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Financial scams come in many forms and often start with a call, text, or email pretending to be your financial institution. Criminals abuse the trust consumers have in their financial institutions in order to scam individuals out of their money, as well as their personal information which can be used to steal your identity.

Known as the Imposter Scam, criminals can prey on your family relationships. For example, family emergency scams will often target elderly individuals by impersonating a family member or friend in need of urgent money over a phone call. They create an elaborate and completely made up story about being arrested, stranded in another country, or having a car breakdown.

Another example of an imposter scam can be something as simple as a criminal pretending to offer technical support for your devices. During a technical support scam, a scammer will pose as a tech support representative from a well-known company. They may call warning you that your computer is infected, or a popup may appear on your screen warning your computer has a virus. They may then ask for remote access to your computer so they can fix the issue, which gives them access to personal information.

There are also many other types of financial scams not covered here, but they often share similar techniques and calls to action.

Identifying Scams

The first step to better protect yourself from impersonation scams is to identify the most common scam techniques, including the persuasive triggers used to get you to act quickly and without thinking through the situation.

More experienced scammers will research some of your details beforehand, using that familiarity to build trust. Less sophisticated scammers may send a simple text using the name of your financial institution with a link to "verify your account." If you fall victim to either of these techniques and provide scammers access to your accounts, they can now drain your accounts and steal your identity.

To identify a potential scam call, consider these tips:

• Be Skeptical - Always approach unsolicited calls with skepticism, especially if the caller asks for personal or financial information or demands immediate payment.
• Don't Trust Caller ID - Scammers are very good at spoofing official numbers and local area codes to gain your trust quickly.
• Verify Caller Identity - If a caller claims to represent a specific organization or government agency, hang up and contact that entity directly using a phone number from their official website or your account statement, not the number provided by the caller.
• Check for Urgency - Scammers often create a sense of urgency to pressure you into making decisions. They might say you need to confirm your identity, update your information, or claim a prize quickly.
• Be Aware of Threats - Scammers often threaten arrests, lawsuits, account closures, or similar dire consequences. Official agencies do not operate this way and will usually contact you by mail first.

In addition to calls, fraudulent texts and emails are also common. To help identify these scams:

• Be Cautious of Unsolicited Communication – Carefully approach unsolicited texts and emails, especially those that ask for personal or financial information or require immediate action.
• Avoid Clicking on Links - Don't click on any links or download attachments from suspicious emails or texts. The links may lead to fraudulent websites or contain malware.
• Confirm Sender's Email Address - Scammers often use addresses or numbers that appear similar to legitimate ones with minor alterations.
• Examine the Message's Tone - Be cautious of messages that convey a sense of urgency, threats, or high-pressure tactics to push you into immediate action.
• Hover Over Links - If using a computer, hover your mouse over any link included in emails (without clicking) to preview the URL. Remember, the URL you see in an email may not be the actual address. Otherwise, avoid visiting suspicious links.

How to Protect Yourself

If you suspect someone is trying to scam you, here are some tips:

• Contact the Company Directly - If you need clarification on a message's legitimacy, contact the company directly using verified contact details from their official website or your account statements, not the contact details provided in the suspicious message.
• Don't Share Sensitive Information - Never respond to texts or emails requesting personal or financial information. Only reveal personal data if you make the call to a verified phone number.
• Never Deposit Money to "Correct" an Error - A legitimate financial institution will never ask you to purchase gift cards or deposit money into a digital currency ATM to correct account errors.
• Use Multi-Factor Authentication - Enable multi-factor authentication on your accounts. This adds an extra layer of security by requiring at least two forms of identification before gaining access.
• Review Your Statements - Regularly review your bank and credit card statements to identify any unauthorized or suspicious transactions. Consider transaction notifications, credit freezes, and fraud alerts to protect accounts.
• Maintain Privacy - Be mindful of sharing your phone number (as well as address, birth date, and other personal information) on social media or in online forms. The more private you keep your number, the less likely you are to receive unsolicited calls and texts. Be cautious of social media games and questionnaires that try to identify personal preferences, such as your first job, favorite books, and etc., as it can give criminals insight on potential answers to your security questions.
• Keep Your Contact Info Updated - At First Harvest, we take protecting your information seriously. Be sure your contact information with us is up-to-date, so we can properly contact you with Fraud Alert Communications. Additionally, members should continue to opt-in to First Harvest communications to help stay informed about important account notices.

Awareness is the first line of defense. These tips include just some of the many ways to protect yourself, and scammers are continually changing tactics. It’s always a best practice to seek out new education on how to best protect yourself.

While the specific scams may change, their red flags have mainly remained the same. Watch out for urgent demands, requests for unusual payment types, threats, and suspicious phone numbers or email addresses. Trust your instincts if a call or email seems suspicious. Take the time to confirm their identity and avoid providing personal information to an unverified source. And most importantly, don't hesitate to end communication with anyone pressuring you to take immediate financial action. If you feel your account has been compromised, contact your financial institution immediately.

In partnership with MoneyEDU