Cybercrime is an ongoing challenge that continues to grow. From 2019 to 2023, cybercrime nearly doubled to more than 880,000.* In 2023, consumers reported losing more than $10 billion to scams, a 14% increase over 2022.** To help protect you and your money, here are four signs that someone is trying to scam you.
1. Scammers pretend to be from an organization you know.
Scammers often pretend to be contacting you on behalf of the government. They might use a real name, like the FTC, Social Security Administration, IRS, or Medicare, or make up a name that sounds official. Some pretend to be from a business you know, like a utility company, a tech company, or even a charity asking for donations.
Fraudsters use technology to change the phone number (spoof) appearing on your caller ID, so the name and number you see might not be real. In addition to spoofing a phone number, they may send you an email or text pretending to be from a government agency, utility, or tech company.
2. Scammers say there’s a problem or a prize.
They might say you’re in trouble with the government. Or you owe money. Or someone in your family had an emergency. Or that there’s a virus on your computer.
Some scammers say there’s a problem with one of your accounts and that you need to verify some information, like your account or credit card number, PIN, password, or one-time authorization passcode.
You may receive a notice saying, “Congratulations! You’ve won an amazing prize.” To receive it, you must share your name, bank account, and Social Security number. Here’s the catch. You didn’t win a prize. You never entered any contest or sweepstakes. Scammers are using the lure of a big payout to share your personal information or will ask you to pay a fee to receive your prize. Others will lie and say you won money in a lottery or sweepstakes but have to pay a fee to get it.
3. Scammers pressure you to act immediately.
Act now, or else something terrible will happen. Scammers want you to act before you have time to think. If you’re on the phone, they might tell you not to hang up, so you can’t check out their story.
They might threaten to arrest you, sue you, take away your driver’s or business license, or deport you. They might say your computer is about to be corrupted.
4. Scammers tell you to pay in a specific way.
They often insist that you can only pay by using cryptocurrency, wiring money through a company like MoneyGram or Western Union, using a payment app, or putting money on a gift card and then giving them the numbers on the back of the card.
Some will send you a check (that will later turn out to be fake), then tell you to deposit it and send them money.
How to avoid a scam.
Now that you better understand the four common signs that someone is trying to scam you, let’s cover five simple things you can do to help protect yourself.
1. Block unwanted calls and text messages. Take steps to block unwanted calls and filter unwanted text messages. If you’re not sure how to do this, contact your phone provider.
2. Don’t give your personal or financial information in response to a request you didn’t expect. Honest organizations won’t call, email, or text to ask for your personal information, like your Social Security, bank account, or credit card numbers.
If you get an email or text message from a company you do business with and you think it’s real, it’s still best not to click on any links. Instead, contact the business using a website you know is trustworthy. Or look up their phone number. Don’t call the number they gave you or the number on your caller ID.
3. Resist the pressure to act immediately. Honest businesses will give you time to make a decision. Anyone who pressures you to pay or give them your personal information is a scammer. If you’re feeling pressured, hang up. Don’t respond to the text. Taking a moment to assess the situation and what is being asked of you can help prevent you from taking action you don’t intend to take. Remember, if something seems off, it probably is.
4. Know how scammers tell you to pay. Never pay someone who insists you can only pay with cryptocurrency, a wire transfer service like Western Union or MoneyGram, a payment app, or a gift card. And never deposit a check and send money back to someone. You could be held responsible for the total amount of the fraudulent check. If you receive an overpayment check, notify and return it to the sender and ask them to send a new check for the correct amount. Never wire the money back; the money will be gone from your account immediately, and if the original check was fraudulent, you will have lost the full amount of the check from your account.
5. Stop and talk to someone you trust. Before you do anything else, tell someone — a friend, a family member, a neighbor — what happened. Talking about it could help you realize it’s a scam.
Final thoughts.
Scammers continually evolve their techniques and adopt technological advances to try to do harm. Stay current. Reading this blog and other content about scams is an important part of helping protect yourself from people trying to scam you.
Here are a few more ways to help you stay current on scams. Visit our Security Center for news on the latest threats. This best-in-class platform was developed in cooperation with the same experts that keep the Credit Union cyber safe. Our Current Scams page contains news, tips, and notifications to help you stay alert to the latest scams.
If you were scammed or think you saw a scam, tell the FTC at ReportFraud.ftc.gov.
Be aware. If you receive a call from someone claiming to be a Credit Union employee asking for your account information (such as your online banking username, password, one-time passcode, credit card number, account number, etc.), do not give them any information. Even if the caller has an identifying piece of information or the call appears to be from our 800 number. This call is NOT legitimate. Scammers can spoof phone numbers to make it appear that the call is from a trusted source. The Credit Union will not call you and ask for this information. Hang up and contact us directly at 800.877.2345.
*Petrysyan, Ani, “Online fraud in the United States –Statistics & Facts,” statista.com. Published 14 August 2024. Accessed 6 January 2025.
**”As Nationwide fraud losses top $10 billion in 2023, FTC steps up efforts to protect the public.” Published 9 February 2024. Accessed 6 January 2025.
