Guard Your Wallet: Beware of Today’s Top Financial Scams

Modern technology has greatly enhanced our convenience by enabling instant communication through email and texting, facilitating online bill payments and shopping, and more. However, it has also made it easier for cybercriminals to conduct scams. The security of our members’ information is one of our highest priorities and we are committed to safeguarding your financial records as much as possible but one of the best ways to avoid fraud is staying aware of the most current scams. Here are some of the latest threats and some tips on how to safeguard yourself against them.

1. Phishing Scams

Phishing has been around for a long time and has only grown more sophisticated each year. There has been a significant increase in phishing emails that appear to be from legitimate financial institutions or other organizations. These emails often contain links to fake websites that will steal your login credentials when you enter them. Be sure to verify the sender’s address and avoid clicking on links or attachments from unknown senders.

With the rise of texting and smartphones, scammers have found a way into your pocket through Smishing, which involves sending text messages that appear to be from your bank or other trusted organizations. They often claim there is an urgent issue with your account, or want you to confirm a recent purchase by clicking on a link. Be wary of any unexpected texts – the best way to verify if they are real is to call the organization and speak directly to an employee.

Technology isn’t second nature for many people and scammers take advantage of its often confusing nature. They may reach out to you, posing as a tech-support representative from a well-known company, and claim that your device has been compromised. They might try to gain remote access or ask for your password to help resolve the issue. If you believe someone is trying to illegitimately access your accounts or device, hang up and call the company directly to confirm who you are speaking to.

Online dating can be a great tool to meet people in your area, or even long-distance, but there are dangers to getting to know someone online. Scammers will often create fake profiles and connect with people, building a relationship over time, only to ask for money for a fake emergency or travel expenses. Be extremely cautious of anyone you haven’t met in person, especially if they are requesting money from you.

Though the pandemic is long over, fraudsters are still using it to take advantage of vulnerable people by offering fake vaccines, financial support or even “cures” for COVID-19. Always verify offers like these through trusted sources, like government health websites.

With new grads entering the job market after college, we’ve seen a rise in fraudsters exploiting people looking to get hired this summer. Be wary of job listings that ask for personal information up front or require you to pay for background checks and training materials. It’s always best to verify job offers before you provide any personal information or payment.

Online shopping has brought a great deal of convenience for consumers and can make life easier in many ways! It is important to be wary, however, of fake online stores or fraudulent ads that offer products at unbeatable prices. Avoid falling victim to these scammers by shopping from reputable sites and reading reviews before you purchase.

By staying vigilant and informed, you can protect yourself from these evolving threats. For more detailed tips and updates on current scams, visit our Security Center and our Scams & ID Theft resources.