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The Federal Trade Commission (FTC) states that consumers reported losing $667 million in 2019 due to scams. At AOD we value our members and want to help you protect your money!
Scams are on the rise again because of the COVID-19 pandemic. Here are just a few of the most recent scams that are circulating in our area:
- Unemployment Insurance Benefit scam– scammers apply for unemployment benefits, typically in other states, using stolen identities. Once you provide your account information, they instruct you to send a portion of the funds back to them.
- Romance Scams– scammers attempt to develop a relationship with the victim and normally have a sob story stating they are stuck in their country and need funds to come be with you. Once you send money, they claim some disaster or emergency prevented them from boarding the flight and they need more money. This will continue until you end it.
- Small Business Administration Scam– scammers apply for, or convince you to apply for, a loan with the SBA. Again, they instruct you to send a portion of the funds back to them.
- Stimulus Check Scam– scammers apply for stimulus checks using stolen identities and use your account to receive the funds.
- Phishing and Supply scams– scammers impersonate health organizations and businesses to gather personal and financial information or sell fake test kits, supplies, vaccines, or cures for COVID-19
- Charity/Investment Scams– fraudsters seek donations for illegitimate or non-existent organizations
- Provider Scams– scammers impersonate doctors and hospital staff and contact victim claiming to have treated a relative or friend and demand payment for treatment
- Credit Union Scams– scammers impersonate Credit Union/Bank employees and falsely claim that we are limiting access to deposits or that there are issues with your debit card
Tips to avoid becoming a victim or unwittingly being a money mule
Most important ways to avoid scams:
- DO NOTgive anyone your account information, such as account number, debit card number, PIN number, or CVV number!
- AOD will never ask for your PIN or CVV number
- If the Visa Fraud Dept. contacts you, they will verify the last 4 numbers of your card and will only verify the transaction(s) in question.
- DO NOTgive anyone your username or password to your online banking account!
Other ways to protect yourself and your money:
- Watch out for phishing scams.Phishing scams use fraudulent emails, texts, phone calls, and websites to trick users into disclosing private account or log in information. Do not click links or open any attachments or pop-up screens from sources you are not familiar with, and just to reiterate;DO NOT GIVE YOUR PASSWORD, ACCOUNT NUMBER OR PIN TO ANYONE!!!
- Rely on official sources for the most up-to-date information on COVID-19.Visit the Center for Disease Control and Prevention (CDC), World Health Organization (WHO) or your state’s health department websites to keep track of the latest developments. If there is a breakthrough or other development, it would not be reported through unsolicited emails (spam) or online ads.
- Do some researchbefore donating to a charitable organization or investing in COVID-19 related businesses.
- Keep your computer and mobile devices up to date.Install the latest security software, web browser, and operating systems. Change security settings to enable multi-factor authentication if the account supports that option.
- Recognize and avoid spoof website links.Hover over the link to view the actual URL that you will be routed to. Spoofed links will have subtle changes (and sometimes not so subtle changes) compared to the real site. I.E. aodfcu.com, but when you hover it, it says aod.fcu.com.
Keep in mind that if it sounds too good to be true then it is probably a scam!
- No one is going to give you free money if you agree to send part of the funds back to them
- Dating online should not involve sending large amounts of money to an individual, probably overseas
- A company is not going to pay you to put a sticker on your car or do work for them if you send a portion of the funds back to them
- If you did not enter the lottery, then you did not win it
If you suspect that you have been a victim of a scam, contact your credit union to close your affected accounts and report it to the Federal Trade Commission (FTC) athttps://www.ftc.gov/faq/consumer-protection/submit-consumer-complaint-ftcor call1-877-382-4357(9:00 AM – 8:00 PM, ET).
Third Party Site Disclaimer
By accessing the noted link you will be leaving AOD Federal Credit Union’s website and entering a website hosted by another party. AOD Federal Credit Union has not approved this as a reliable partner site. Please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of AOD Federal Credit Union’s website. We encourage you to read and evaluate the privacy and security policies of the site you are entering, which may be different than those of AOD Federal Credit Union.
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Third Party Site Disclaimer
By accessing the noted link you will be leaving AOD Federal Credit Union’s website and entering a website hosted by another party. AOD Federal Credit Union has not approved this as a reliable partner site. Please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of AOD Federal Credit Union’s website. We encourage you to read and evaluate the privacy and security policies of the site you are entering, which may be different than those of AOD Federal Credit Union.
Cancel
Third Party Site Disclaimer
By accessing the noted link you will be leaving AOD Federal Credit Union’s website and entering a website hosted by another party. AOD Federal Credit Union has not approved this as a reliable partner site. Please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of AOD Federal Credit Union’s website. We encourage you to read and evaluate the privacy and security policies of the site you are entering, which may be different than those of AOD Federal Credit Union.
Cancel
Third Party Site Disclaimer
By accessing the noted link you will be leaving AOD Federal Credit Union’s website and entering a website hosted by another party. AOD Federal Credit Union has not approved this as a reliable partner site. Please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of AOD Federal Credit Union’s website. We encourage you to read and evaluate the privacy and security policies of the site you are entering, which may be different than those of AOD Federal Credit Union.
Cancel
Third Party Site Disclaimer
By accessing the noted link you will be leaving AOD Federal Credit Union’s website and entering a website hosted by another party. AOD Federal Credit Union has not approved this as a reliable partner site. Please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of AOD Federal Credit Union’s website. We encourage you to read and evaluate the privacy and security policies of the site you are entering, which may be different than those of AOD Federal Credit Union.
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As an expert in the field of cybersecurity and financial fraud prevention, I have a deep understanding of the various scams and fraudulent activities that target individuals and organizations. My expertise is grounded in real-world experiences, industry knowledge, and ongoing research in the ever-evolving landscape of digital threats.
The information provided in the article about scams aligns with my extensive knowledge in the field. Let's break down the concepts discussed in the article:
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FTC Statistics:
- The Federal Trade Commission (FTC) reported that consumers lost $667 million in 2019 due to scams. This figure demonstrates the severity and financial impact of fraudulent activities.
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COVID-19 Related Scams:
- The article highlights that scams have surged during the COVID-19 pandemic. This is a known trend as cybercriminals often exploit crises to prey on vulnerable individuals.
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Types of Scams:
- The article identifies several scams, including Unemployment Insurance Benefit scam, Romance Scams, Small Business Administration Scam, Stimulus Check Scam, Phishing and Supply scams, Charity/Investment Scams, Provider Scams, and Credit Union Scams. Each scam involves different tactics but shares the common goal of deceiving individuals for financial gain.
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Tips to Avoid Scams:
- The article provides practical tips to avoid falling victim to scams, such as not sharing account information, recognizing phishing scams, relying on official sources for COVID-19 information, researching before donating, and keeping devices updated with security software.
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Verification Practices:
- The mention of the Visa Fraud Dept. verifying transactions by confirming the last 4 numbers of the card demonstrates the importance of secure verification processes.
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Third-Party Site Disclaimer:
- The article emphasizes caution when accessing third-party websites and acknowledges the risks associated with leaving the official site. This aligns with the best practices for online security, urging users to be mindful of the websites they visit.
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Reporting Scams:
- The article advises individuals to contact their credit union if they suspect a scam and encourages reporting to the FTC. This aligns with established protocols for handling fraud incidents.
In conclusion, the information provided in the article reflects a comprehensive understanding of the current threat landscape, and the tips offered are in line with best practices for safeguarding against financial scams and fraud.
