Safeguard Your Cash: 3 Common Money Scams that Could Cost You

The Federal Trade Commission (FTC) has recently issued a consumer alert about three money scams that are gaining traction. Let’s take a closer look at the tactics scammers are using to try to deceive you and the tips the FTC has provided to protect yourself.

Fake Fraud Alerts

Officials have discovered that scammers often impersonate financial institutions by sending messages regarding suspicious account activity. They create elaborate narratives about identity fraud, promising assistance, but ultimately deceive victims into draining their bank accounts.

For your safety, avoid clicking on a link in an unexpected message. If you believe the message might be legitimate, go through an official app, website, chat or customer service phone number. Do not return calls to the number that contacted you or to any number provided in a voicemail or text message.

Fake Investment Opportunities

The FTC has also found that scammers are increasingly using social media to lure individuals with enticing offers to invest in cryptocurrency, promising high returns with little to no risk. In reality, these fraudsters direct victims to spoofed websites where they aim to collect as much money as possible before shutting down the fake site and disappearing with the funds. To avoid becoming a victim, do not trust anyone who promises you can earn large gains with little to no risk.

Fake Invoices

It has been learned that scammers frequently impersonate legitimate companies by sending fraudulent emails about the need to renew a membership or subscription that was never signed up for. These messages often claim that one owes hundreds of dollars and urges to contact their customer service to renew or cancel within a limited time. When victims call this number, the scammers often request remote access to their computers, where they install spyware and steal from their bank accounts. Note that if you ever suspect that a message might be genuine, do not call the number in the email. Instead, use official apps, websites, chats or customer service phone numbers to verify the situation.

How to Report a Scam

If you suspect that you or someone you know has encountered a scam, it is highly advised to report it to the FTC right away. Additionally, if you believe your personal information may have been misused or compromised, do not hesitate to reach out to our specialized identity theft recovery professionals that are available to you as a HomeFREE Checking account holder.¹ They are prepared to help you assess any compromised information and take the necessary steps to address and resolve any identity fraud issues swiftly.

What You Can Do to Stay Safe

Knowledge is our strongest defense against cybercriminals, so it is important to understand their common tactics to safeguard your money and personal information. You can find helpful resources to defend against cyberattacks at SESLOC’s online Fraud Center, which offers webinars, blogs, tools and more on cyber protection.

1. Identity Theft Recovery + Mobile Phone Coverage (“Program”) is provided by NXG Strategies, LLC., and are included as part of HomeFREE Checking. There is no pre-registration required.  By participating in the HomeFREE Checking account the primary accountholder is accepting the terms and conditions of the Program. See sesloccares.nxgstrategies.com for terms and conditions of the Program, or request a copy of the terms and conditions by visiting any SESLOC branch office. You retain the option to utilize these services as long as you are a HomeFREE Checking accountholder, subject to terms and conditions