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Stay Scam-Savvy with UMe: Protect Yourself from Financial Scams 

Thinking you’re too smart to fall for a financial scam is one of the biggest mistakes U can make. Whether you’re highly educated or not, scams can target anyone. Cybercriminals are crafty, and their tactics are constantly evolving. According to a recent survey by The Harris Poll for NerdWallet, over half of Americans have faced attempted financial scams in the past two years, and 18% lost money to these scams. On average, those who lost money were out $325, with some losing $1,000 or more. 

 

Common Scams to Watch For 

Imposter Scams: Imposters pose as trusted figures like government officials, charity workers, or even family members to trick you into handing over personal information or money. They often create a sense of urgency, like a grandchild needing emergency funds, to manipulate you into acting quickly. 

Mobile Payment Scams: Mobile payment apps like Venmo, PayPal, and Zelle make transferring money easy—but scammers love them too. They might pretend to be a friend or loved one in need, or they could offer to sell you something they don’t intend to send. Sometimes, they’ll claim you’ve won a prize and need to send money to claim it. 

Job Scams: Looking for a job? Be cautious. Scammers impersonate recruiters from well-known companies, conducting fake interviews and offering bogus jobs to steal your personal and financial information. They may even ask for sensitive details under the guise of completing tax paperwork. 

Romance Scams: Fraudsters use dating sites and social media to build romantic relationships with unsuspecting victims. After gaining your trust, they’ll fabricate a crisis and ask for money. These scams can drag on for months, making the deception feel very real. 

Debt Scams: Phony debt collectors pressure you into paying non-existent debts or real debts that don’t belong to them. They often use scare tactics and demand immediate payment. Be especially wary if they ask for payment through unconventional methods like gift cards. 

Student Loan Scams: With promises of immediate debt relief or lower payments, scammers target students and graduates burdened by loans. They often demand upfront fees or personal information, claiming it’s necessary to secure their services. 

Social Security Scams: Scammers pose as Social Security Administration (SSA) officials, claiming there’s a problem with your account or that you owe money. They might threaten arrest or other severe consequences to pressure you into sharing your Social Security number or making a payment. 

Medicare Scams: Fraudsters pretending to be from Medicare call to offer free services or upgrades, but their real goal is to steal your Medicare number and file false claims. They may ask for personal information, claiming it’s needed to process your benefits. 

Tax Scams: During tax season, scammers pose as IRS agents, threatening you with fines or arrest unless you pay immediately. Remember, the IRS will always contact you by mail first, not by phone, email, or social media. 

Investment Scams: Be wary of investment opportunities that promise quick, high returns with little risk. These scams often involve free initial training on topics like real estate or cryptocurrency, followed by demands for high fees for further training that offers little value. 

 

Top Tips to Protect Yourself 

  1. Hang Up and Go to the Source: If someone contacts you claiming to be your bank or any familiar company, end the conversation and call the verified number yourself. Scammers can spoof numbers, making them appear legitimate. 
  1. Secure and Monitor Your Accounts: Use multifactor authentication, create unique passwords, and avoid sharing personal details online. Check your accounts weekly and investigate any unfamiliar charges immediately. 
  1. Know the Common Scams: The Federal Trade Commission lists top scams like impersonating businesses, online shopping issues, and fake sweepstakes. Remember, scammers often create a sense of urgency and ask for money or personal info.  

 

Report Scams and Be Your Own Advocate 

Reporting fraud helps track and combat scams. You can report to the FTC by emailing ReportFraud.ftc.gov., your state attorney general, the FBI, local police, credit union / bank, and more. While recovering lost money can be tough, being proactive with your credit union / bank and law enforcement might help. 

At UMe Credit Union, we’re committed to keeping U informed and protected. Remember, if something feels off or too good to be true, it probably is. Stay vigilant and contact us if you ever need assistance. Together, we can stay one step ahead of the scammers! We’re here to help keep your money safe and secure!  

 


Disclaimer: U matter to Me (to all of us) at UMe — and that’s why we do our best to deliver helpful information on our blog. Please note the following: (1) UMe Credit Union works hard to make certain that the information we post here is as accurate as humanly possible. But as you know, information can change and evolve quickly. While we try to update the blog on a regular basis, the content of some older posts may not be correct or up-to-date. (2) Some destinations on the World Wide Web that we link you to will exist on external websites. UMe Credit Union does not officially endorse any connected sites, nor do/did we compensate or get compensated by any entities to be featured in our posts (unless otherwise noted). (3) Everyone’s situation is unique and we advise you to consult with our personal bankers or your finance, tax, or legal professional for advice individualized to you!