I received a great article from my bank on scams and cyber threats and thought I would like to share the information with you. The goal of course is to part you from your money, either by sending it directly, or by giving access to your financial accounts. Also, and we do not often think of this, scamming is illegal for you to take part in and can result in fines and criminal charges. Scammers use tactics that make it difficult to cancel or reverse a transaction. Here are some types of scams to beware of:
Wire Transfer – Scammers request a wire transfer as part of a real estate or business payment scam. Wire transfers are an immediate form of payment that is typically irreversible.
Digital Payment – Scammer try to convince you to send money through online banking using Zelle, ExpressSend, Venmo or another payment service. If the scammer obtains your online credentials, they can also transfer your money themselves.
Check or Account Deposit – In this scenario, the scammer sends you a fake check (this happened to my assistant, who did not fall for it) or make a deposit into an account, and then you are asked to send part or all of it back. Then the check bounces, or the deposit is fraudulent. You can be responsible for the full amount as well as the check bounce fees. It usually takes the bank 1-2 weeks to discover a check is fraudulent.
Debit/Credit Cards – After obtaining you debit or credit card number through a scam or data breach, scammers use it to make unauthorize purchases. Set up alerts through your bank to help you track transactions and unusual account activity.
Gift or Prepaid Cards – You may be asked to pay for a service using a gift card or prepaid card. This is popular because these cards are like cash. If anyone ever asks you to donate or pay by this method, it is a scam.
Cryptocurrency – Cryptocurrency is digital money that is not backed by the US government. Once sent it is irreversible. As part of a job or investment scam, you could be asked to pay in cryptocurrency such as Bitcoin or Ether, or use payment platforms such as Coinbase.
Just be wary of get rich quick schemes – if it seems too good to be true, it usually is. Never give your account information to anyone you do not know or a copy you cannot verify as legitimate. Beware of scammers impersonating a company, police, or government agency. And never let them access your computer. Also, if you receive requests for an unexpected payment. We get these all the time by email. Don’t be afraid to delete or end communication. Never send money back to someone who overpays with a check, or asks to cash a check on their behalf. Scammers are out in full force, especially during the holidays, be safe.