money before receiving your prize

Remember

Legitimate prizes do not require payment before you can claim them.

4. Family Emergency Scams

Often called "Grandparent Scams," these schemes prey on emotions and urgency.

Common Stories

• A family member has been arrested
• A loved one was injured in an accident
• Someone needs money immediately

Requested Payments

• Wire transfers
• Gift cards
• Cryptocurrency

Always verify emergency requests directly with your family member before sending money.

5. Loan and Debt Relief Scams

Scammers offer financial solutions that seem too good to be true.

Common Offers

• Guaranteed loans
• Debt forgiveness
• Credit repair services

Warning

Many demand upfront fees and provide little or no legitimate assistance.

6. Investment and Cryptocurrency Scams

Fraudsters promise unusually high returns with little or no risk.

Common Claims

• Guaranteed profits
• Exclusive investment opportunities
• Insider trading tips
• Cryptocurrency trading secrets

Remember

If it sounds too good to be true, it probably is.

7. One-Ring Scams

Your phone rings once and disconnects before you can answer.

Their Goal

• Convince you to call back
• Connect you to premium-rate numbers
• Generate expensive phone charges

Do not return calls from unfamiliar numbers that only ring once.

8. Spoofed Number Scams

Scammers can manipulate caller ID to make a call appear legitimate.

Caller ID May Show

• Your credit union
• A local phone number
• A government agency
• A legitimate business

Important

Caller ID can be faked. Never rely on it alone to verify a caller's identity.

Common Financial Scams

• Phishing and Spear Phishing: Fake emails, texts, or websites designed to capture personal information.
• Bank Account and Check Scams: Fraudulent checks, overpayment schemes, and fake loan offers.
• Investment and Cryptocurrency Scams: Promises of guaranteed profits or risk-free investments.
• Debt Relief Scams: Companies charging fees for debt elimination or loan modification services.
• Charity and Disaster Relief Scams: Fake donation requests following emergencies or disasters.
• Tech Support Scams: Calls, emails, or pop-ups claiming your device or accounts have been compromised.

How to Recognize a Scam

Be cautious if someone:

• Pressures you to act immediately
• Requests passwords, PINs, or verification codes
• Demands payment through gift cards, wire transfers, or cryptocurrency
• Threatens arrest, legal action, or account closure
• Asks you to keep the situation confidential
• Instructs you to move money to a "safe" account
• Requests personal information unexpectedly
• Makes an offer that seems too good to be true

Important Reminder

Financial institutions will never ask for your online banking password, PIN, or one-time verification codes by phone, email, or text message.

Phone Spoofing and AI-Powered Scams

Modern scammers use advanced technology to make their schemes appear legitimate.

Caller ID Spoofing

Criminals manipulate caller ID information so calls appear to come from trusted organizations.

Imposter Scams

Scammers pretend to be:

• Financial institution representatives
• Government officials
• Law enforcement officers
• Company employees

AI Voice Cloning

Artificial intelligence can imitate the voice of a family member, friend, or coworker to make urgent requests appear genuine.

Fear and Urgency Tactics

Scammers pressure victims to act before they have time to verify a request.

Emotional Manipulation

Fraudsters exploit trust, fear, compassion, and urgency to influence decisions.

What To Do If You Suspect Fraud

1. Hang up immediately if a call seems suspicious.
2. Contact your credit union using a trusted phone number.
3. Monitor your accounts for unauthorized activity.
4. Change passwords if you shared account credentials.
5. Report the incident to local law enforcement. Use the non-emergency number.
6. Report scams to the Federal Trade Commission (FTC).
7. File a report with the FBI Internet Crime Complaint Center (IC3).
8. Consider placing a fraud alert with Equifax, Experian, and TransUnion.

Emergency Situations

If you feel threatened, unsafe, or believe you are in immediate danger, hang up and call 911 immediately.

Stay Alert. Stay Protected.

Scammers can fake phone numbers, emails, websites, and even voices. If something doesn't feel right, trust your instincts.

Take a moment to verify requests independently before sharing information or sending money. When in doubt, contact your credit union directly using a trusted phone number you know is legitimate.

A few extra minutes of verification can protect your finances and your identity.