How To Spot Fraud: Key Signs of a Scam

Fraudsters are always coming up with new ways to trick people, but by knowing the signs of a scam, you can keep your money and personal information safe.

Fraudsters might call, text, or email you, impersonating someone from a collection agency or another person or company you would be inclined to trust. When it comes to your finances and using third-party apps and programs like Zelle^®, Venmo, Cash App, etc., it’s especially important to be aware of common trends. Learn more about what to look out for to avoid getting scammed.

What Should You Look For?

Common Scam Tactics

• Fraud Alerts: sending a fake fraud alert via email or text message advising you to transfer funds to your account.
• Urgent Action: reaching out with a message that creates a false sense of urgency by threatening legal action or negative consequences, such as a disconnection of service, unless an immediate payment is made.
• Impersonating Well-Known Companies: sending a text message or email that appears to be from a trusted website containing a link they want you to click. These often contain spelling and grammatical errors.
• Security Deposit Scams: listing a house or apartment for rent and requesting a security deposit without allowing you to see the property first. This can include vacation rentals, too.
• False Online Identities: creating a fake online persona, embarking on a fake relationship, and asking for money before you ever meet face-to-face. After they get the money, they’ll disappear.

Tips To Avoid Getting Scammed

• Never send yourself money if someone you don’t know asks you to.
• Use digital payment methods, like Zelle^®, to only pay those you know and trust.*
• If you ever receive a fraud notification that looks like it’s from A+FCU, call us right away at 512.302.6800. A+FCU will never call and ask for personal information or a one-time passcode.
• Stay calm, and don’t rush to make a payment. Scammers use urgency to get you to send money without thinking it through. If you receive an unsolicited payment request from a business you believe may be legitimate, hang up, verify the correct contact number, and call the business directly to inquire about the status of your account.
• Never click a link in a text message or email from someone you don’t know.
• When you’re looking to buy or sell goods online, if something seems too good to be true, it probably is. Wait until you have the item in hand to pay.

How To Protect Yourself From Scams

Fraudsters often mimic trusted entities like collection agencies or familiar companies to catch you off guard. They may send you urgent texts or calls, create fake alerts, or use a tone that pressures you to act immediately. Knowing that an unexpected message asking you to send money could be a scam is your first defense. Here are some common tactics scammers use to try to access your money.

Personal Or Financial Information

Scammers will often try to get pieces of your personal or financial information, such as credit card numbers, Social Security numbers, and online banking credentials, to access your funds. These pieces of data are valuable to scammers because they can be used for a range of fraudulent activities, from unauthorized purchases and bank transfers to opening new accounts in your name.

Bank Account

Scammers will use many methods to trick you into giving them access to your bank account. Some techniques include:

• Fake emails or text messages that seem to come from your bank, warning you of a problem with your account
• Impersonation calls where a scammer pretends to be a bank representative
• Emails or texts coming from a number that contains a link to a fake website mimicking your bank’s login page

To protect yourself, always contact your bank directly using the trusted number found on their official website if you receive any unexpected calls or messages. Additionally, verify the website’s URL before entering any sensitive information.

Sending Money

Scammers use a variety of tactics to trick people into sending money. This includes phishing emails, impersonation calls, fake fundraising projects, and fraudsters impersonating company executives over email to their employees.

They often pressure victims by creating urgency or promising too-good-to-be-true opportunities. They may also use fake websites or tech support scams.

What To Do If You Believe You’ve Been Scammed

If you suspect you’ve been scammed, immediately stop all communication with the scammer and gather any evidence, such as emails, text messages, or transaction records.

Contact your bank or credit card company to secure your accounts and report unauthorized transactions. This can help prevent further financial loss.

If you use Zelle^® to send and receive payments with your friends and family, check out more tips offered by their team to help you avoid common digital payment scams. Visit zellepay.com/pay-it-safe.

A+FCU Can Help You Spot The Signs Of A Scam

A+FCU is dedicated to helping our members recognize the signs of a scam by providing educational resources and real-time alerts. Through engaging webinars and online guides, members can learn to spot red flags like unexpected messages, urgent requests for personal information, and suspicious account activity. Our fraud text alert service immediately notifies members of unusual debit card transactions. Additionally, card management tools allow members to set spending limits, restrict transactions, and freeze or unfreeze their cards.

*U.S. checking or savings account required to use Zelle®. Transactions between enrolled users typically occur in minutes.

Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

Membership required. Adult members 19 years of age and older with an eligible checking account will be able to utilize Zelle®. Eligible checking accounts include Value Checking, Cash-Back Checking, or A+ Checking. Transaction limits apply. To transfer money from your A+FCU accounts with Zelle®, you will need to use the A+ Mobile App. Additional conditions and restrictions may apply. Subject to change without notice.

There is no fee to send or receive money via Zelle® at A+ Federal Credit Union, however there may be instances where using Zelle® may incur charges: if you send a transaction for which you have insufficient funds, non-sufficient funds (NSF) fees may apply.