Be Aware of These New Scams – Romance, Smishing and Impersonation

Scammers are becoming increasingly sophisticated in their attempts to steal personal and financial information. Here are some of the most prevalent scams targeting checking and savings accounts.

Phishing and Smishing

Phishing involves fraudulent emails designed to trick recipients into revealing sensitive information. Smishing is the same tactic but through text messages. Scammers often pose as banks, financial institutions, or trusted companies to lure victims into clicking on malicious links or downloading harmful attachments. Once clicked, these links can install malware on the victim's device, allowing scammers to steal login credentials and financial information.

Smishing is a text message that appears to come from a friend asking for money. The smisher is a complete stranger but is using your connection to a friend—whose name they likely obtained through Facebook—to compel you to send them money.  Before responding to any text requests for money confirm their identity and Google the information they provide.  If it is for a family member in “trouble” ask questions and confirm the story with other family members, especially if they request you not to tell anyone. 

Impersonation Scams

Scammers may impersonate bank employees, government officials, or other trusted individuals to gain your trust. They often create a sense of urgency, claiming there's a problem with your account that requires immediate attention. They may ask for personal information, such as your Social Security number, account numbers, or passwords, to "verify" your identity or "resolve" the issue.

Check Scams

Check scams come in various forms. One common tactic involves sending you a fraudulent check for more than the agreed-upon amount for a product or service. The scammer then asks you to deposit the check and send back the difference. When the check bounces, you're responsible for the overdrawn amount. Another variation involves fake job offers where victims are sent a fraudulent check to cover expenses and are instructed to send a portion to someone else.

More Information

FDIC Consumer News: Beware of Fake Checks

Venmo and Zelle Payment Scams

Scammers are increasingly targeting peer-to-peer payment services like Venmo and Zelle. They may impersonate friends or family members, claiming to have sent you money by accident and requesting you to send the funds back. In reality, no money was ever sent, and you lose the funds you transfer.

Social Media Scams

Social media platforms are fertile ground for scammers. They may create fake profiles to build trust with victims and then offer investment opportunities, online jobs, or giveaways that require upfront payments. These scams often involve fake checks or wire transfers.

Romance Scams

Scammers often create fake profiles on dating websites to target lonely individuals. After building trust, they may ask for money to cover unexpected expenses, medical bills, or travel costs. These requests can escalate quickly, leading to significant financial losses.

Protection Tips

To safeguard your accounts, follow these tips:

• Be cautious of unsolicited communications: Never click on links or download attachments from unknown senders.
• Verify the sender: If you receive a suspicious email or text message claiming to be from your bank, contact your bank directly using a verified phone number or website.
• Protect your personal information: Avoid sharing sensitive information with anyone unless you initiated the contact and can verify the person's identity.
• Enable strong security measures: Use strong, unique passwords for all your online accounts and enable two-factor authentication whenever possible.
• Review your accounts regularly: Review your bank statements for any unauthorized transactions and report suspicious activity immediately.
• Be wary of online offers: If an offer seems too good to be true, it probably is. Do thorough research before providing any personal or financial information.
• Trust your instincts: If something feels off, it likely is. Don't hesitate to end a conversation or transaction if you suspect fraud.

By following these precautions, you can significantly reduce your risk of falling victim to these scams. If you have any questions.  You can always stop by one of our branch locations  or reach out to our member service call center at 781-784-7725 or toll free at 1-877-661-3300.