UPDATE as of 7/3/24: We have been alerted that fraudulent texts impersonating our CEO, Michael Magnavita are being sent out. The fraudulent texts may solicit you to perform a task or ask you for personal information. DO NOT RESPOND and DELETE the text. FMFCU would never send outbound texts asking for personal information including PINs, passwords, social security number, SAC codes or login ID to name a few.
As scams continue to vary and increase, imposter scams remain the most prevalent and financially harmful. Imposter scams take many forms, but all share a basic premise: a scammer posing as someone you trust and persuades to send money or give out personal, financial information in order to obtain the money themselves.
How Imposter Scams Work
Imposter scams typically start with a phone call, email or text message posing as someone you trust or a figure of authority – such as government agency, tech support representative, financial institution or even loved ones. The scammer typically creates a sense of urgency or fear to get you to take action quickly without thinking. Examples include a scammer claiming your bank account has been compromised and needs account information or posing as a grandchild in trouble and urgently requesting money to resolve a fake emergency.
Look Out for the Warning Signs
- Urgency and Threats: Scammers often create a sense of urgency, claiming immediate action is required to avoid consequences such as legal trouble or financial loss.
- Spoofed Communication: Scammers may impersonate legitimate organizations or individuals, using official-looking emails, websites, or phone numbers to deceive victims.
- Unsolicited Requests for Personal Information: Be cautious of requests for sensitive information such as Social Security numbers, bank account details, or passwords.
- Too Good to Be True Offers: Scammers may promise large sums of money, lottery winnings, or free products/services in exchange for personal information or payments.
- Pressure to Act Quickly: They might pressure you to make a decision or payment without giving you time to verify their claims.
Protect Yourself Against Imposter Scams
- Verify Legitimacy: Always verify the identity of the person contacting you, especially if they’re requesting personal information or money. Use contact information you know is legitimate, not information provided in the suspicious communication.
- Question Urgency: Be skeptical of urgent requests for personal information or payments. Scammers often create urgency to pressure you into making a quick decision.
- Don’t Give Out Personal Information: Avoid sharing sensitive information, such as your Social Security number, bank account information, or passwords, with anyone unless certain of recipient’s identity.
- Educate Yourself and Others: Awareness is one of the best defenses. Stay informed about common scams and share any knowledge with friends and family, especially those who may be more vulnerable.
- Use Secure Payment Methods: Avoid using wire transfers or prepaid debit cards, as scammers typically ask for payment in these forms due to their anonymity. Always use payment methods that are secure and reputable, such as credit cards or PayPal.
- Report Suspicious Activity: If you suspect an imposter scam, report it to the Federal Trade Commission (FTC) or local law enforcement.
Imposter scams can be sophisticated and convincing, but with vigilance and awareness, you can protect yourself and loved ones from falling victim to these deceitful tactics. Remember to stay informed, trust your instincts, and always verify before you act.
How to avoid the top scam of 2023, CNBC.
Imposter Scams, Federal Trade Commission.